Korean Won – US Dollar Weekly FX Rate Forecast

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: 1,270 – 1,295 KRW per 1 USD

This week’s forecast:

Given that Fed Chair Jerome Powell, as well as other Fed members, is expected to speak at a Wall Street Journal conference on the 17th, the direction of KRW-USD rate will be determined after the meeting. 

On the other hand, if China’s central bank lowers interest rates this week in a bid to boost the slowing economy, a weaker yuan will be likely. And the won-yuan synchronization is likely to lead to a slight rise in the KRW-USD rate. 

Last week’s trend:

The Korean won-U.S. dollar (KRW-USD) exchange rate opened the week up amid concerns about inflation and an economic slowdown. But the rate’s increase was limited due to foreign exchange authorities’ intervention. 

At mid-week, the KRW-USD rate inched down as investors took a wait-and-see approach ahead of the announcement of the consumer price index (CPI). After the release of the price report, however, the KRW-USD rate surged as investors moved away from riskiers assets due to the Fed’s possible aggressive action to battle inflation and a sharp drop in US stocks.

Later in the week, risk appetite recovered somewhat after verbal intervention by the government, and the Korean won gained before closing out the week. 

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.

 

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Voted the best bank in Korea by Global Finance, Hana Bank strives to be the leader in banking services offering signature expat services in a variety of languages.

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