USD exchange rate hits ceiling, increases to 26,141 VND/USD

Gold and foreign exchange markets continue to record strong fluctuations thanks to cooling signals from the US-China trade war and softer statements.

President Donald Trump said on April 22 that he has no intention of firing Fed Chairman Jerome Powell, marking a "step back" from harsh criticism of the Fed for not cutting interest rates. Just earlier this week, in a social media post, Mr. Trump said that the US has "almost no inflation" and that Mr. Powell is "too slow" in managing policy.

Meanwhile, comments from Treasury Secretary Scott Bessent recently also had a strong impact on financial markets when he mentioned the possibility of “de-escalation” in the trade war. “Nobody thinks that the current situation with tariffs of 145% and 125% (on China – Ed) can be maintained for a long time. So I think in the very near future, there will be a de-escalation. And I think that will bring a sigh of relief to the world and the markets,” Mr. Bessent shared when speaking to a group of investors on Tuesday at a meeting organized by JPMorgan Chase.

DXY index rebounds from 3-year low

The US Dollar Index (DXY), which measures the greenback's strength against a basket of six major currencies, rose more than 1% to 99.5 points, from a three-year low of 98 points. The recovery of the USD also pushed gold prices back. The world gold price fell to around $3,370/ounce in the trading session on April 23 (Vietnam time), continuing its correction after reaching a peak of nearly $3,500/ounce at the beginning of the week. New positive signals have weakened gold's role as a haven, causing profit-taking pressure to increase after a period of overheating. However, since the beginning of the year, gold prices have still increased by nearly 30% since the beginning of the year, outperforming many other assets.

The rapid recovery of the USD has pushed up the domestic exchange rate. This morning, the State Bank announced a central exchange rate increase of VND20/USD to VND24,897/USD. The selling rate at the State Foreign Exchange Reserve Management Department was announced at VND26,091/USD.

At Vietcombank , the USD/VND exchange rate increased to 25,781 VND/USD (buy) and 26,141 VND/USD (sell), up 26 VND/USD in both directions. The selling rate returned to the regulated ceiling. Although the DXY index has continuously decreased since the beginning of the year, the USD/VND exchange rate has maintained its upward momentum. The recovery from the 3-year low of the USD quickly increased pressure on the exchange rate.

On the contrary, the EUR weakened against the USD, helping the EUR/VND exchange rate cool down, listed at 30,392 VND/EUR (sell).

Similarly, domestic gold also cooled down. Right at the opening time, Saigon Jewelry Company (SJC) changed its listed price to VND120 million/tael (buy) and VND122 million/tael (sell). At many other gold companies, the price of SJC gold bars decreased even faster. Bao Tin Minh Chau lowered its buying price to VND117 million/tael, while its selling price decreased to VND120 million/tael.

Source: https://baodautu.vn/ty-gia-usd-cham-tran-tang-len-26141-vndusd-d272395.html