Banks increase to the ceiling, freedom turns to decrease

The State Bank increased the USD price by 3 VND, to 24,261 VND/USD. Commercial banks increased the USD price by 4 VND, Vietcombank bought at 25,224 - 25,254 VND, sold at 25,474 VND; ACB bought at 25,254 - 25,284 VND, sold at 25,474 VND... While the USD price at banks hit the ceiling, in the free market, the USD price decreased by 10 VND, buying at 25,775 VND, selling at 25,855 VND.

In the interbank market, the turnover of USD transactions converted to VND during the week (from May 20 to 24) decreased by VND911 billion/day compared to the previous week, reaching about VND346,550 billion, an average of VND69,310 billion/day. By term, the USD transactions with the largest turnover were overnight and 1-week terms with proportions of 66.38% and 26.33%, respectively. USD interest rates ranged from 5.31 - 5.7%/year, 0.35 - 1%/year higher than VND interest rates.

The greenback fell in international markets, with the USD-Index down 0.2 points to 104.75 points. The dollar fell after revised data showed that gross domestic product (the broadest measure of US economic activity) grew at a slower-than-expected pace in the first quarter. The Commerce Department reported that the US economy grew at an annual rate of 1.3% in the January-March period, down from a previous estimate of 1.6%. The downgrade in the first quarter follows recent declines in retail sales and equipment spending, which have helped dampen expectations for a rate cut by the US Federal Reserve (Fed).

The release of the Fed’s preferred inflation gauge, the personal consumption expenditures price index, on Thursday provides further clues on how the central bank might proceed with rate cuts later this year. Expectations for a Fed rate cut this year have been tempered amid persistently weak inflation.

Source: https://thanhnien.vn/gia-usd-hom-nay-3152024-ngan-hang-tang-kich-tran-tu-do-quay-dau-giam-185240531082559245.htm