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: 1,110 – 1,120 KRW per 1 USD
This week’s forecast:
With U.S. jobs figures falling short of expectations, U.S. Treasury yields slid, weakening the greenback.
As the tapering issue retracted due to the disappointing U.S. jobs report, predictions that monetary easing would continue stood out. Under such conditions, the U.S. dollar is likely to further weaken this week.
Last week’s trend:
The Korean won-U.S. dollar (KRW-USD) exchange rate opened the week up sharply, influenced by stronger demand for safe-haven assets stemming from India’s Covid-19 crisis and the robust U.S. economy and resultant stronger dollar. Though caution over the spread of the coronavirus continued, the Korean won turned upward as the greenback weakened in response to a fall in U.S. Treasury yields.
Later in the week, the greenback strengthened after U.S. Treasury Secretary Janet Yellen said interest rates may need to rise. Yet with the market’s risk appetite growing, the greenback turned downward, driving down the KRW-USD exchange rate. The rate then moved under the influence of the market’s wariness about the U.S. jobs data announcement slated for next week.
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.