On February 1, the State Bank continued to reduce the central exchange rate by another 30 VND/USD, down to 23,960 VND. The central exchange rate has decreased by 76 VND compared to the beginning of the week, equivalent to a decrease of 0.31%. After many days of sharp price reduction, banks have slightly increased the USD price by 15 VND, Eximbank bought at 24,180 - 24,280 VND, sold at 24,570 VND; Vietcombank bought at 24,220 - 24,250 VND, sold at 24,590 VND; ACB bought at 24,230 - 24,280 VND, sold at 24,580 VND... The difference between the USD buying and selling prices is from 300 - 340 VND/USD.
Since the beginning of January 2024, the selling price of USD at commercial banks has increased from 130 to 170 VND. The General Statistics Office said that the USD price index in January increased by 0.52% compared to December 2023 and increased by 3.69% compared to the same period last year.
Banks increase USD price
The USD price on the world market increased, the USD-Index added 0.2 points, up to 103.5 points, at one point up to 103.75 points. The USD increased in price after the Chairman of the US Federal Reserve (Fed) Jerome Powell commented on cutting interest rates in March. After the 2-day meeting, the Fed Chairman said that the Fed will need to review economic data to make sure it is time to lower interest rates. The Fed wants inflation to have really cooled down.
Traders are pricing in a 38% chance the Fed will cut rates in March, down from 59% a day earlier and down from 89% a month ago.
The US also just released the ADP National Employment report showing that private sector payrolls increased by 107,000 jobs last month, lower than economists' forecast of 145,000 jobs.
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