On January 30th, the State Bank of Vietnam lowered the central exchange rate by 13 dong, to 24,023 dong/USD. Banks also significantly reduced USD prices by 80 dong. Eximbank's buying rate was 24,290-24,350 dong, and its selling rate was 24,670 dong; Vietcombank's buying rate was 24,340-24,370 dong, and its selling rate was 24,700 dong;ACB's buying rate was 24,330-24,380 dong, and its selling rate was 24,680 dong… On the free market, the USD price also fell from 25,000 dong per dollar, to 24,940 dong for buying and 24,990 dong for selling.
The bank lowered the USD exchange rate.
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 anticipate the Fed will keep interest rates stable, and they will focus on comments from Fed Chairman Jerome Powell, after he indicated in December 2023 that the Fed was moving into a rate-cutting cycle.
Several other currencies depreciated against the USD, such as the euro, which fell 0.2% to $1.08290 and at one point dropped to $1.07955, its lowest level since December 13th. 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 it approaches the start of borrowing cost cuts. The British pound remained stable at $1.27050, while the USD fell 0.45% to 147.45 yen…
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