The uptrend continued this week.

On the morning of January 28, the USD price continued to record a week of high growth. For example, Eximbank bought at 24,370 VND and sold at 24,760 VND, an increase of 40 - 50 VND compared to the end of last week; Vietcombank bought at 24,395 VND and sold at 24,765 VND, an increase of 45 - 50 VND after a week...

On the contrary, the euro price continued to decrease during the week. For example, Vietcombank bought at 25,979 VND and sold at 27,405 VND, down 35 VND. Meanwhile, the Japanese yen increased again after a week when Vietcombank bought at 161.55 VND and sold at 170.99 VND, nearly 2 VND higher...

USD price continues to increase

The domestic USD price continues to rise as the world greenback maintains its upward momentum. At the same time, the demand for USD at the end of the year is also higher.

The international USD price remained high when the USD-Index reached 103.2 points despite moving sideways for a week. Data released by the US Department of Commerce on January 26 showed that in December 2023, the core personal consumption expenditures (PCE) price index - the US Federal Reserve's (Fed) preferred inflation measure - increased by 0.2% compared to November 2023, matching experts' forecasts. Compared to the same period last year, the core PCE increased by 2.9%, lower than the 3% forecast by experts and also lower than the 3.2% of November 2023. This is also the lowest increase since March 2021.

The data reinforces the view that inflation is continuing to cool, allowing the Fed to start cutting rates in 2024. Joseph Brusuelas, chief economist at RSM, said the development of the Fed's favorite inflation gauge signals that the central bank will hit its inflation target in the near term, setting the stage for a policy reversal and the start of a multi-year campaign that will see rates fall to the 2.5% to 3% range. The Fed currently holds its benchmark interest rate range at 5.25% to 5.5%.

Lower interest rates are not positive for the greenback. However, at the moment, because no one knows for sure when the Fed will cut interest rates, the USD remains anchored at high levels.

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