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: 1,195 – 1,215 KRW per 1 USD
This week’s forecast:
Risk-averse sentiment is expected to strengthen this week, as the New York Stock Exchange showed greater volatility at the end of last week due to a surge in confirmed coronavirus cases in the U.S. Nevertheless, the possibility of increased end-of-first half dollar-selling volume by exporters will limit the KRW-USD rate’s ceiling this week.
Last week’s trend:
The Korean won-U.S. dollar (KRW-USD) exchange rate opened the week up, amid concerns about a second wave of the coronavirus. The exchange rate continued its upward trend in response to the White House trade adviser Peter Navarro announcing that the U.S.’s trade deal with China was over, but the rate switched direction to downward as President Trump soon contradicted his announcement.
At mid-week, the KRW-USD rate plummeted as Eurozone manufacturing showed a recovery, the U.S.-China trade deal showed less uncertainty, and inter-Korean tensions eased.
At the end of the week, the KRW-USD rate rose again as the U.S. reported a record jump in coronavirus cases, but the rate ended the week down, due to increased end-of-half dollar-selling volume by Korean exporters, and U.S. regulators’ loosening of restrictions from the Volcker Rule, allowing U.S. banks to more easily invest in venture capital and similar funds.
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.