Free 'dollar' continues to slide uncontrollably

On February 2, the State Bank reduced the central exchange rate by 1 VND to 23,959 VND/USD. Banks continued to slightly reduce the USD price by another 10 VND, Eximbank bought at 24,170 - 24,250 VND, sold at 24,560 VND; Vietcombank bought at 24,200 - 24,230 VND, sold at 24,570 VND;ACB bought at 24,210 - 24,260 VND, sold at 24,560 VND...

In the free market, the USD price decreased by 20-30 VND, buying at 24,805 VND, selling at 24,865 VND. Compared to the highest level reached last week, the US dollar has decreased by more than 250 VND/USD, equivalent to a decrease of more than 1%.

Banks continue to reduce USD prices

Gold fluctuations on February 1

The greenback's price in the international market turned down as investors expected the US Federal Reserve (Fed) to be closer to cutting interest rates. Although Fed Chairman Jerome Powell previously affirmed that this move was unlikely in March. According to Jerome Powell, interest rates have peaked and will fall in the coming months, provided that inflation continues to fall, while economic growth and employment are sustainable. The fight against inflation is not over. According to CME Group's FedWatch Tool, traders are currently predicting a 39% chance that the Fed will cut interest rates in March and a 94% chance of cutting interest rates in May.

The greenback was also dragged lower by falling Treasury yields. US economic data released on Wednesday showed US productivity rose faster than expected in the fourth quarter, while initial state unemployment claims rose in the latest week. US manufacturing activity also stabilized in January amid a rebound in new orders.

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