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 – 1,110 KRW per 1 USD
This week’s forecast:
Even as risk-on sentiment stemming from expectations of a large-scale pump-priming policy by the Biden administration as well as vigilance toward China are coexisting, the greenback’s direction is unclear. The key factors influencing the direction of the KRW-USD rate this week are the U.S.’s 4th quarter GDP and U.S.-China relations.
Last week’s trend:
The Korean won-U.S. dollar (KRW-USD) exchange rate opened the week up, reflecting the bullish greenback amid greater risk-averse sentiment stemming from the coronavirus’s expanding global spread. Later, the rate moved in line with the strong Chinese renminbi amid China’s unexpectedly high economic growth rate, before turning downward.
At mid-week, U.S. Treasury secretary nominee Janet Yellen’s emphasis on a national recovery weakened the dollar.
At the end of the week, expectations of a large-scale Biden stimulus plan gained momentum, but Yellen’s statement taking a hard line against China’s trade practices weakened Asian currencies, and the KRW-USD exchange rate closed the week up after rising sharply.
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.