On January 30, the State Bank reduced the central exchange rate by 13 VND, down to 24,023 VND/USD. Banks sharply reduced the USD price by 80 VND, Eximbank bought at 24,290 - 24,350 VND, sold at 24,670 VND; Vietcombank bought at 24,340 - 24,370 VND, sold at 24,700 VND; ACB bought at 24,330 - 24,380 VND, sold at 24,680 VND... In the free market, the USD price also left the 25,000 VND per dollar level, down to 24,940 VND for buying, 24,990 VND for selling.
Bank reduces USD price
In the international market, the greenback rose slightly, with the USD-Index up 0.1 points to 103.25 points. The USD rose as investors predicted that the US Federal Reserve (Fed) could push back expectations of an imminent interest rate cut, after its two-day meeting at the end of January. According to CME Group's FedWatch Tool, traders reduced their expectations for a rate cut in March to 48%, from 89% last month, as economic data reinforced the view that the US economy remains solid.
Investors expect the Fed to keep interest rates steady and investors will focus on comments from Fed Chairman Jerome Powell, after he said in December 2023 that the Fed was moving into a rate-cutting cycle.
Other currencies fell against the dollar, with the euro falling 0.2 percent to $1.08290 and briefly hitting $1.07955, its lowest since December 13. The European Central Bank (ECB) kept interest rates at a record high of 4 percent last week and reaffirmed its commitment to fighting inflation even as it neared the start of cutting borrowing costs. The pound was steady at $1.27050, while the dollar fell 0.45 percent to 147.45 yen.
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