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 – 1,135 KRW per 1 USD
This week’s forecast:
With the Fed’s tapering issue having a limited impact on the market, the KRW-USD exchange rate is forecast to move within a narrow range due to the greenback’s uncertain direction. The U.S. dollar’s direction will be determined by the outcome of the Fed’s policy meeting and the U.S. Personal Consumption Expenditure (PCE) index.
Last week’s trend:
The Korean won-U.S. dollar (KRW-USD) exchange rate opened the week up, influenced by foreign net selling on the domestic stock market and concerns about the spread of the coronavirus in Taiwan. As the previous day’s shock eased up, the rate turned downward as investors turned to risker assets.
Later in the week, the greenback strengthened slightly on news of the Fed’s remarks about possible tapering. As investors digested the tapering, the KRW-USD rate declined, and on the back of settlement demand, the rate closed out the week around the 1,120 mark.
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.