Exchange rates on May 8th: USD under downward pressure.

The US dollar continues to face downward pressure in international markets as geopolitical tensions ease and expectations of Fed interest rate cuts return. Domestically, the USD exchange rate at banks fluctuates slightly, while analysts warn that the greenback could gradually lose its advantage if safe-haven flows weaken.

As of the morning of May 8th, the central exchange rate set by the State Bank of Vietnam was 25,113 VND/USD, unchanged from the previous trading session. Meanwhile, the US Dollar Index (DXY) fluctuated around 98.22 points.

Reference exchange rates between the Vietnamese Dong and various foreign currencies at the Department of Foreign Exchange Management.

At commercial banks, the USD exchange rate recorded slight fluctuations. Vietcombank currently lists the rate at 26,088 - 26,368 VND/USD (buy - sell), a decrease of 10 VND in the buying rate and unchanged in the selling rate compared to the previous session. BIDV also decreased the buying rate by 10 VND, trading at 26,118 - 26,368 VND/USD. Meanwhile, Techcombank lists the buying rate at 26,044 VND/USD and the selling rate at 26,368 VND/USD, a decrease of 12 VND in the buying rate.

In the free market, the USD/VND exchange rate is commonly around 26,580 - 26,620 VND/USD (buying - selling), unchanged from the previous trading session. Meanwhile, in the international market, the USD continues to face pressure as geopolitical tensions ease, reducing demand for safe-haven assets.

Expert Mike Dolan believes that growing optimism about the possibility of a peace agreement between the US and Iran is pushing the USD back to pre-conflict levels. He suggests that if the Strait of Hormuz reopens and oil prices cool, the market could resume expectations of Fed interest rate cuts, thereby diminishing the dollar's interest rate advantage.

However, this expert also believes that the strong rally in US stocks, driven by the wave of AI investment and positive corporate earnings prospects, could limit the decline of the USD. While a "trap" for the greenback might appear if the conflict ends, the USD's decline will not be too deep as capital continues to flow strongly into the US stock market.

Source: https://hanoimoi.vn/ty-gia-ngay-8-5-usd-chiu-ap-luc-giam-748842.html