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: 1,100 – 1,115 KRW per 1 USD
This week’s forecast:
Amid strong risk-on sentiment stemming from expectations about the development of a coronavirus vaccine and favorable U.S. corporate performance, the possibility that the U.S. will maintain an expansionary monetary policy may grow, and the greenback is expected to remain weak. Nevertheless, increasing volatility due to the recent drop in the KRW-USD exchange rate may strengthen regulatory authorities’ vigilance and limit the exchange rate’s bottom line.
Last week’s trend:
The Korean won-U.S. dollar (KRW-USD) exchange rate opened the week down, as expectations of a weakening dollar grew after Joe Biden won the U.S. presidential election, pushing the KRW-USD rate down. After Pfizer announced success in its coronavirus vaccine trial, risk-on sentiment strengthened, but rising U.S. Treasury yields limited the rate’s floor, and the rate rose slightly.
At mid-week, amid a bearish greenback and bullish renminbi, growing foreign net-buying on the domestic bourse pushed the KRW-USD rate downward.
At the end of the week, the exchange rate rose, reflecting the weakening Chinese yuan, and strengthened risk-averse sentiment amid a resurgence in coronavirus cases pushed the rate up even higher.
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.