Exchange rate close to 26,500 VND/USD, cooling down after a week of foreign currency intervention

On the morning of August 29, the central exchange rate announced by the State Bank was 25,240 VND/USD, down 28 VND compared to yesterday and down 55 VND compared to the beginning of the week after 5 consecutive trading sessions of downward adjustment .

At banks, Vietcombank listed the USD buying and selling rates at 26,142 - 26,502 VND/USD, down 29 VND each way compared to yesterday. This selling price is still at the ceiling of 5% compared to the central exchange rate. However, in the unofficial market, the USD price is still quite "hot" when some stores raised the selling price above 26,700 VND.

The last week of August also marked the State Bank 's exchange rate intervention in the form of cancelable foreign currency forward sales. The selling price was set at VND26,550/USD, applicable for a term of 180 days. However, this activity only applies to credit institutions with negative foreign currency positions, and the amount of foreign currency sold is limited to bring each bank's foreign currency position to a balanced level. This helps regulate market sentiment, reducing pressure on the exchange rate without having to release too much foreign exchange reserves.

Immediately after the information on the futures sale was announced, the exchange rate on the market fell sharply at the beginning of the week, but at times it bounced back to nearly 26,540 VND in the middle of the week and gradually cooled down, currently falling back to nearly 26,500 VND/USD.

The cooling trend of the exchange rate is also supported by the greenback in the international market continuing to fluctuate around the August low. The DXY index recorded 97.9 points on Friday, after a sharp decline of nearly 2% in the month. The market is waiting for the report on the consumer price index PCE - the US Federal Reserve's preferred inflation measure, to be released early tomorrow morning (Vietnam time). The core PCE in July is expected to increase 2.9% compared to the same period, marking the fastest growth rate in 5 months.

However, the dovish signals from Fed officials are still reinforcing market expectations for a 25 basis point interest rate cut in September. According to the latest update, the probability of a rate cut at the September meeting is currently at 80%, slightly lower than a few days ago, but still very high.

Investors are also paying special attention to President Donald Trump's move to fire Fed Governor Lisa Cook. Recently, Fed Governor Lisa Cook filed a lawsuit against President Trump.

"This lawsuit challenges President Donald Trump's unprecedented and unlawful attempt to remove Governor Lisa Cook from office," Cook's lawyers said in a federal court filing. The personnel shakeup at the Fed also adds to institutional uncertainty, making it difficult for the Fed to maintain its policy independence and prompting investors to continue betting that the Fed will be forced to act to stabilize market sentiment.

In the commodity market, the world gold price jumped sharply to the 3,420 USD/ounce range last night but adjusted slightly later. Currently, the spot gold price is trading around 3,380 USD/ounce.

This is still the highest level in two weeks. The heat in the world market has not cooled down the domestic gold price. The domestic SJC gold bar price this morning was listed at 127.4 million VND/tael (buy) and 128.9 million VND/tael (sell), an increase of 200,000 VND each way compared to yesterday.

Source: https://baodautu.vn/ty-gia-ve-sat-moc-26500-vndusd-nguoi-dan-sau-tuan-ban-ngoai-te-can-thiep-d373669.html