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: 1,183 – 1,193 KRW per 1 USD
This week’s forecast:
The greenback is forecast to remain strong this week, with tech stocks falling on the New York Stock Exchange and global uncertainties remaining; the KRW-USD exchange rate is expected to move upward accordingly. Moreover, continuing tensions between the U.S. and China over possible U.S. sanctions on Chinese microchip maker SMIC is expected to strengthen the greenback. Nevertheless, expanding dollar-selling volume is forecast to limit the rate’s upward trend this week.
Last week’s trend:
The Korean won-U.S. dollar (KRW-USD) exchange rate opened the week up, amid a bearish greenback and an increase in foreigners’ net selling on the Seoul bourse. The KRW-USD rate then moved in line with strengthened Asian currencies.
At mid-week, the rate moved in line with the weakened Chinese yuan, but the Australian GDP’s posting below market expectations pushed the KRW-USD rate upward. At the end of the week, eurozone inflation turned out to be lower than expected, and the U.S. dollar gained strength.
The dollar then maintained its bullish stance amid persisting global uncertainties, and the KRW-USD exchange rate ultimately 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.