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: 1,085 – 1,095 KRW per 1 USD
This week’s forecast:
With stimulus gridlock in the U.S. forecast to continue, risk-averse sentiment will strengthen as domestic and global Covid-19 deaths skyrocket. Nevertheless, the distribution of Pfizer’s Covid-19 vaccine in the U.S., as well as expectations about additional easing policy led by the Fed’s Federal Open Market Committee are likely to limit the KRW-USD exchange rate’s upward trend this week.
Last week’s trend:
At the start of the week, risk-on sentiment strengthened due to expectations of a U.S. stimulus plan, but the Korean won-U.S. dollar (KRW-USD) exchange rate fluctuated in response to lackluster jobs indicators in the U.S. and the continued global spread of the coronavirus. Afterward, the KRW-USD rate rose due to a possible no-deal Brexit and local F/X regulators’ enhanced vigilance.
At mid-week, the U.S.-China dispute seemed to reignite, but expectations of a U.S. stimulus deal as well as Korea’s KOSPI index reaching a record high generated stronger risk-on sentiment, and the KRW-USD rate fell slightly.
At the end of the week, as the U.S. Congress failed to reach a consensus on a pump-priming policy, the exchange rate turned upward due to issues such as declining stocks on the New York exchange and Korean importers’ demand for dollar payment.
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.