Korean Won – US Dollar Weekly FX Rate Forecast

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: 1,290 – 1,315 KRW per 1 USD

This week’s forecast:

The market will attempt to push down the KRW-USD rate below 1,300. But any sharp decline will be limited by settlement demand and U.S.-China tensions inflamed by House Speaker Nancy Pelosi’s possible visit to Taiwan. 

With U.S. Treasury yields dipping, the greenback is forecast to fall further amid expectations that the Fed will likely slow the pace at which it is scaling back its economic support. But, the bottom of the KRW-USD rate will be supported by inflation concerns. 

The U.S. manufacturing/service PMI and July jobs report are set to be released this week. If the figures are worse than expected, the Fed could slow the pace of its tightening, putting downward pressure on the KRW-USD rate. However, in view of the U.S. Consumer Price Index for July that will be announced next week, it is unlikely to see any significant drop. 

Last week’s trend:

With trading volume relatively light ahead of the Federal Reserve’s policy meeting, the Korean won-U.S. dollar (KRW-USD) exchange rate opened the week down. The factors driving down the rate include a rise in the benchmark KOSPI and month-end dollar-selling volume in the Seoul F/X market.   

At mid-week, risk appetite improved as Fed chair hinted the central bank could slow the pace of its rate hiking campaign. Under such conditions, the KRW-USD rate fell to the 1,290 level. 

Later in the week, the KRW-USD rate rebounded to the 1,300 mark, driven by settlement demand, before closing out the week. 

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.

 

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