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printme
Joined: 23 Aug 2006
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 Posted: Mon Oct 09, 2006 6:39 pm Post subject: Educate me on the falling won |
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Call me stupid, and it will be true, but i don't understand how the falling won is bad for us and we should be thinking about taking money out and changing to euros and dollars and pounds.
If the won is weak because of all this nuclear shit, doesn't that mean I get more money when I transfer to NZ dollars?
I don't get it. |
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SPINOZA
Joined: 10 Jun 2005
Location: $eoul
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| Posted: Mon Oct 09, 2006 6:43 pm Post subject: |
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| It's not even falling yet - at all - so let's stop scaring the you-know-what out of everyone until it actually starts happening! |
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billybrobby
Joined: 09 Dec 2004
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| Posted: Mon Oct 09, 2006 6:45 pm Post subject: |
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Yeah, you really don't get it. It means precisely the opposite.
Really, when you hear the phrase "the value of the won is going down" does that make you think you'll get more NZ dollars when you transfer from won to NZ dollars? |
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billybrobby
Joined: 09 Dec 2004
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willardmusa
Joined: 28 May 2006
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| Posted: Mon Oct 09, 2006 6:49 pm Post subject: |
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..
Last edited by willardmusa on Tue Oct 10, 2006 4:21 am; edited 1 time in total |
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printme
Joined: 23 Aug 2006
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| Posted: Mon Oct 09, 2006 6:51 pm Post subject: |
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| billybrobby wrote: |
Yeah, you really don't get it. It means precisely the opposite.
Really, when you hear the phrase "the value of the won is going down" does that make you think you'll get more NZ dollars when you transfer from won to NZ dollars? |
Yeah - i got no idea. All i know is that when I see that the exchange rate is 525 won for the NZ dollar I get more money, and when it's 700 won to the NZ dollar I get less. So in my twisted Arts degree mind that means if it falls, I get more... but i feel that's not quite right... i can't work it out.
Actually, reading back overthat, I'm not even sure if it's correct.
Fire away. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Oct 09, 2006 6:53 pm Post subject: Re: Educate me on the falling won |
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| printme wrote: |
Call me stupid, and it will be true, but i don't understand how the falling won is bad for us and we should be thinking about taking money out and changing to euros and dollars and pounds.
If the won is weak because of all this nuclear *beep*, doesn't that mean I get more money when I transfer to NZ dollars?
I don't get it. |
If the won falls it would take MORE won to buy $1.
Currently you get about 1.57 for each w1000.
At it's peak (last July) you would have gotten about 1.75 for each w1000.
On Monday (after the test was declared) the won fell from 1.61 per 1000 to 1.57 per w1000.
As things stand now, there is NO significant change in the economy so unless the political stability of the country changes substancially the won is expected to stay fairly stable and NOT fall significantly over the next few weeks..
No worry mate. |
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cubanlord
Joined: 08 Jul 2005
Location: In Japan!
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| Posted: Mon Oct 09, 2006 7:59 pm Post subject: |
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| I just checked, it's still hovering around the 962-3 range. We are fine. |
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Gwangjuboy
Joined: 08 Jul 2003
Location: England
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| Posted: Mon Oct 09, 2006 8:02 pm Post subject: |
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| I can't believe the OP. Surely his enquiry was a joke. |
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kiwiliz
Joined: 20 Apr 2006
Location: New Zealand
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| Posted: Mon Oct 09, 2006 8:08 pm Post subject: why a joke? |
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money exchange rates always drive me nuts when I travel....so I just spend and hope! 
We don't all have the same sort of brain you know. |
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Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
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| Posted: Mon Oct 09, 2006 8:11 pm Post subject: Re: Educate me on the falling won |
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| printme wrote: |
Call me stupid, and it will be true, but i don't understand how the falling won is bad for us and we should be thinking about taking money out and changing to euros and dollars and pounds.
If the won is weak because of all this nuclear *beep*, doesn't that mean I get more money when I transfer to NZ dollars?
I don't get it. |
Just give it all to me and I will look after it for you. |
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bobbyhanlon
Joined: 09 Nov 2003
Location: 서울
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| Posted: Mon Oct 09, 2006 8:41 pm Post subject: |
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| the NK wildcard factor is pretty much priced in to KRW and the korean stock market anyway so it would most likely take a really major event to totally *beep* up the won. it went from 945 to 960, which isn't really a big deal. unless something bad happens i think it'll probably resume its upward path. |
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peony
Joined: 30 Mar 2005
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| Posted: Mon Oct 09, 2006 11:05 pm Post subject: |
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i guess it can get confusing for someone not used to it
just keep this in mind, because won and yen (and a long time ago, the swiss franc) are are both indirect currencies, the lower the number gets, the stronger the currency is
so 950won/$1 is better than 1200won/$1
when people say the won is falling, the number will go up
when people say the won is gaining, the number will go down as it will cost you less won to buy a dollar |
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Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
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| Posted: Mon Oct 09, 2006 11:16 pm Post subject: |
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That's a clarification?
Anyway, what is an "indirect currency"? That is a new term to me. |
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printme
Joined: 23 Aug 2006
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| Posted: Mon Oct 09, 2006 11:58 pm Post subject: |
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| peony wrote: |
when people say the won is falling, the number will go up
when people say the won is gaining, the number will go down as it will cost you less won to buy a dollar |
that's all i needed - thank you.
Gwangjuboy: No joke. Sorry. |
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