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| Foreign exchange rates today, July 31: USD, EUR, CAD, Japanese Yen, British Pound, exchange rates... Fed's interest rate hike is not surprising. (Source: Reuters) |
The central exchange rate between Vietnamese Dong (VND) and US Dollar (USD) on the morning of July 31 was announced by the State Bank at 23,758 VND/USD, an increase of 14 VND compared to the end of last week (July 28).
With the +/- 5% margin currently applied, the ceiling rate applied by banks today is 24,945 VND/USD and the floor rate is 22,570 VND/USD.
At commercial banks, this morning, the USD price decreased, while the Chinese Yuan (CNY) price increased.
At 8:15 a.m., the USD price at Vietcombank was listed at 23,485 - 23,855 VND/USD (buy - sell), down 5 VND in both buying and selling compared to the closing price at the end of last week.
The listed CNY price is 3,244 - 3,383 VND/CNY (buy - sell), up 3 VND in both buying and selling compared to the closing price of last weekend.
At BIDV, the USD price is listed at 23,537 - 23,837 VND/USD (buy - sell), down 3 VND in both buying and selling compared to the closing price at the end of last week.
The price of CNY at this bank is listed at 3,259 - 3,368 VND/CNY (buy - sell), an increase of 3 VND in both buying and selling compared to the closing price at the end of last week.
| STT | Currency code | Currency name | Bank rate commerce Buy | Bank rate commerce Sell | *State Bank exchange rate Apply for import and export from July 27 to August 2 |
| 1 | EUR | Euro | 25,426.16 | 26,849.48 | 26,265.45 |
| 2 | JPY | Japanese Yen | 163.53 | 173.12 | 168.76 |
| 3 | GBP | British Pound | 29,653.85 | 30,917.84 | 30,606.22 |
| 4 | AUD | Australian Dollar | 15,371.54 | 16,026.75 | 16,071.29 |
| 5 | CAD | Canadian Dollar | 17,421.78 | 18,164.38 | 18,013.96 |
| 6 | RUB | Russian Ruble | 247.51 | 274.02 | 263.65 |
| 7 | KRW | Korean Won | 16.05 | 19.55 | 18.62 |
| 8 | INR | Indian Rupee | 287.23 | 298.75 | 289.71 |
| 9 | HKD | Hong Kong Dollar (China) | 2,959.74 | 3,085.90 | 3,041.55 |
| 10 | CNY | Chinese Yuan China | 3,259.00 | 3,368.00 | 3,319.73 |
(Source: State Bank, Vietcombank)
Exchange rate developments in the world market
Meanwhile, in the US market, the US Dollar Index (DXY) measures the greenback's fluctuations against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF) at 101.70, a slight increase compared to the end of the week (July 28 at 101.69).
The greenback exchange rate on the world market increased steadily. The Euro decreased slightly.
The greenback, in particular, has had a volatile trading week. The results of meetings of major central banks from the US, Europe and Japan caused some strong fluctuations in the currency market in the second half of the past week.
The US Federal Reserve (Fed) raised interest rates by 25 basis points at its July 26 policy meeting, in line with market expectations. With no surprises from the Fed, the US dollar lost momentum and fell after the event. However, the greenback regained strength in the following trading session, right after the European Central Bank (ECB) meeting.
The ECB also raised interest rates by 25 basis points, but left open the possibility of a pause at its next meeting in September. That helped the DXY index rebound strongly.
On July 28, the Bank of Japan (BoJ) also surprised the market by adjusting its yield curve control policy. The bank will continue to allow the 10-year bond yield to fluctuate around the 0.5 percentage point mark, while offering to buy 10-year bonds with a fixed interest rate of 1%.
The DXY has been rising nicely over the past few weeks. The major resistance levels for the index are 102.30 and 103. The index is likely to test these resistance levels this week, but it remains to be seen whether it will break above 103. If the DXY breaks above 103, it could continue to rise towards 104. Conversely, a trend reversal from 103 could drag the DXY down to 101-100 in the coming weeks.
The euro has been falling for the past two weeks. Strong support levels for the currency are at 1.09 and 1.08. The common European currency is expected to reverse higher from the 1.09-1.08 support level and rise to the 1.1150-1.1200 zone in the coming weeks.
The bearish outlook would be if the coin falls below 1.08. That would send it further down to 1.06.
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