DNVN - On December 6, 2024, the central exchange rate of the Vietnamese Dong against the USD was adjusted up by 4 VND, to 24,266 VND, while the USD Index (DXY) reached 105.73 points.
USD exchange rate on international market
The Dollar Index (DXY), which measures the strength of the USD against six other major currencies such as EUR, JPY, and GBP, fell 0.62 points to 105.73 after trading on December 5.
The decline came on investors' expectations that the US Federal Reserve (Fed) will cut interest rates by 25 basis points at its December meeting, due to recent less positive US economic data.
Fed Chairman Jerome Powell said on December 4 that the US central bank may be “a little more cautious” in implementing interest rate cuts. However, this did not reduce market expectations for the upcoming rate cut.
Yields on two-year U.S. Treasury notes, which closely reflect Fed policy expectations, fell after economic data such as the ISM services survey and the ADP private payrolls report missed expectations.
Accordingly, the number of weekly unemployment claims in the US increased by 9,000, reaching 224,000, the highest level in six weeks, exceeding analysts' forecast of 215,000.
Meanwhile, US service activity slowed in November after strong growth in previous months. The Institute for Supply Management (ISM) services PMI fell to 52.1, below expectations of 55.5, after peaking at 56 in October.
San Francisco Fed President Daly stressed that monetary policy adjustments need to be cautious to match current and future economic conditions.
The FedWatch tool shows that the market is now pricing in a 76% chance that the Fed will cut rates by 25 basis points in December. While the market started the year expecting the Fed to cut by as much as 150 basis points in 2024, as the year draws to a close, that forecast is no longer realistic.
Domestic USD exchange rate
In the Vietnamese market, the central exchange rate of the Vietnamese Dong to the USD on the morning of December 6 increased by 4 VND, reaching 24,266 VND.
The reference exchange rate at the State Bank of Vietnam remains at VND23,400 (buy) and VND25,450 (sell).
Vietcombank continues to keep the exchange rate unchanged at 25,146 VND - 25,479 VND/USD (buy - sell).
At BIDV , the USD/VND exchange rate is listed at 25,177 VND (buy) and 25,479 VND (sell). Meanwhile, Techcombank slightly reduced the buying price by 15 VND to 25,137 VND and kept the selling price unchanged at 25,479 VND/USD.
Eximbank and ACB did not change the USD exchange rate compared to the previous session, trading at 23,740 - 25,479 VND/USD and 24,170 - 25,479 VND/USD, respectively.
In the free market, the USD/VND exchange rate decreased by 2 VND in both buying and selling directions, currently trading around 25,631 - 25,731 VND/USD.
Exchange rates of other currencies
The EUR at the State Bank Exchange increased in price, trading at 24,238 VND (buy) and 26,789 VND (sell).
Meanwhile, the Japanese yen exchange rate decreased slightly, currently listed at 153 VND (buy) and 169 VND (sell).
Viet Anh (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-ngoai-te-ngay-6-12-2024-usd-giam-mat-moc-106-diem/20241206081653201
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