On the morning of March 6, the central exchange rate between VND and USD announced by the State Bank was 24,017 VND, up 5 VND. The reference USD trading exchange rate was also kept the same as yesterday by the State Bank Exchange, buying at 23,400 VND and selling at 25,162 VND. The USD price at commercial banks also increased compared to yesterday. For example, Eximbank increased 100 VND in buying, up to 24,460 VND and added 30 VND in selling, up to 24,860 VND; Vietcombank increased 10 VND in buying to 24,490 VND, selling at 24,860 VND...
The free USD price suddenly turned down sharply, with the buying price at 25,480 VND and the selling price at 25,620 VND. Compared to yesterday, the free USD price decreased by 60 VND in the buying price and decreased by 50 VND in the selling price. However, this is still the highest price of USD in the free market ever.
USD price on the free market this morning, March 6, turned down sharply
According to the analysis team of SSI Securities Company, the pressure on the exchange rate is increasing, partly due to the prolonged negative interest rate gap between VND and USD, which has led to increasing capital withdrawal pressure or the import of production materials has increased quite strongly in the first two months of the year. In addition, the gap between domestic and international gold prices has not improved, which also contributes to making exchange rate fluctuations in the free market more unpredictable. In addition, the large gap between free and listed exchange rates also promotes a large speculative trend.
The world USD price is still moving sideways. The USD-Index is still hovering around 103.8 points. According to Mr. Alvin Tan - FX strategist at RBC Capital Markets - the market is almost stable in a state of equilibrium. The market will need to see which direction the data is moving in order to adjust in the short term according to the events of this week.
For example, the European Central Bank (ECB) will meet to discuss policy tomorrow (March 7) but is widely expected to keep interest rates at a record 4%. In the US, on March 6-7, Federal Reserve Chairman Jerome Powell will testify before Congress on inflation and the economy ...
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