After a series of continuous price increases, the central exchange rate announced by the State Bank of Vietnam on the morning of September 21st decreased by 16 VND/USD, to 24,063 VND. Commercial banks further reduced the USD price by 20 VND; Eximbank's buying rate was 24,040 - 24,120 VND, selling rate 24,440 VND; Vietcombank's buying rate was 24,110 - 24,140 VND, selling rate 24,480 VND… The difference between the buying and selling price of USD at banks ranged from 340 - 400 VND. Thus, in just a few days, the price of the US dollar in banks decreased by 70 - 100 VND/USD.
The bank lowered the USD exchange rate.
The US dollar strengthened significantly in the international market, with the USD-Index rising by 0.5 points to 105.6 points. Following the meeting, the US Federal Reserve (Fed) announced it would maintain its benchmark interest rate at its highest level in 22 years, as predicted by the market. The current interest rate is 5.25-5.5% per year.
According to the Federal Open Market Committee (FOMC), recent indicators suggest that economic activity is expanding at a solid pace. Job growth has slowed in recent months but remains high, and the unemployment rate remains low. Inflation continues to rise. Tighter credit conditions for households and businesses are likely to impact economic activity, employment, and inflation.
Some reports suggest that the Fed may raise interest rates one more time towards the end of the year. The growth forecast for the US economy this year has also been significantly revised upwards to 2.1%. Meanwhile, the unemployment rate is expected to decline slightly.
In the press conference following the meeting, the Fed Chairman stated that a soft landing "is possible." However, this could be threatened "by factors beyond the Fed's control." A soft landing is a fundamental goal, and the Fed is always striving to achieve it. However, if price stability is not restored, inflation could return. Rising energy prices could push inflation higher. The strike by US auto workers also drew the Fed's attention, due to its impact on the labor market.
The above information caused turmoil in the stock market. At the close of trading on Wednesday, the S&P 500 index fell 0.94% to 4,402.20 points. The Nasdaq Composite index lost 1.53% to 13,469.13 points. The Dow Jones index declined 76.85 points (equivalent to 0.22%) to 34,440.88 points.
Source link
Comment (0)