Recovery in water
After a long period of price decline, on December 26, despite gold causing chaos in the financial market, the USD still increased at a fairly strong rate.
At the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), the USD/VND exchange rate is being traded at: 24,111 VND/USD - 24,450 VND/USD, up 50 VND/USD, equivalent to 0.21% in both buying and selling directions compared to the end of yesterday.
At the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), the USD/VND exchange rate was exchanged at: 24,120 VND/USD - 24,420 VND/USD, an increase of 40 VND/USD, equivalent to 0.17%.
Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) listed the USD/VND exchange rate at: 24,132 VND/USD - 24,472 VND/USD, up 107 VND/USD for buying, equivalent to 0.45% and up 27 VND/USD for selling, equivalent to 0.11%.
While continuing to “test the bottom” for 5 months in the Asian market, the USD reversed and recovered in the domestic market. Photo: Getty Images
At commercial banks, the USD has a more even growth rate, increasing by about 50 VND/USD.
At Vietnam Technological and Commercial Joint Stock Bank (Techcombank), the USD was adjusted up 54 VND/USD for buying and 53 VND/USD for selling to 24,146 VND/USD - 24,453 VND/USD.
Tien Phong Commercial Joint Stock Bank (TPBank) listed the exchange rate at: 24,138 VND/USD - 24,468 VND/USD, up 50 VND/USD in both buying and selling directions, equivalent to 0.21%.
Meanwhile, the central exchange rate between the Vietnamese Dong (VND) and the US Dollar (USD) today was announced by the State Bank at 23,870 VND/USD, down 25 VND compared to yesterday. The ceiling rate applied by banks today is 25,063 VND/USD and the floor rate is 22,676 VND/USD.
“Tracing the bottom” for 5 months in the Asian market
The US dollar has been on a tear domestically but has been testing the bottom in global markets. In Asia, the greenback is struggling to find a floor in a subdued mid-holiday trading session. The greenback has been pressured by signs that inflation in the world’s largest economy is cooling, which could pave the way for the US Federal Reserve to ease interest rates next year.
Meanwhile, the yen has held steady near a five-month high recently on the prospect that the Bank of Japan (BOJ) could soon end its ultra-easy policy, which has kept the Japanese currency under pressure for much of 2022 and 2023 as other major global central banks embarked on an aggressive rate-hiking cycle.
Currency movements were largely muted on the day after Christmas, with markets in Australia, New Zealand and Hong Kong still closed for the Boxing Day holiday.
Against the greenback, the euro fell 0.06% to $1.1019, but was not far from a more than four-month high of $1.1040 hit last week.
The British pound was little changed at $1.2701, while the Australian and New Zealand dollars were near five-month highs.
The dollar index weakened near a five-month low of 101.42 hit last week and was last at 101.65.
Data released on Friday showed US prices fell in November for the first time in more than 3-1/2 years, pushing annual inflation below 3% and boosting market expectations of a rate cut from the Fed next March.
The news comes a week after Fed policymakers opened the door to rate cuts in 2024 at the central bank's final policy meeting of the year, a move that sent the dollar lower.
“The Fed has made significant progress on inflation, with the core rate starting the year near 5% annualized, although the work remains unfinished in ensuring inflation is on a sustainable trajectory toward its 2% target,” Wells Fargo analysts said.
In Asia, the yen rose 0.1% to 142.20 per dollar, drawing further support from comments from BOJ Governor Kazuo Ueda, who signaled a possible policy change.
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