On the morning of December 10, the domestic USD price recorded a weekly decline. For example, Eximbank bought at VND24,010 and sold at VND24,440, down VND50 compared to the end of last week; Vietcombank also reduced by VND60, bringing the buying price down to VND24,020 and the selling price to VND24,390.
Similarly, the euro also went down as Vietcombank bought 25,455 VND, sold 26,853 VND, down 326 - 344 VND compared to the end of last week. On the contrary, the Japanese yen increased as Vietcombank bought 163.54 VND, sold 173.11 VND, plus 4.24 - 4.48 VND...
USD price records a week of decline
The cooling trend of the VND/USD exchange rate has become clearer in the past three weeks. Up to now, the exchange rate at Vietcombank has decreased sharply by about 1.4% compared to the beginning of November. In addition to the pressure on the exchange rate from the world greenback's decline, internal factors of the Vietnamese economy also contributed to the exchange rate's decline. That is the source of a strong increase in trade surplus (11 months of 2023 surplus of 23.8 billion USD, much higher than the whole year of 2022), along with the disbursement of FDI capital (more than 20 billion USD in 11 months, up 2.9%) or the expected increase in remittances.
The USD price on the international market increased slightly after a week. The USD-Index reached 103.98 points, up slightly by 0.78 points compared to the end of last week. According to the US non-farm payroll report released on December 8, the US economy added 199,000 new jobs last month, higher than the 190,000 jobs forecast by experts and also higher than the 150,000 jobs in October. The unemployment rate fell to 3.7%, while experts forecast 3.9%.
Investors believe the US Federal Reserve has stopped raising interest rates and will start cutting them again next year. Many forecast the first rate cut will come in March 2024, but the probability has fluctuated sharply since the November jobs report, with the forecast for the first rate cut in May 2024 increasing.
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