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 – 1,210 KRW per 1 USD
This week’s forecast:
Despite a skyrocketing number of confirmed coronavirus cases in the U.S., expectations of a possible coronavirus vaccine persist, and the U.S. dollar is forecast to weaken this week. In addition, the KRW-USD exchange rate’s upward trend will be limited, as China’s pump-priming policy may strengthen the Chinese currency, the renminbi.
Last week’s trend:
The Korean won-U.S. dollar (KRW-USD) exchange rate opened the week up, amidst concerns about U.S.-China tensions stemming from China’s security law on Hong Kong. The rate then turned downward as economic indicators from the U.S. and China became favorable.
The KRW-USD rate’s downward trend continued due to the influence of risk-on assets globally. At mid-week, the rate fluctuated in the mid-1,190s, with no particular issue giving it direction.
At the end of the week, rising U.S. and Chinese stock prices generated stronger expectations of an economic recovery, and the market’s risk-on sentiment strengthened. The KRW-USD rate ended the week up due to a dramatic increase in U.S. coronavirus cases as well as doubts about a surging global financial market resulting from greater liquidity.
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.