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 – 1,225 KRW per 1 USD
This week’s forecast:
Although the U.S. unemployment rate in April soared to 14.7%, optimistic views about the U.S. still persist in the market. The greenback is forecast to remain weak throughout this week amid expectations about the resumption of economic activity in the United States.
Last week’s trend:
While the U.S. and China’s blame game over the origins of the coronavirus seem to have reignited their trade war, concerns about a global economic slowdown grew early last week. Due to a plummeting domestic stock market and net selling by foreigners on the local bourse, the Korean won-U.S. dollar (KRW-USD) exchange rate opened the week up.
Nevertheless, expectations that major countries would reopen their economy and skyrocketing oil prices caused an upward trend in the global financial market, and the KRW-USD rate turned downward. After mid-week, despite concerns about a sluggish global economy, positive Chinese export indicators shifted the direction of the KRW-USD rate upward.
At the end of the week, concerns about a U.S.-China trade dispute were relieved as the U.S. Secretary of State opened the door for trade talks with China, and that, alongside a rise in Asian stocks, led the KRW-USD exchange rate to close the week down.
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.