Korean Won – US Dollar Weekly FX Rate Forecast

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: 1,175 – 1,190 KRW per 1 USD

This week’s forecast:

Growing concerns over Evergrande’s debt crisis are likely to prompt foreign investors to seek safer assets, and the greenback is forecast to strengthen on the back of the Fed’s hawkish comments on an earlier-than-expected tapering and improvements in U.S. economic indicators. 

Last week’s trend:

After the Chuseok holiday, the Korean won-U.S. dollar (KRW-USD) exchange rate opened the week up, but not fully reflecting Chinese property giant Evergrande’s default risks.

This upward trend slowed down at mid-week, influence by an announcement of Evergrande’s plan for its debt payout, rises in the benchmark KOSPI stocks and increased vigilance by foreign currency authorities, etc.

Later in the week, a stronger Korean won loses its momentum due to escalating fears over Evergrande’s possible default and weakening Chinese Yuan, which sent the rate up again. Amid greater U.S. dollar-buying by exporters, the KRW-USD rate closed the week slightly up with retracements on a minute-to-minute basis.

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.

 

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Voted the best bank in Korea by Global Finance, Hana Bank strives to be the leader in banking services offering signature expat services in a variety of languages.

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