Here’s this week’s forecast for the Korean won-US dollar exchange rate from Hana Bank.
The weekly forecast is neither a guarantee nor a promise of accuracy and is intended to give our readers information on the forecasted foreign exchange rate from the bank each week.
Check out the most up-to-date foreign currency exchange rates for over 40 currencies here.
Trading range: 1,200 – 1,210 KRW per 1 USD
This week’s forecast:
Amid weakening U.S. employment indicators, growing tensions between the U.S. and China over U.S. President Trump’s decision to impose a visa ban on Chinese Communist Party members is expected to strengthen risk-averse sentiment this week.
Last week’s trend:
Despite risk-on sentiment stemming from expectations of a coronavirus vaccine and rising U.S. and Chinese stock prices, the Korean won-U.S. dollar (KRW-USD) exchange rate opened the week up, thanks to increasing dollar-selling volume.
Under the influence of falling stock prices in the tech sector, and plummeting global stock prices stemming from a plunge in Chinese stocks, risk-averse sentiment increased, and the KRW-USD rate’s upward trend continued. At mid-week, as news about Moderna completing a phase III vaccine trial went viral, the KRW-USD rate fell sharply.
At the end of the week, the Bank of Korea’s decision to freeze the benchmark interest rate had limited influence on the KRW-USD rate, while the Chinese yuan turned weaker despite China’s 2Q growth rate rebound. In line with such trends, the KRW-USD exchange rate fluctuated before ending the week down slightly.
Disclaimer: Neither Hana Bank nor Haps Korea shall accept any liability for any damage or loss, including but not limited to profit or loss, that may arise either directly or indirectly from use of this information.