Leaving the 25,000 VND mark

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.

Banks reduce USD price

On the international market, the US dollar strengthened slightly, with the USD-Index rising 0.1 points to 103.25. The dollar's rise comes as investors anticipate the Federal Reserve (Fed) may push back against expectations of an imminent interest rate cut following its two-day meeting at the end of January. According to CME Group's FedWatch tool, traders have lowered expectations of a Fed rate cut in March to 48%, down from 89% the previous month, as economic data reinforces the view that the US economy remains robust.

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% to $1.08290 and briefly falling to $1.07955, its lowest level since December 13. The European Central Bank (ECB) last week kept interest rates at a record high of 4% and reaffirmed its commitment to fighting inflation even as the time to start cutting borrowing costs approached. The pound was stable at $1.27050, while the dollar fell 0.45% to 147.45 yen.

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