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: 1,095 – 1,105 KRW per 1 USD
This week’s forecast:
Expectations about a U.S. stimulus package as well as approval of another Covid-19 vaccine will weaken the greenback. Nevertheless, amid the continuing global spread of the coronavirus, issues such as a no-deal Brexit as well as year-end dollar-selling volume will limit the greenback’s bearish trend.
Last week’s trend:
The Korean won-U.S. dollar (KRW-USD) exchange rate opened the week up, amid a strong preference for safe-haven assets due to concerns about a no-deal Brexit. Despite risk-on factors such as the launch of coronavirus vaccinations in the U.S., the exchange rate continued its upward trend due to a weakened offshore Chinese yuan and foreigners’ selling of stocks on the Seoul bourse.
At mid-week, expectations about another U.S. stimulus package and another vaccine approval strengthened the greenback, but the continued spread of Covid-19 and increased dollar-selling volume in Korea pushed the KRW-USD rate slightly upward.
At the end of the week, although the Fed announced a loosening of its zero-interest rate policy, the KRW-USD rate closed the week up due to an increase in foreigners’ reverse-remittances and expanded net stock selling on the Korean bourse.
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.