Domestic down, international up

After a series of consecutive price increases, the central exchange rate announced by the State Bank on the morning of September 21 decreased by 16 VND/USD, down to 24,063 VND. Commercial banks reduced the USD price by 20 VND, Eximbank bought at 24,040 - 24,120 VND, sold at 24,440 VND; Vietcombank bought at 24,110 - 24,140 VND, sold at 24,480 VND... The difference between the buying and selling prices of USD at banks was from 340 - 400 VND. Thus, in just a few days, the price of the greenback in banks decreased by 70 - 100 VND/USD.

Bank reduces USD price

The USD price on the international market increased sharply, the USD-Index increased by 0.5 points, to 105.6 points. As a result of the meeting, the US Federal Reserve (Fed) announced to keep the reference interest rate at the highest level in 22 years, as predicted by the market. The interest rate is currently at 5.25 - 5.5%/year.

According to the Federal Open Market Committee, recent indicators suggest that economic activity is expanding at a solid pace. Job growth has slowed in recent months but remains strong, and the unemployment rate remains low. Inflation has continued to rise. Tighter credit conditions for households and businesses are likely to weigh on economic activity, employment, and inflation.

Some information shows that the Fed will likely raise interest rates once more at the end of the year. The growth forecast for the US economy this year has also been adjusted up sharply, to 2.1%. Meanwhile, the unemployment rate is expected to decrease slightly.

In his post-meeting press conference, the Fed chairman said a soft landing “is possible.” However, it could be threatened “by factors beyond the Fed’s control.” A soft landing is a fundamental goal and the Fed is working to achieve it. However, if price stability is not restored, inflation could return. Rising energy prices could push inflation higher. The U.S. auto workers’ strike has also caught the Fed’s attention, as it affects the labor market.

The news sent the stock market into a tailspin. The S&P 500 fell 0.94% to 4,402.20 on Wednesday. The Nasdaq Composite lost 1.53% to 13,469.13. The Dow Jones fell 76.85 points, or 0.22%, to 34,440.88.

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