Here’s this week’s forecast for the Korean won-US dollar exchange rate from KEB 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: 1,150 – 1,166 KRW per 1 USD
This week’s forecast:
With less uncertainty after the U.S. and China reached a phase 1 trade deal, the U.S. economy is generally showing positive indicators, and the KRW-USD exchange rate is expected to rise above the KRW 1,160 level, affected by the strong greenback.
Last week’s trend:
The Korean won-U.S. dollar (KRW-USD) exchange rate opened the week down, due to increased net buying by foreigners amid forecasts about the U.S. and China reaching a ‘phase 1’ trade deal.
Later on, the KRW-USD exchange rate moved in line with the Chinese renminbi, which strengthened on the U.S.’s decision to remove China from its currency manipulator list. At mid-week, despite expectations about the U.S. and China striking a phase 1 trade deal, the U.S.’s decision to keep existing tariffs in place turned the rate upward.
The upward trend then continued, affected by news that the U.S. and China had inked the deal, and by concerns about Washington and Beijing’s phase 2 trade agreement. At the end of the week, the rate turned downward due to the Bank of Korea Monetary Policy Board’s hawkish decision to leave the base rate unchanged, but the minority opinion’s insistence on a rate cut limited the downward trend.
Disclaimer: Neither KEB 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.