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: 1,240 – 1,320 KRW per 1 USD
This week’s forecast:
Market-stabilizing measures taken by major economies as well as Korea are expected to help ease the market’s risk-averse sentiment this week. Furthermore, the U.S.-South Korea currency swap deal is forecast to strengthen the Korean won. But the continued global spread of the coronavirus, not only in Italy but in countries such as Spain and Germany is expected to support the rate’s bottom line.
Last week’s trend:
The Korean won-U.S. dollar (KRW-USD) exchange rate opened the week fluctuating greatly due to the U.S. Congress’s suggestion of a coronavirus stimulus package and Korea’s measures to stabilize the domestic market.
At mid-week, the KRW-USD rate dropped sharply after the U.S. Congress approved a historic coronavirus aid and amid positive expectations of the effects of the U.S.-Korea currency swap deal. At the end of the week, even though the Bank of Korea announced it would provide “unlimited liquidity” to financial institutions for the next three months, foreigners’ net selling on the Korean bourse increased amid rising corporate credit risk, and the exchange rate turned upward.
Despite a dramatic rise in U.S. jobless claims the previous day, risk-on sentiment grew amid rising global stock prices, and the KRW-USD rate closed out 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.