Korean Job Discussion Forums

[wylies99]

My advice- Wire as much money back home as possible.


http://www.bloomberg.com/apps/news?pid=20601080&sid=aOyqBaC599Ok&refer=asia

Asia Currencies: Korean Won Climbs to Year's High; Peso Surges

By Jake Lee

July 21 (Bloomberg) -- South Korea's won reached the strongest this year on signs economic growth is gathering pace.

The currency has ``gained a lot'' against the dollar and the yen, Vice Finance Minister Kim Seok Dong said July 19, adding the government will stabilize it when necessary. Reports this week showed department store sales rose at the quickest pace in four months in June, and China, Korea's biggest export market, grew at the fastest rate in 12 years in the last quarter.

``It's a very positive story as domestic consumers are doing well, as are exports,'' said Steve Rowles, an analyst with CFC Seymour Ltd. in Hong Kong. ``I remain positive on the won and can see it stronger.''

The won climbed to as high as 914.60 yesterday, the strongest since Dec. 8, and ended the week at 914.90, according to Seoul Money Brokerage Services Ltd. It will reach 900 by the end of the year, Rowles said.

Asia's third-biggest economy has entered a ``recovery phase'' with exports rising and domestic demand improving, Finance Minister Kwon Okyu said July 18. The government last week raised its forecast for economic growth in 2007 to 4.6 percent this year, from 4.5 percent.

[CeleryMan]

Rising Won and the recent announcement of local banking restrictions for Foreigners. I think this is a promising sign for those buying US dollars in bulk! It looks like the Korean Treasury is conceding a very strong Won at least in the short-term. Amen!

[joeyjoejoe]

strong won? haha

not when compared to the australian dollar, the new zealand dollar, the canadian dollar, the euro or the pound.
it's falling like a lead balloon against all of those currencies.

just because the US dollar is falling faster doesn't mean the won is strong.

[Return Jones]

[kermo]

I've never seen the Canadian dollar so high in my life. It used to be around 66% of the value, and now it's up to 96%!

[peppermint]

There are predictions that the Canadian dollar will be worth more than the USD by the end of September. Not sure how accurate they are though

[YoshaMazov]

This is why I love being an American. USA! USA! USA! USA!

[RACETRAITOR]

[mrsquirrel]

http://fidelity.co.uk/direct/research/fundsupermarket/fund_finder/fund-finder.html?Nr=NOT%2528607%2529&oldView=widget&N=0&Ntt=korea&newView=results&N=&N=652&N=&Ns=

Keep your money in Korea in a mutual fund and aim on getting a good rate of return for the next year or so.

Get it out and get it back in.

[blaseblasphemener]

Dow at 14,000.

Oil at $77 a barrel and climbing.

U.S. Dollar tanking.

U.S. sub-prime loan market losses pegged at 100 billion.

No full-on recession for 10 years.

Leveraged buyouts galore.

Can you see a market crash coming?

[SPINOZA]

For Brits, today, 1,000,000 KRW is 531 GBP, which is about average in the context of 5 years but the worst it's been in the context of one year. 2004 was a complete disaster, with 1,000,000 being as low as 450 GBP.

With the increase in interest rates in the UK, should we expect the Won to go down to 500 over the next year?

[mrsquirrel]

3mil today and 3 mil last month has cost me 29.50p in less than a month.

I wonder if simply leaving my money in Korea for the next few years rather than getting it out is a better idea than changing it to sterling.

[Matilda]

Yes, does anyone have any advice for those of us loosing money by the day?

I really dread looking at the exchange rate of the Aussie $...

Not happy Jan!

[CeleryMan]

My fellow Brits, Aussies, and Kiwis ... I feel your pain.

[jaganath69]

Actually thinking of putting all mine in a Singapore bank account when I leave, maybe US$ denomination. Potential for a crash here is making me think I should do it soon.