In the US market, the US Dollar Index (DXY) measuring the greenback's fluctuations against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF) increased by 1.28%, currently at 108.24 points. This is also the highest level in the past year.
Notably, the USD peaked despite the Fed cutting its benchmark policy rate by 25 basis points, bringing the benchmark rate to 4.25%-4.5%.
The reason for the strong increase in the USD is explained by analysts because Fed Chairman Jerome Powell said that the interest rate cut roadmap in 2025 will slow down, with only 1-2 more cuts, instead of 3-4 times as previously forecast. The slower pace of interest rate cuts helps the USD maintain its strength.
Fed Chairman Jerome Powell said in his press conference that “the Fed needs to be cautious in cutting interest rates as well as in all monetary policy decisions and look for clues, data that show progress on inflation,” while also emphasizing that the labor market is cooling.
The US dollar hit a two-year high.
“ Economic activity continues to expand at a solid pace. Unemployment remains low and inflation has risen moderately,” the Federal Open Market Committee (FOMC) of the Fed emphasized.
The FOMC said it will carefully consider upcoming data, both the outlook and risks, in making its interest rate decision.
In response to this development, in Vietnam, the central exchange rate this morning was listed by the State Bank at 24,304 VND/USD, up 26 VND/USD compared to yesterday. With a trading band of +/-5%, the highest USD sold by commercial banks was 25,519 VND/USD.
Specifically, Vietcombank traded USD at 25,219 VND/USD for buying and 25,519 VND/USD for selling, up 28 VND compared to yesterday. Other banks such as BIDV, VietinBank, and Eximbank also traded at similar rates.
On the buying side, BIDV listed at 25,219 VND/USD; VietinBank bought at 25,241 VND/USD while Eximbank bought at a higher level of 25,250 VND/USD.
The US dollar could strengthen in 2025 but weaken early in the year, according to Standard Chartered Bank.
Source: https://vtcnews.vn/gia-usd-the-gioi-dat-dinh-2-nam-ty-gia-trong-nuoc-tang-theo-ar914797.html
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