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: 1,082 – 1,090 KRW per 1 USD
This week’s forecast:
While the spread of Britain’s coronavirus mutation may strengthen the market’s preference for safe-haven assets, the signing of a U.S. stimulus plan may have the dual effect of turning the dollar bearish over the short-term but building economic momentum over the long term and strengthening the greenback. Nevertheless, the global liquidity issue is expected to continue to push global stock prices upward and strengthen risk-on sentiment, and the Korean won may remain bullish.
Last week’s trend:
At the beginning of the week, risk-on sentiment strengthened due to the Brexit deal and President Trump’s signing of a stimulus package and a budget plan. Afterward, the Korean won turned bullish as strong risk-on sentiment caused New York stock prices to skyrocket, but the bullish trend was limited by a weakened Chinese yuan.
At mid-week, the U.S. dollar index slipped below the 90 mark and, in response to foreigners’ net selling on the domestic bourse, the Korean won-U.S. dollar (KRW-USD) exchange rate entered the 1,080s level at the close of the year.
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.