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| Foreign exchange rates today, March 20: USD, Euro, AUD, CAD, Japanese Yen, British Pound... Bond yields drop sharply, greenback 'falls'. (Source: Blominvest) |
Foreign exchange rates today 3/20
With the +/- 5% margin currently applied, the ceiling rate applied by banks today is 22,438 VND/USD and the floor rate is 24,800 VND/USD.
At commercial banks, this morning, the USD price tended to increase, while the Chinese Yuan (CNY) fluctuated in opposite directions.
At 9:15 a.m., the USD price at BIDV was listed at 23,450 - 23,750 VND/USD (buy - sell), an increase of 30 VND in both buying and selling compared to the end of last week.
The CNY price at this bank is listed at 3,369 - 3,482 VND/CNY (buy - sell), an increase of 8 VND in the buying price and a decrease of 12 VND in the selling price compared to the end of last week.
At Vietcombank , the greenback price is listed at 23,380 - 23,750 VND/USD (buy - sell), unchanged from last weekend.
The listed CNY price is 3,354 - 3,498 VND/CNY (buy - sell), an increase of 6 VND in both buying and selling compared to the end of last week.
| STT | Currency code | Currency name | Bank rate commerce Buy | Bank rate commerce Sell | *State Bank exchange rate Apply for import and export from March 16-22 (to illuminate) |
| 1 | EUR | Euro | 24,382.87 | 25,747.99 | 25,350.27 |
| 2 | JPY | Japanese Yen | 171.82 | 181.90 | 175.32 |
| 3 | GBP | British Pound | 27,810.67 | 28,996.32 | 28,699.45 |
| 4 | AUD | Australian Dollar | 15,310.23 | 15,962.95 | 15,775.13 |
| 5 | CAD | Canadian Dollar | 16,741.73 | 17,455.48 | 17,260.3 |
| 6 | RUB | Russian Ruble | 293.33 | 324.75 | 313.12 |
| 7 | KRW | Korean Won | 15.60 | 19.00 | 18.12 |
| 8 | INR | Indian Rupee | 284.67 | 296.09 | 286.33 |
| 9 | HKD | Hong Kong Dollar (China) | 2,927.54 | 3,052.35 | 3,008.9 |
| 10 | CNY | Chinese Yuan China | 3,354.00 | 3,498.00 | 3,393.06 |
(Source: State Bank, Vietcombank)
Exchange rate developments in the world market
At the beginning of the trading session, in the US market, the DXY (US Dollar Index) measuring the fluctuations of the greenback against 6 key currencies (EUR, JPY, GBP, CAD, SEK, CHF) was at 103.86, down 0.68%.
Today, the exchange rate on the world market, the greenback fell sharply, the Euro held its value.
Specifically, due to the risk-averse psychology of banks, the yield on US Treasury bonds has fallen sharply. Accordingly, the yield on 10-year US Treasury bonds has fallen from a high of about 3.75 to a low of 3.36% before closing the week at 3.43%. The sharp drop in yields continues to weaken the DXY index. Economists also predict that it will likely continue to decline.
Markets are holding their breath as they await the US Federal Reserve’s monetary policy decision on March 22. The recent banking crisis in the US has led to market expectations that central banks will likely keep interest rates unchanged at this month’s policy meeting.
However, the European Central Bank unexpectedly raised interest rates by 50 basis points last week, amid the ongoing crisis in the US, so this still leaves open the possibility of the Fed raising interest rates by another 25 basis points this week.
Therefore, the outcome of the Fed meeting on March 22 and the market's reaction to it will strongly influence the USD.
The forecast is bad, the USD will continue to decline next week. Because the DXY index has broken the 104-106 range, and dropped below the resistance level of 104. This makes the short-term outlook for the greenback bearish. Accordingly, the DXY index may fall further to the 102-101 range in the coming weeks. A bounce from the 102-101 price range could push the DXY index back to 104 again. But a drop below 101 will increase the downward pressure. In that case, the DXY index may extend its decline to 98 in the medium term.
Elsewhere, the Euro continued to stabilize last week, fluctuating between 1.05 and 1.0750. In contrast to the downward trend of the USD, the Euro may surpass 1.0750 and rise to the 1.09-1.10 range in the short term.
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