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: 1,125 – 1,139 KRW per 1 USD
This week’s forecast:
Favorable U.S. employment indicators turned New York stock prices upward, but due to inflation expectations, a forecast of higher U.S. interest rates will continue through the week. As a result, the greenback is expected to remain bullish while global markets have their eyes focused on next week’s FOMC meeting.
Last week’s trend:
While U.S. Treasury yields showed less of an upward trend, the greenback remained bullish, and the Korean won-U.S. dollar (KRW-USD) exchange range opened the weekly up slightly due to foreigners’ net selling on the domestic bourse.
At mid-week, Fed Chair Jerome Powell’s comment that the Federal Reserve is in no hurry to raise interest rates did not meet the market’s expectations. As a result, the dollar remained bullish and the KRW-USD exchange rate rose sharply.
At the end of the week, although the Fed announced it would maintain its easing policy, no further hints of a lowering of interest rates emerged. Moreoever, technical stocks plummeted on the NYSE and the market’s preference for safe-haven assets grew. The KRW-USD rate ultimately closed 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.