Australian dollar price increased sharply after 2 days of deep decline

Domestic AUD exchange rate movements; AUD exchange rate today, February 29, 2024

As of 11:00 AM today, February 29, 2024, the AUD exchange rate applied is based on the rate announced by the State Foreign Exchange Management Department, at 14,820 - 16,380 VND/AUD for buying and selling respectively.

The State Bank of Vietnam has determined the cross exchange rate of VND/AUD applicable for calculating export and import taxes, effective from February 29, 2024 to March 6, 2024, to be 15,637.95 VND/AUD.

At Vietcombank , compared to the AUD exchange rate at the same time yesterday morning, the Australian dollar price was sharply adjusted downwards this morning. The buying price of the Australian dollar is 15,577 VND/AUD, down 125 dong; and the selling price is 16,240 VND/AUD, also down 636 dong.

AUD exchange rate today, February 29, 2024, at Vietcombank.

Comparing the Australian Dollar (AUD) exchange rates among the 13 largest banks in Vietnam, today, February 29, 2024, the buying rate for AUD saw increases at 2 banks, decreases at 10 banks, and unchanged at 1 bank compared to yesterday.

Meanwhile, on the selling side, 2 banks increased their selling prices, 10 banks decreased their selling prices, and 1 bank maintained the same selling price as yesterday.

Techcombank is buying Australian dollars in cash today at VND 15,522/AUD and selling them at VND 16,408/AUD. Compared to yesterday's closing rate, the bank adjusted the buying rate up by 46 dong and the selling rate up by 41 dong.

Today, Sacombank Bank is buying Australian Dollars (AUD) at the highest price of 15,895.00 VND/AUD. Vietnam Prosperity Bank is selling Australian Dollars (AUD) at the lowest price of 15,827.00 VND/AUD.

AUD exchange rates today, February 29, 2024, surveyed at several banks.

Australian dollar exchange rate in the market on February 29, 2024

According to a survey of the black market exchange rates, in this morning's trading session on February 29, 2024, the buying price of AUD in the black market increased compared to yesterday's session (February 28) to 16,300 VND/AUD; the selling price was 16,400 VND/AUD.

AUD exchange rate today, February 29, 2024, at the market.

Forecast of future trends for the Australian dollar.

The Australian dollar (AUD) is rising against several of its currencies this morning amid optimistic forecasts regarding the monetary policy outlook of the Reserve Bank of Australia (RBA).

Australian wage growth in the fourth quarter of 2023 was slightly higher than market expectations, a surprise development that could give the RBA more room to maintain high interest rates for an extended period, without rushing to cut them. The Australian dollar has benefited from this growth in recent sessions.

The Australian dollar performed well after the Australian Bureau of Statistics (ABS) reported wage growth of 0.9% in Q4 2023, bringing the annual increase to 4.2%, exceeding market expectations of 4.1%.

Wage increases are at a level inconsistent with the RBA's target of bringing inflation back to 2.0%. However, policymakers will be pleased with the fact that the fourth-quarter increase was lower than the 1.3% increase in the third quarter.

Catherine Birch, an economist at ANZ Bank, said, "We still expect the RBA to keep interest rates at 4.35% until November. A rate cut in November would surprise the market, which had previously been anticipating a rate cut around June."

ANZ said the RBA will remain vigilant as economists there expect wage growth to remain above 4% annually in the first half of 2024, before slowing down in the second half.

The data also confirms that annual real wage growth has been positive for the first time since Q1 2021 (+0.1% year-on-year). Falling inflation, strong nominal wage growth, and upcoming tax and interest rate cuts will support households in 2024, Catherine Birch said.

In addition, the perception that the Australian economy remains resilient despite high interest rates has also boosted the AUD exchange rate in recent sessions.

If ANZ's predictions are correct, market prices will have to adjust to strengthen the Australian dollar. Following the release of wage data, we see the Australian dollar's exchange rate continuously rising against the Vietnamese dong as well as other foreign currencies.

Check out the most searched addresses for currency exchange and Australian dollar buying/selling in Hanoi:

1. Quoc Trinh Ha Trung Gold Shop - No. 27 Ha Trung Street, Hang Bong Ward, Hoan Kiem District, Hanoi

2. Gold and Silver Handicrafts - No. 31 Ha Trung Street, Hang Bong Ward, Hoan Kiem District, Hanoi

3. Minh Chien Gold and Silver Shop - 119 Cau Giay Street, Cau Giay District, Hanoi

4. Thinh Quang Gold and Silver Company - 43 Ha Trung Street, Hang Bong Ward, Hoan Kiem District, Hanoi

5. Toan Thuy Store - 455 Nguyen Trai Street, Thanh Xuan District, Hanoi and 6 Nguyen Tuan Street, Thanh Xuan District, Hanoi

6. Bao Tin Minh Chau Gold, Silver and Gemstones - 19 Tran Nhan Tong Street, Bui Thi Xuan Ward, Hoan Kiem District, Hanoi

7. Chinh Quang Store - 30 Ha Trung Street, Hang Bong Ward, Hoan Kiem District, Hanoi

8. Kim Linh 3 Store - 47 Ha Trung Street, Hang Bong Ward, Hoan Kiem District, Hanoi

9. Huy Khoi Store - 19 Ha Trung Street, Hang Bong Ward, Hoan Kiem District, Hanoi

10. The system of transaction offices at banks such as: Sacombank, VietinBank, Vietcombank, SHB

Check out the most searched-for foreign currency exchange and Australian dollar buying/selling locations in Ho Chi Minh City:

1. Minh Thu Foreign Exchange - 22 Nguyen Thai Binh Street, District 1, Ho Chi Minh City

2. Ha Tam Gold Shop - No. 2 Nguyen An Ninh Street, Ben Thanh Ward, District 1, Ho Chi Minh City

3. Kim Mai Gold Shop - 84C Cong Quynh Street, Pham Ngu Lao Ward, District 1, Ho Chi Minh City

4. Saigon Jewelry Center - 40-42 Phan Boi Chau Street, District 1, Ho Chi Minh City

5. Kim Chau Gold Shop - 784 Dien Bien Phu Street, Ward 10, District 10, Ho Chi Minh City

6. Kim Tam Hai Store – 27 Truong Chinh Street, Tan Thoi Nhat Ward, District 12, Ho Chi Minh City

7. Mi Hong Gold, Silver and Gemstones - 306 Bui Huu Nghia Street, Ward 2, Binh Thanh District, Ho Chi Minh City

8. Kim Hung Foreign Exchange Agency – 209 Pham Van Hai Street, Binh Chanh District, Ho Chi Minh City

* This information is for reference only.

Source: https://congthuong.vn/ty-gia-aud-hom-nay-2922024-gia-do-uc-tang-manh-sau-2-ngay-giam-sau-305960.html