On the morning of December 17, the USD price recorded slight fluctuations during the week. For example, Eximbank bought at 24,030 VND and sold at 24,420 VND, an increase of 20 VND in the buying price but a decrease of 20 VND in the selling price compared to the end of last week. Vietcombank increased by 20 VND after a week, bringing the buying price to 24,040 VND and the selling price to 24,410 VND... However, in general, the downward trend of USD occurred more frequently.
Meanwhile, the euro price also increased again. For example, Vietcombank bought 25,920 VND and sold 27,344 VND, an increase of 465 - 491 VND compared to the end of last week. The Japanese yen also continued to increase when Vietcombank bought 166.13 VND and sold 175.86 VND, 2.59 - 2.75 VND higher than the end of last week...
USD price and other foreign currencies increased simultaneously this week
According to the 2024 outlook report of Vietcombank Securities Company (VCBS), this company believes that 2023 will be a year when the State Bank successfully manages its policy by maintaining the USD depreciation rate against the VND at about 3%. The State Bank has operated flexibly. At the same time, the foreign exchange market has also operated continuously and there has been no shortage of supply.
The international USD price fell sharply this week. The USD-Index fell to 102.59 points, down 1.39 points compared to the end of last week. The greenback has fallen for three consecutive sessions due to pressure from the US Federal Reserve (Fed) expected to have three interest rate cuts next year. Meanwhile, the euro and the British pound are supported by the European Central Bank (ECB) and the UK will maintain high interest rates for a long time.
As predicted, the ECB decided to keep interest rates unchanged, which attracted buying liquidity and pushed the EURO/USD pair up. The ECB decided to keep the current interest rates unchanged, the refinancing rate unchanged at 4.50%, the marginal lending rate at 4.75% and the overnight rate at 4%. The ECB stressed that interest rates will remain at record highs despite rising expectations of easing inflation and upward pressure on prices.
Many analysts believe that the US interest rate cut will push the greenback down and from there many other currencies will increase against the USD...
Source link
Comment (0)