Commercial banks significantly increased the USD exchange rate by 40 dong on July 29th. Eximbank's buying rate rose to 23,460 - 23,540 dong, and its selling rate to 23,850 dong; Vietcombank's buying rate was 23,490 - 23,520 dong, and its selling rate to 23,860 dong… Compared to the end of June, the US dollar has increased by 110 dong, while other foreign currencies have seen significant increases. At Eximbank, the British pound increased by 540 dong, with buying rates at 29,839 - 29,929 dong and selling rates at 30,661 dong; the Australian dollar increased by 80 dong, with buying rates at 15,455 - 15,501 dong and selling rates at 15,895 dong; the euro increased by 400 dong, with buying rates at 25,589 - 25,657 dong and selling rates at 26,284 dong…
The central bank raised the price of the USD along with other foreign currencies.
The US dollar weakened slightly against other currencies globally, with the USD-Index falling 0.2 points to 101.7 points. The greenback remained relatively stable following the release of some positive economic data from the US, particularly a decrease in inflation.
The U.S. Bureau of Economic Analysis (BEA) released data showing easing inflationary pressures while consumer spending continued to expand. The Personal Consumption Expenditures (PCE) price index rose 0.2% in June, compared with a 0.3% increase in May. Core inflation rose 4.1% year-on-year, a significant decrease from the 4.6% year-on-year increase in May. While inflation remains far from the Federal Reserve's 2% target, the figures represent the slowest rate of inflation growth in over two years.
The optimistic PCE report today helped the US stock market rise for the third consecutive week. The Dow Jones index rose 176.57 points (0.5%) to 35,459.29 points. The S&P 500 advanced 0.99% to 4,582.23 points. The Nasdaq Composite added 1.9% to 14,316.66 points.
Next week, the foreign exchange market will receive important news from the US market such as the ISM manufacturing PMI, JOLTS employment report, ADP non- farm payrolls report, initial jobless claims, non-farm payrolls report, etc. In addition, the Bank of England will also announce its monetary policy decision.
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