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: 1,183 – 1,191 KRW per 1 USD
This week’s forecast:
As concerns over surging Omicron cases have strengthened investors’ preference for safe-haven assets, the greenback is forecast to strengthen this week. But greater dollar-selling volume by domestic exporters and a lingering impact from the outcome of the December FOMC meeting will likely limit the rate’s ceiling.
Last week’s trend:
Despite the biggest gain of CPI inflation in the U.S. this month, the Korean won-U.S. dollar (KRW-USD) exchange rate opened the week down with a weaker dollar affected by the previous week’s data. But soon after, increasing risk aversion with Omircon woes sent the KRW-USD rate upward.
At mid-week, the Korean won continued to weaken due to the Fed’s tapering plan to ease inflation pressures. Even though the U.S. central bank announced trimming its massive bond-buying program without raising interest rates, the KRW-USD rate trended downward, as its plan to accelerate the tapering largely met previous market expectations.
Later in the week, the Korean won strengthened despite expanded risk-off sentiment. But the rate ended the week slightly up, helped by increasing demand for U.S. dollars from Korean exporters based on their perception that the rate had hit its floor.
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.