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 – 1,195 KRW per 1 USD
This week’s forecast:
Ahead of the announcement of the U.S. December jobs report on the 7th, economists estimate that U.S. employers added jobs at a robust pace. Against this backdrop, the Fed is expected to speed up its tapering, which will send the greenback up, while pushing down the Korean won.
On top of that, as China is imposing lockdowns and other tough measures to curb the spread of the coronavirus, concerns over global supply disruptions and an economic slowdown will likely increase demand for the US dollar, driving up the KRW-USD rate.
Last week’s trend:
The Korean won-U.S. dollar (KRW-USD) exchange rate opened the week up, influenced by dollar-buying volume from importers, a weak yuan, and a fall in KOSPI.
Amid low trading volume towards the end of the year, dollar-selling volume from exporters led to a decline in the greenback, limiting a rise in the KRW-USD rate.
Prompted by the surging U.S. Treasury yields, the greenback gained, causing the KRW-USD rate to close out 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.