USD Price Continues to Climb

Last week (29/01-02/02/2024), the USD price in the international market continued to rise as data showed that the US labor market is still robust, contributing to the retreat of expectations that the US Federal Reserve will soon reduce interest rates.

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In the global market, the USD-Index increased by 0.49 points after 1 week, reaching 103.96 points.

The US economy added 353,000 jobs in January 2024 and the unemployment rate stood at 3.7%. Meanwhile, experts participating in the Dow Jones survey predicted an additional 185,000 jobs and an unemployment rate of 3.8%.

Wage growth also exceeded expectations. Average hourly wages increased by 0.6% compared to the previous month, double the forecast. If compared to the same period, wage growth was 4.5%, higher than the forecast of 4.1%.

These figures indicate a tight labor market, which means the economy remains strong and reduces expectations of an early and significant interest rate cut by the Fed in 2024, causing the USD to continue its upward trend.

Source: SBV

On the domestic front, the central exchange rate of the Vietnamese dong against the USD decreased to 23,959 dong/USD compared to the previous week (session 26/01).

The State Bank of Vietnam (SBV) maintained the spot buying rate at 23,400 dong/USD. Meanwhile, the spot selling rate plummeted by 81 dong/USD compared to January 26, reaching 25,180.6 dong/USD.

Source: VCB

At the same time, the quoted exchange rate at Vietcombank decreased by 265 dong/USD in both directions, reaching 24,130 dong/USD (buying) and 24,500 dong/USD (selling).

Khang Di

SOURCEvietstock
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