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: 1,140 – 1,147 KRW per 1 USD
This week’s forecast:
Uncertainty about consensus on a bipartisan stimulus plan in the U.S. is expected to weaken the greenback. Nevertheless, risk-averse sentiment stemming from concerns about the stimulus package issue as well as the ongoing coronavirus pandemic are expected to strengthen, and the Korean F/X regulatory authorities’ vigilance is forecast to support the rate’s bottom line.
Last week’s trend:
Amid expectations of bipartisan consensus on a stimulus package for the U.S. economy and the Democratic Party being favored to win the upcoming U.S. presidential election, the greenback turned bearish and the Korean won-U.S. dollar (KRW-USD) exchange rate opened the week down. The rate then rose upward slightly, moving in line with the strong Chinese yuan.
At mid-week, the rate’s downward trend was limited as the Fed FOMC’s meeting results met the market’s expectations and the BOK President remarks that the Bank would maintain an easing monetary policy brushed away concerns about regulators’ intervention in the F/X market.
At the end of the week, the KRW-USD exchange rate moved in line with the bullish remnimbi despite a new wave of coronavirus in Europe as well as risks about reaching a consensus on a U.S. stimulus plan. The rate closed out the week up, due to risk-averse factors including sluggish U.S. jobs indicators and uncertainty about a bipartisan consensus on a U.S. stimulus package.
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.