The US dollar weakened sharply in the trading session on August 2, after the US July employment report showed much lower growth than expected. The exchange rate in Vietnam also made a slight adjustment following the upward trend of the central exchange rate, reflecting cautious sentiment in the face of strong fluctuations in the global currency market.
World currency exchange rates
The US Dollar Index (DXY), which measures the greenback’s strength against a basket of six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), fell 1.28% to 98.69 – its lowest level in more than three months. This is also the index’s biggest drop since the beginning of the year.
The main reason for the sharp decline of the USD was the US Department of Labor's July jobs report. Accordingly, the world's largest economy only created 73,000 new jobs - significantly lower than the 110,000 forecast by analysts. In addition, the June jobs data was also revised down sharply, from 147,000 to just 14,000, showing a clearly weakening labor market. The unemployment rate increased slightly to 4.2%, as expected, but it is still a negative sign in the context of inflation not being fully controlled.
This has led investors to return to expectations of an early interest rate cut by the Federal Reserve, with current forecasts pointing to a 63 basis point cut by the end of the year – nearly double the 34 basis points predicted just a day earlier.
In the currency market, the US dollar fell sharply against major currencies. Specifically, the euro rose 1.37% to 1.1571 USD - the highest daily increase since April. The US dollar fell 2.23% against the Japanese yen to 147.37 yen, marking the deepest decline against the yen since January 2023.
Meanwhile, the Swiss franc also appreciated strongly against the USD, amid market concerns that new US tariff policies could affect Swiss exporting companies – especially in the pharmaceutical sector.
Domestic exchange rate
In the domestic market, the central exchange rate announced by the State Bank on the morning of August 2 increased slightly to 25,249 VND/USD. This exchange rate reflects the adjustment according to international market trends and is an indication that the regulatory agency is closely monitoring developments in the US economy.
At the State Bank of Vietnam, the reference buying and selling exchange rates are currently at 24,037 - 26,461 VND/USD, a slight increase compared to the previous session.
The USD exchange rate at commercial banks recorded some uneven adjustments. Vietcombank listed the buying and selling rates at 26,000 - 26,390 VND/USD. BIDV applied the rate of 26,030 - 26,390 VND/USD, while VietinBank listed it at 25,890 - 26,400 VND/USD.
For other major currencies, the euro exchange rate at banks continued to increase. At Vietcombank, the euro was bought at 29,160 VND and sold at 30,698 VND. BIDV listed the buying and selling prices at 29,551 - 30,762 VND. The Japanese yen decreased slightly, with the buying and selling rates at Vietcombank being 167.98 - 178.65 VND/JPY; at BIDV it was 170.97 - 178.49 VND/JPY.
Source: https://baolamdong.vn/ty-gia-ngoai-te-hom-nay-2-8-dong-bac-xanh-lao-doc-manh-do-du-lieu-viec-lam-my-gay-that-vong-386154.html
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