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: 1,185 – 1,195 KRW per 1 USD
This week’s forecast:
The KRW-USD exchange rate is expected to turn upward this week, as last week’s U.S. employment indicators were better than the market’s expectations. Meanwhile, U.S.-China tensions are forecast to escalate as U.S. President Trump issued executive orders banning U.S. transactions with Chinese firms, and the market’s preference for safe-haven assets will strengthen as well. As a result, the KRW-USD exchange rate is expected to rise slightly this week.
Last week’s trend:
The Korean won-U.S. dollar (KRW-USD) exchange rate opened the week up, due to a low dollar purchase price as U.S. economic indicators showed mixed signals. News of a domestic shipping firm securing new business limited the rate’s upper line. Later, a weakened greenback increased dollar selling in the market, while positive U.S. ISM manufacturing indicators also contributed to a bullish greenback.
At mid-week, the dollar shed value as U.S. lawmakers failed to reach an agreement on a coronavirus relief deal; the KRW-USD rate turned downward due to negative July job indicators in the U.S. as well as a stronger euro. Ultimately, the KRW-USD rate closed out the week up, as the Chinese yuan gained strength due to an igniting conflict between the U.S. and China over Trump’s TikTok ban.
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.