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: 1,200 – 1,225 KRW per 1 USD
This week’s forecast:
The high likelihood of a second wave of the coronavirus in the U.S. is expected to contribute to stronger risk-averse sentiment. Furthermore, tensions between South and North Korea are forecast to fuel market anxiety. Such factors will limit the KRW-USD exchange rate’s downward trend this week.
Last week’s trend:
The Korean won-U.S dollar (KRW-USD) exchange rate opened the week up, amid a stronger preference for safe-haven assets stemming from concerns about a global second wave of the coronavirus.
The rate then turned slightly downward as risk-on sentiment strengthened in response to pump-priming policies announced by the U.S. Federal Reserve and the Bank of Japan. At mid-week, rising tensions on the Korean peninsula after North Korea blew up an inter-Korean liaison office in the North’s Gaeseong city strengthened risk-averse sentiment. Though the U.S. and China held a meeting last week, conflict between the two nations remains as President Trump again blamed China for the coronavirus.
At the end of the week, amid a host of geopolitical issues and continued concerns about the coronavirus pandemic, the KRW-USD exchange rate closed the week up.
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.