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: 1,225 – 1,240 KRW per 1 USD
This week’s forecast:
The market seemed relieved after Trump’s press conference on Hong Kong did not differ much from expectations. Furthermore, as the U.S. is likely to impose limited sanctions on China, risk-on sentiment may strengthen this week.
Nevertheless, continued China-U.S. tensions are likely to strengthen the greenback, and the weak Chinese yuan may also push the KRW-USD exchange rate upward.
Last week’s trend:
The Korean won-U.S. dollar (KRW-USD) exchange rate opened the week up amid increased tensions between the U.S. and China over Hong Kong’s national security law, but the rate later turned downward.
At mid-week, despite optimism about a possible coronavirus vaccine and an economic recovery, continued China-U.S. tensions and devaluation of the Chinese currency pushed the KRW-USD rate slightly upward.
At the end of the week, as the Bank of Korea cut its base rate to near-zero and suggested a negative growth forecast of – 0.2%, the Korean won weakened. Later on, due to the market’s vigilance about financial regulators’ intervention at the 1,240 won level, the KRW-USD exchange rate turned downward, but vigilance toward President Trump’s press conference on the Hong Kong issue limited the rate’s bottom line
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.