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: 1,175 – 1,185 KRW per 1 USD
This week’s forecast:
After Japanese Prime Minister Shinzo Abe resigned for health reasons, the Japanese yen turned bullish, reflecting possible changes to monetary policy. As a result, the U.S. dollar grew more bearish. The greenback is expected to open the week in a weaker position, while the growing number of coronavirus cases in Korea is expected to limit the KRW-USD exchange rate’s bottom line.
Last week’s trend:
The Korean won-U.S. dollar (KRW-USD) exchange rate opened the week up, reflecting a bullish greenback due to positive U.S. economic indicators. A stabilizing of coronavirus cases in Korea and foreigners’ net buying on the Seoul bourse limited the rate’s upper line, pushing the rate downward as the U.S. and China reaffirmed their commitment to their phase one trade deal.
At mid-week, the KRW-USD rate turned upward due to a rise in coronavirus cases in Korea and foreigners’ net selling on the local bourse, but the rate later fell due to a stronger Chinese yuan and an increase in exporters’ dollar-selling volume. At the end of the week, the Fed chair mentioned “average inflation targeting” during his speech at Jackson Hole, and risk-on sentiment strengthened in response.
Nevertheless, as the Japanese Prime Minister announced his resignation, the Japanese yen strengthened, limiting the rate’s bottom line.
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.