USD price today 9/16/2023: Continue to 'climb' high

Banks continued to increase the USD price by 20 - 40 VND. At Eximbank, the buying price increased to 24,010 - 24,090 VND, the selling price increased to 24,410 VND. At Vietcombank , the USD price increased to 24,055 - 24,085 VND for buying, 24,425 VND for selling... The USD buying price of banks exceeded 24,000 VND. Compared to 1 month ago, the greenback price has increased by 310 VND, equivalent to an increase of 1.3%.

Banks continue to increase USD prices

In the interbank market, the greenback price traded between banks increased by 50 VND on the afternoon of September 15, to 24,250 VND. Compared to the same period last year, this price increased by nearly 2.6%. The selling price of USD at the State Bank of Vietnam's exchange reached a high of 25,187 VND, while the buying price remained unchanged at 23,400 VND. The gap between the buying and selling prices of USD at the exchange is increasing, at 1,787 VND/USD. At this price, it will be difficult for any foreign currency transactions between the exchange and banks.

The USD price in the international market is at a high level, the USD-Index is at 105.34 points. The US dollar has remained at a high level in the past 5 months and is likely to maintain it until the US Federal Reserve (Fed) announces its monetary policy next week. This is the 6th meeting of the Fed this year. Each year, the Fed has 8 meetings to discuss monetary policy. Since March 2022, the Fed has increased interest rates from 0 - 0.25% to 5.25 - 5.5%.

The Fed's major monetary policy changes have been driven by inflation data and aimed at its 2% target. There has been some recent debate about whether the Fed will make another rate hike before signaling that it has ended its rate-hike cycle. That means market participants are looking for clues from the Fed after its meeting next week about when it will end its rate hikes and when rates will start to fall.

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