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: 1,195 – 1,210 KRW per 1 USD
This week’s forecast:
Amid a high unemployment in the U.S., concerns about sour U.S.-China relations due to the two countries’ tit-for-tat closures of consulates were reflected in the KRW-USD rate and boosted the greenback slightly. Moreover, the increased volatility of growth-type stocks in the U.S. stock market weakened the Korean currency, as the variability influenced foreigners’ net-selling activity on the Korean stock markets.
Last week’s trend:
The Korean won-U.S. dollar (KRW-USD) exchange rate opened the week down, moving in line with the bearish U.S. dollar and the bullish yuan. The Korean currency continued to gain strength, as potential coronavirus vaccine candidates in the U.K. raised hopes for a vaccine and risk-on sentiment gained.
At mid-week, strong global risk-on sentiment as well as the strong Korean won continued, and at the end of the week, U.S.-China tensions over the closings of consulates strengthened risk-averse sentiment. The KRW-USD exchange rate closed the week up.
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.