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: 1,192 – 1,205 KRW per 1 USD
This week’s forecast:
Rising U.S.-China tensions stemming from China’s national security law in Hong Kong, and a sharp rise in coronavirus cases in the U.S. are forecast to strengthen the market’s preference for safe-haven assets. Nevertheless, an economic rebound in major economies including the U.S. and China is expected to limit the KRW-USD exchange rate’s ceiling this week.
Last week’s trend:
The Korean won-U.S. dollar (KRW-USD) exchange rate opened the week up, amid a surge in the number of coronavirus cases in the United States as well as a reigniting of U.S.-China tensions over the Hong Kong security law issue.
At mid-week, positive consumer confidence indexes and PMI indicators in both the U.S. and China pushed the KRW-USD exchange rate downward, but it turned upward again later as the rate moved in line with the Hong Kong-China national security law issue.
At the end of the week, while hopes were rising about a possible coronavirus vaccine, the boost in the U.S. jobs index and a positive service PMI in China pulled the weakened greenback upward, and the KRW-USD exchange rate ended the week down.
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.