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kingplaya4
Joined: 14 May 2006
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 Posted: Thu Sep 21, 2006 3:02 am Post subject: Won is skyrocketing against the dollar |
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| Anyone else notice this? A few weeks ago my 2 mill a month was worth $2040 USD Now it is worth $2122 USD. Any idea of the reasons behind the won strengthening, and should I expect this to continue? (About to make a big transfer in the next month or so). |
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Milwaukiedave
Joined: 02 Oct 2004
Location: Goseong
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| Posted: Thu Sep 21, 2006 3:11 am Post subject: |
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Actually it started to fall in Nov/Dec of last year and bottomed out in May. Right now according to Yahoo it's at 942 won to the dollar. KEB has it at 960. My guess is it's headed back up.
When I first got here in Jan 2004 it was close to 1200 won to the dollar. |
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Imbroglio
Joined: 23 Jan 2003
Location: Behind the wheel of a large automobile
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| Posted: Thu Sep 21, 2006 3:17 am Post subject: |
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When I got to Korea it was 780.86 won to the dollar.  Those were truly profitable times. And no one was attacked blindly on da skreets either! |
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diver
Joined: 16 Jun 2003
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| Posted: Thu Sep 21, 2006 3:44 am Post subject: |
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| Imbroglio wrote: |
| When I got to Korea it was 780.86 won to the dollar. Those were truly profitable times. And no one was attacked blindly on da skreets either! |
About the same for me (750 US / 560 CDN). Unfortunately...I drank back then.  |
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huffdaddy
Joined: 25 Nov 2005
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| Posted: Thu Sep 21, 2006 3:44 am Post subject: |
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| Milwaukiedave wrote: |
Actually it started to fall in Nov/Dec of last year and bottomed out in May. Right now according to Yahoo it's at 942 won to the dollar. KEB has it at 960. My guess is it's headed back up.
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Actually, it's 960 for cash. For transfering it's at 953. The transfer rate will usually be the spot +1% and the cash rate will be the spot rate +2%. The difference is about US$10 per KRW1,000,000.
Why is the dollar weakening? In part due to the US trade deficit. In part to an improved world economy, which means people can move their assets into riskier international assets (especially as the housing market in the US is starting to waver).
Where is it going? Hard to say. I've heard predictions of 900 W/$. But that's just speculation. You're probably better off moving a bit into $$ every month and hedging your bets. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Sep 21, 2006 3:45 am Post subject: Re: Won is skyrocketing against the dollar |
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| kingplaya4 wrote: |
| Anyone else notice this? A few weeks ago my 2 mill a month was worth $2040 USD Now it is worth $2122 USD. Any idea of the reasons behind the won strengthening, and should I expect this to continue? (About to make a big transfer in the next month or so). |
It is the dollar falling on world markets. It is weaker against all of it's major trading partners except China (because China is maintaining it's currency relative to the US$.
The choice of the fed is to maintain a weak dollar position to stimulate the economy by making imports more expensive and exports more attractive in the global marketplace. |
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potblackettle
Joined: 23 Aug 2006
Location: South Korea
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| Posted: Thu Sep 21, 2006 3:58 am Post subject: |
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"t is the dollar falling on world markets. It is weaker against all of it's major trading partners except China (because China is maintaining it's currency relative to the US$."
So, in other words, China is artificially maintaining their currency.
It was a big brooha in the news a few months ago.
When I lived in Mexico it was some ridiculous exchange rate like 20 pesos to the dollar... show up with a $1000 bucks, live like the Mexican Donald Trump.
And the people would give you better deals if you paid in USD.
It's nice to see the peso stabilizing though... wonderful country and God do those poor people need a break... |
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huffdaddy
Joined: 25 Nov 2005
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| Posted: Thu Sep 21, 2006 4:00 am Post subject: Re: Won is skyrocketing against the dollar |
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| ttompatz wrote: |
It is the dollar falling on world markets. It is weaker against all of it's major trading partners except China (because China is maintaining it's currency relative to the US$. |
Actually, the US$ has been range trading against most currencies over the last two years. The main exceptions being the Won, Canadian $, and RMB (which is being slowly allowed to strengthen). |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Thu Sep 21, 2006 5:25 am Post subject: |
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| I wish it would rise more against the Canadian dollar. High oil prices and Canada's huge energy reserves are keeping the Canadian dollar high. |
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Qinella
Joined: 25 Feb 2005
Location: the crib
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| Posted: Thu Sep 21, 2006 6:05 am Post subject: Re: Won is skyrocketing against the dollar |
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| kingplaya4 wrote: |
| Anyone else notice this? A few weeks ago my 2 mill a month was worth $2040 USD Now it is worth $2122 USD. |
What??? Man I feel gypped. Just transferred 2m won last week and only got 2,044 for it. I missed out on $80? Boooo.  |
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shevek
Joined: 29 Jul 2003
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| Posted: Thu Sep 21, 2006 6:17 am Post subject: |
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| mindmetoo wrote: |
| I wish it would rise more against the Canadian dollar. High oil prices and Canada's huge energy reserves are keeping the Canadian dollar high. |
Canada has it's own currency now? When did this happen? |
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Smurfette
Joined: 21 Jun 2006
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| Posted: Thu Sep 21, 2006 6:50 am Post subject: |
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| shevek wrote: |
| mindmetoo wrote: |
| I wish it would rise more against the Canadian dollar. High oil prices and Canada's huge energy reserves are keeping the Canadian dollar high. |
Canada has it's own currency now? When did this happen? |
Funny......  |
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huffdaddy
Joined: 25 Nov 2005
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| Posted: Thu Sep 21, 2006 6:54 am Post subject: Re: Won is skyrocketing against the dollar |
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| Qinella wrote: |
| kingplaya4 wrote: |
| Anyone else notice this? A few weeks ago my 2 mill a month was worth $2040 USD Now it is worth $2122 USD. |
What??? Man I feel gypped. Just transferred 2m won last week and only got 2,044 for it. I missed out on $80? Boooo. |
You'd only get $2122 if you could exchange at the spot rate. you can't, so you only missed out on about $60. FWIW. |
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Qinella
Joined: 25 Feb 2005
Location: the crib
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| Posted: Thu Sep 21, 2006 7:07 am Post subject: Re: Won is skyrocketing against the dollar |
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| huffdaddy wrote: |
| Qinella wrote: |
| kingplaya4 wrote: |
| Anyone else notice this? A few weeks ago my 2 mill a month was worth $2040 USD Now it is worth $2122 USD. |
What??? Man I feel gypped. Just transferred 2m won last week and only got 2,044 for it. I missed out on $80? Boooo. |
You'd only get $2122 if you could exchange at the spot rate. you can't, so you only missed out on about $60. FWIW. |
Still sucks. $60 man, that's almost enough for a 100ml bottle of Jack! Good information in this thread from you, btw. Somewhat enlightening for an economic drooler like myself. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Thu Sep 21, 2006 4:39 pm Post subject: |
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| shevek wrote: |
| mindmetoo wrote: |
| I wish it would rise more against the Canadian dollar. High oil prices and Canada's huge energy reserves are keeping the Canadian dollar high. |
Canada has it's own currency now? When did this happen? |
I would actually love if Canada entered a monetary union with the US. Actually, I wouldn't at all mind if Canada simply joined the USA as states 51-74 (assuming we have to divide Canada into states smaller than Texas). |
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