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: 1,100 – 1,110 KRW per 1 USD
This week’s forecast:
Even as U.S. employment indicators remain sluggish, strong eurozone economic indicators are expected to turn the greenback bearish this week. Nevertheless, expectations about the U.S. economic stimulus plan could turn long-term interest rates upward, and the dollar may turn bullish.
Last week’s trend:
The Korean won-U.S. dollar (KRW-USD) exchange rate opened the week down, reflecting the weakened dollar as New York stock prices reached their highest point in history. Risk-on sentiment continued, but China’s review of banning rare-earth exports to the U.S. ignited a U.S.-China trade spat, limiting the KRW-USD rate’s bottom line.
At mid-week, a rise in long-term U.S. Treasury yields due to expectations of inflation and an economic recovery turned the greenback bullish, and the KRW-USD rate rose sharply.
At the end of the week, domestic shipping firms’ securing of deals turned the Korean won bullish, but the KRW-USD exchange rate gradually shifted downward amid strong Asian stocks and strong Korean KOSPI indicators.
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.