USD Price Continues to Rise

Last week (22-26/01/2024), the USD surged in the international market as data showed that the US economy remained strong while inflation was heading towards the target of 2%, increasing expectations that the Federal Reserve would not rush to cut interest rates.

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On the international market, the USD-Index increased by 0.23 points after 1 week, reaching 103.47 points.

Data from the US Department of Commerce showed that in December 2023, the Personal Core Consumption Expenditure Index (PCE) – the Fed’s preferred inflation measure – increased by 0.2% compared to the previous month, matching experts’ forecasts. Compared to the same period, the PCE core increased by 2.9%, lower than the experts’ forecast of 3% and also lower than the 3.2% in November. This is also the lowest increase since March 2021.

Earlier, another report showed that US GDP grew at a stronger-than-expected rate of 3.3% in the fourth quarter of 2023. This indicates that the US economy remains resilient, while inflation is moving towards the 2% target – increasing expectations that the Fed will not rush to cut interest rates.

Source: SBV

Locally, the central exchange rate of the Vietnamese dong against the USD slightly decreased by 1 dong/USD compared to the previous week (session on 19/01), reaching 24,036 dong/USD on 26/01/2024.

The State Bank of Vietnam (SBV) maintained the spot purchase rate unchanged at 23,400 dong/USD. Meanwhile, the spot selling rate was slightly reduced by 1 dong/USD compared to January 19, reaching 25,187 dong/USD.

Source: VCB

Meanwhile, the listed exchange rate at Vietcombank increased by 50 dong/USD in both directions, reaching 24,395 dong/USD (buying) and 24,765 dong/USD (selling).

Khang Di

SOURCEvietstock
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