On the morning of February 4, the USD price recorded a week of decline. For example, Eximbank bought at 24,110 VND and sold at 24,500 VND, down 260 VND compared to the end of last week. Similarly, Vietcombank bought at 24,130 VND and sold at 24,500 VND, down 265 VND...
Similarly, the euro price also continued to decrease during the week. For example, Vietcombank bought at 25,777 VND and sold at 27,193 VND, down 212 VND compared to the end of last week. Or the Japanese yen also decreased after a week when Vietcombank bought at 160.92 VND and sold at 170.32 VND, down 0.67 VND...
USD price fell sharply this week
The domestic USD price has cooled down after a sharp increase in January. In addition to the international USD price also going down, the domestic supply still ensures market demand. In particular, according to the State Bank's estimate, the amount of remittances flowing into the country in 2023 will reach about 16 billion USD, an increase of 32% over the previous year. Along with the increasing FDI inflows into Vietnam, Vietnam's exchange rate is still forecast to be quite stable.
The international USD price fluctuated but still closed the week at a high level when the USD-Index reached 103.82 points, up 0.8 points after a week. On February 1, the US Federal Reserve (Fed) agreed to keep interest rates unchanged for the fourth consecutive time at the range of 5.25 - 5.5%. Immediately after this announcement, the USD-Idex fell below 103 to 102.87 points. However, the US employment report last weekend showed that the labor market is still strong. This could make the Fed extend the interest rate cut longer than expected.
Traders now see a 70% chance of a rate cut in May, up from 92% before the jobs data, according to the CME Fed Watch tool. While the timing of the Fed's rate cut remains uncertain, the greenback remains anchored high...
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