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:
With a Brexit trade deal about to be approved, risk-on sentiment is forecast to strengthen this week, and the greenback will turn bearish accordingly. Nevertheless, despite consensus on a U.S. stimulus plan, uncertainty remains as to whether President Trump will sign the deal. Furthermore, re-expansion of the coronavirus is expected to hold the dollar back from weakening further.
Last week’s trend:
The Korean won-U.S. dollar (KRW-USD) exchange rate opened the week up due to a bearish Chinese yuan and the U.S.’s tough stance toward China on trade issues. The KRW-USD rate then continued its upward trend, affected by strong lockdown measures across Europe due to a new coronavirus variant in Britain, as well as a weakened Chinese yuan.
At mid-week, news about a coronavirus mutation strengthened the market’s preference for safe-haven assets, and the KRW-USD exchange rate rose amid foreigners’ net selling on the domestic bourse, as President Trump pushed back on the United States’ relief bill.
At the end of the week, the KRW-USD rate fell in response to news about an expanded supply of coronavirus vaccines and expectations about a U.S. stimulus plan, as well as optimism over Brexit negotiations.
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.
