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: 1,175 – 1,190 KRW per 1 USD
This week’s forecast:
Amid persisting vigilance toward the coronavirus (Covid-19), lower expectations of a U.S. interest rate cut stemming from upbeat forecasts about the U.S. economy are expected to contribute to a stronger greenback. Nonetheless, a stronger Chinese renminbi in response to fewer confirmed cases of Covid-19 may limit the KRW-USD exchange rate’s upward trend this week.
Last week’s trend:
The Korean won-U.S. dollar (KRW-USD) exchange rate opened the week slightly up, as Chinese economic indicators more positive than the market’s expectations limited the rate’s upper line, and as concerns about the spread of the coronavirus (Covid-19) continued.
On the back of the Fed chair’s dovish remarks and expectations about China’s economic stimulus plans, as well as a slowing of new Covid-19 cases, the KRW-USD exchange rate fell. Late in the week, the number of confirmed Covid-19 cases in China surged as China changed its diagnostic criteria, arousing the market’s concerns. Moreover, economic uncertainty in the Eurozone boosted the preference for safe-haven assets, and the KRW-USD exchange rate closed the week up.
At the week’s end, concerns about a sluggish global economy caused by the novel coronavirus as well as regulatory authorities’ vigilance toward the virus issue turned the renminbi weak, and the KRW-USD exchange rate ended 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.