USD price today January 25, 2024: All increased

On January 25, the State Bank increased the central exchange rate by 1 VND to 24,031 VND/USD. The State Bank's exchange office kept the USD buying price unchanged at a low level of 23,400 VND but the selling price was up to 25,181 VND.

Commercial banks continued to increase the USD price by 30 VND, Eximbank bought at 24,370 - 24,450 VND, sold at 24,760 VND; Vietcombank bought at 24,400 - 24,430 VND, sold at 24,770 VND... Compared to the beginning of the year, the USD price has increased by 350 VND, equivalent to an increase of 1.4%. The USD price in banks is about 350 VND lower than the free price.

USD price continues to increase

The greenback on the free market increased by 20 VND, to 25,070 VND for buying and 25,120 VND for selling. The free USD price increased, approaching the record high reached in October 2022. Although foreign currency sources at the end of the year were quite abundant and remittances skyrocketed, the high difference between domestic and foreign gold prices caused the USD price to increase faster than before.

The USD in the international market increased slightly, the USD-Index increased by nearly 0.2 points, to 103.2 points. Newly released US data showed that business activities in this country recovered in January. The market did not fluctuate much as investors waited for the US Federal Reserve (Fed) meeting next week on monetary policy, about when the Fed will start its monetary policy easing cycle.

Investors are now awaiting the first figures on US Gross Domestic Product (GDP) for the fourth quarter, which is due to be released later this week, and personal expenditures (PCE) data.

Markets are pricing in a 40% chance of easing at the March meeting, down from 47% earlier this week and 80% two weeks ago. Futures traders are betting on five rate cuts of 0.25% each in 2024.

The Bank of Canada decided to keep its overnight interest rate unchanged at 5% and said that while underlying inflation remains a concern, it is focusing on when to cut borrowing costs rather than whether to raise rates again. The European Central Bank (ECB) will hold its policy meeting on January 25 and could give a hint about when the ECB will start cutting borrowing costs.

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