USD prices at commercial banks recorded a week of increase. Specifically, Eximbank bought at 23,720 VND and sold at 24,300 VND, down 70 VND in buying but up 110 VND in selling. Meanwhile, Vietcombank bought at 23,870 VND and sold at 24,240 VND, up 110 VND after a week...
The euro price also recorded a week of increase as Vietcombank bought at 25,609 VND and sold at 27,042 VND, an increase of 418 - 441 VND.
USD price continues to increase this week
In a newly released currency market update report, Rong Viet Securities Company said that the exchange rate on the interbank market on August 24 was 1.35% higher than the end of last month and 1.59% higher than the beginning of the year, surpassing the threshold of 24,000 VND/USD. Over the past month, the State Bank has also continuously adjusted the central exchange rate, the adjustment in the past month being the strongest since the beginning of the year (+0.82% compared to the previous month). The company forecasts that the USD/VND exchange rate may retest the threshold of 24,500 VND/USD in the coming time before falling to 24,200 VND/USD by the end of 2023.
The international USD price increased sharply during the week when the USD-Index exceeded 104 points again. At the end of the week, the USD-Index reached 104.255 points, up 0.11 points compared to the end of the previous week. The latest report from the US Bureau of Labor Statistics showed that the country created 187,000 more jobs in August. This is the strongest job growth rate this summer, after the figures for June and July were significantly revised down.
On the other hand, the labor market has shown signs of cooling. The unemployment rate rose to 3.8%, much higher than the 3.5% figure in July. This is considered good news, as it reflects the labor force participation rate... This information is said to be in the right direction of the US Federal Reserve (Fed), so the possibility of further interest rate increases will be less likely.
In addition, the euro on the international market also increased when it was converted to 1.0780 USD. Investors forecast a 79% chance that the European Central Bank (ECB) will keep interest rates unchanged at its September meeting.
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