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 – 1,185 KRW per 1 USD

This week’s forecast:

U.S. non-farm payrolls improved in October. But as U.S. Treasury yields erased earlier losses, the greenback is expected to move with an unclear direction.   

Yet, in view of the higher demand for risky assets and rising volume of orders received by South Korea’s heavy industry, one cannot rule out the possibility of the Korean won’s strengthening. Under such conditions, the KRW-USD rate is predicted to move around 1,180.

Last week’s trend:


With the US dollar strengthening due to concerns over inflation, the Korean won-U.S. dollar (KRW-USD) exchange rate opened the week up, influenced by foreign net selling in the domestic stock market. Though risk appetite returned as a consequence of a rise in US stocks, a wait-and-see approach helped the Korean won remain almost flat with a slight upward tendency.

At mid-week, coupled with the wariness of tapering in the U.S., a net selling spree by foreign investors on the Seoul bourse caused the Korean won to weaken further, sending the KRW-USD rate up sharply. 

Later in the week, the Federal Reserve announced it would begin scaling back its bond purchases in November. But because the move had already been expected, the greenback’s rally was limited. Against this backdrop, as the Fed showed a dovish stance about rate hikes, the Korean won rallied. After the influx of settlement demand, however, the KRW-USD rate turned upward. Under the influence of the strong US dollar fueled by the Bank of England’s decision to keep interest rates unchanged, the KRW-USD rate closed out the week with higher volatility ahead of the release of U.S. jobs report.

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.


Hana Bankhttps://www.kebhana.com/easyone_index_en.html
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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