Foreign exchange rates on August 6: The world's greenback continues to suffer...

Domestic and international foreign exchange markets on August 6 continued to reflect the impact of less positive US economic data, as investors reassessed expectations for the US Federal Reserve's (Fed) monetary policy. The central exchange rate fell sharply, while exchange rates at domestic commercial banks fluctuated in opposite directions.

World market foreign exchange rates

In the international market, the Dollar Index (DXY) – a measure of the greenback’s strength against a basket of six major currencies – was recorded at 98.74 points on the morning of August 6, down 0.07 points from the previous day. This was the result of a wave of USD sell-off after a weak US employment report, raising expectations that the Fed will start its interest rate cut cycle from September.

Foreign exchange rates on 68th: The world's greenback continues to be under pressure.

According to the latest forecast from Goldman Sachs, the Fed may conduct three consecutive interest rate cuts, each of 25 basis points. In case the next employment data continues to deteriorate, the possibility of the US central bank cutting interest rates by another 50 basis points is possible.

Meanwhile, the European Central Bank (ECB) is said to have ended its policy easing cycle, and economies such as the Eurozone or Japan are seeing growth expectations raised thanks to positive developments in trade relations.

Political factors are also affecting the currency market. US President Donald Trump’s firing of the head of the Bureau of Labor Statistics (BLS) and the resignation of Fed Governor Adriana Kugler have raised concerns about interference with the Fed’s independence. While experts say these changes have not yet had a direct impact on policy, market sentiment is becoming more sensitive to moves by the US administration.

Elsewhere, the pound edged up 0.05 percent to $1.3291 as markets expect the Bank of England to keep monetary policy unchanged at its meeting this week.

Domestic foreign exchange rates

According to the announcement from the State Bank, the central exchange rate on August 6 decreased sharply by 21 VND compared to the previous session, currently at 25,219 VND/USD. This is a deep decrease in the context of the USD on the international market being under pressure to weaken after the US announced a not-so-positive employment report.

At commercial banks, the USD exchange rate recorded slight increases. At Vietcombank, the USD was listed at 26,030 - 26,420 VND/USD (buy - sell), up 50 VND in both directions. Meanwhile, many other banks continued to have significant differences in buying and selling prices.

HSBC Bank is currently buying USD cash at the highest price of VND26,077, while OCB leads the transfer buying price at VND26,115/USD. On the selling side, PVcomBank is selling USD cash at the highest price of VND26,470, while HSBC is listing the lowest price of VND26,313/USD.

In the free market, the USD exchange rate also decreased slightly by 4 VND in both directions compared to yesterday, currently trading around 26,425 - 26,495 VND/USD. This reflects the cautious sentiment of investors in the face of unpredictable fluctuations in the international market and monetary policy moves.

Source: https://baolamdong.vn/ty-gia-ngoai-te-ngay-6-8-dong-bac-xanh-the-gioi-tiep-tuc-chiu-suc-ep-386530.html