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: 1,205 – 1,235 KRW per 1 USD
This week’s forecast:
The United States’ coronavirus bailout plan, announced late last week, is expected to push the weakened greenback upward. Nevertheless, the coronavirus’s continued spread in the U.S. is generating concerns about unemployment. Moreover, while the decision by oil producers to cut production did not meet the market’s expectations and is increasing oil price volatility, it is expected to also limit risk-on sentiment.
Last week’s trend:
Despite worsened U.S. employment indicators, the Korean won-U.S. dollar (KRW-USD) exchange rate opened the week down due to expectations of a cut in oil production and positive domestic corporate performance in the first quarter, including by Samsung Electronics.
At mid-week, though the rate of new coronavirus infections in Europe had slowed, issues such as the Eurozone’s failing to reach a deal on a coronavirus stimulus plan limited the Korean currency’s upward trend.
At the end of the week, the KRW-USD rate fell slightly, as the Bank of Korea decided to freeze the base interest rate. Afterward, the KRW-USD rate showed a downward trend due to a cut in global oil output, and after the U.S. Fed announced it would carry out a large-scale pump-priming policy, the rate plummeted, reflecting the weakened greenback.
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.