On the contrary, the euro price ended the week down, with Eximbank decreasing by 94 - 96 VND, bringing the buying price to 24,842 VND and selling price to 25,519 VND. The free euro price also decreased by about 120 - 140 VND after a week, down to 25,141 VND for buying and 25,241 VND for selling.
USD price increased during the week
The international USD price has been rising continuously this week and the USD-Index ended the week at 104.23 points, up 1 point from the previous weekend. According to Reuters, the greenback traded near a 2-month high against major currencies and is headed for further gains. This is because many investors believe that US interest rates may remain high for longer than initially expected. Worries about the debt ceiling negotiations between US President Joe Biden and House Speaker Kevin McCarthy also continue to overshadow market sentiment. However, recently, US Treasury Secretary Janet Yellen said that the US will run out of money to pay its debt by June 5, instead of June 1 as previously calculated. This gives the White House and the US Republican Party more time to negotiate the debt ceiling.
According to the CME FedWatch tool, the market is now pricing in a 52% chance that the US Federal Reserve will deliver another 25 basis point interest rate hike at its June policy meeting, up from a 36% chance a week ago. This is the reason why the USD has continued to rise this week. Thus, the forecast that the Fed will start cutting interest rates this year has also narrowed…
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