Japanese Yen exchange rate forecast to improve
Japanese Yen exchange rates surveyed on the morning of January 1, 2024 at specific banks are as follows:
At Vietcombank , the buying rate is 166.10 VND/JPY and the selling rate is 175.83 VND/JPY, down 1.15 VND at the buying rate and down 1.22 VND at the selling rate. At Vietinbank, the Yen rate decreased 0.66 VND at the buying rate and down 2.41 VND at the selling rate, equivalent to 167.50 VND/JPY and 175.45 VND/JPY.
At BIDV , the Japanese Yen exchange rate decreased by 0.45 VND in buying and decreased by 0.48 VND in selling, reaching 167.71 VND/JPY and 176.52 VND/JPY, respectively.
At Agribank , the buying and selling rates are 168.71 VND/JPY and 174.09 VND/JPY – down 0.31 VND in buying and selling.
At Eximbank, the buying price decreased by 1.22 VND and the selling price decreased by 0.97 VND, respectively at 168.36 VND/JPY and 173.42 VND/JPY.
At Techcombank, the Japanese Yen exchange rate decreased by 1.15 VND at buying and 1.08 VND at selling, with prices of 164.31 VND/JPY and 175.43 VND/JPY, respectively.
At Sacombank, the buying price decreased by 1.18 VND and the selling price decreased by 1.2 VND, corresponding to the prices of 168.55 VND/JPY and 175.12 VND/JPY.
According to the survey, today Agribank is the bank with the highest buying rate of Japanese Yen and Eximbank is the bank with the lowest selling rate among the banks.
World USD plummets for a long time
Today, the VND/USD exchange rate, USD VCB remains stable, the world USD has been falling for a long time.
The central VND/USD exchange rate announced by the State Bank is adjusted to 23,866 VND/USD, down 38 VND compared to the closing price of the trading session on December 29.
Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,009 VND/USD. The US Dollar exchange rate has also been brought to the buying and selling range by the State Bank of Vietnam from 23,400 to 25,009 VND/USD.
The bank USD exchange rate and foreign exchange rate this morning recorded a series of upward adjustments at banks. Specifically, Vietcombank has a buying price of 24,050 and a selling price of 24,420, an increase of 20 VND compared to the trading session on December 29. The current USD buying and selling prices are in the range of 23,400 - 25,300 VND/USD.
The Dollar Index (DXY), which measures the USD against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stopped at 101.38 points – up 0.15% compared to trading on December 29.
The greenback ended 2023 with its first annual decline since 2020 against the euro and other currencies, on expectations that the US Federal Reserve will start cutting interest rates next year as inflation eases. The USD Index closed the year at 101.38.
World gold prices are expected to continue to increase sharply.
Gold price today January 1, 2024: Domestic gold is currently anchored at 74 million VND/tael, world gold is forecast to continue to increase strongly in 2024.
At the time of survey at 5:00 a.m. on January 1, 2024, the gold price on the trading floors of some companies was as follows:
DOJI listed the price of 9999 gold at 68.00 million VND/tael for buying and 74.00 million VND/tael for selling.
At Mi Hong Gold and Gemstone Company, at the time of survey, the listed price of SJC gold was at 70.50 - 73.00 million VND/tael (buy - sell).
SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 71.50 - 74.00 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 71.50 - 74.20 million VND/tael (buy - sell).
Globally, gold prices in the first session of the new year are holding at a high level. The precious metal continues to increase strongly due to support from the prolonged weakening of the USD and the US interest rate cut, the geopolitical situation remains extremely tense and central banks continue to buy gold.
Geopolitical tensions and central bank buying are two of the key drivers that will continue to drive gold demand in 2024, the World Gold Council (WGC) said. In its 2024 outlook, the council forecasts that if interest rates fall by 75-100 basis points (0.75-1%), gold prices will rise by 4%.
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