USD continuously weakened, the State Bank decided to drop sharply

May 30, State bank announced the central exchange rate of Vietnam dong to USD at: 23,089 dong, down 20 dong compared to last week’s session on May 28.

USD rate today refer to the SBV’s transaction office for buying – selling: 22,550 VND – 23,050 VND.

At the beginning of the trading session on May 30, the US Dollar Index (DXY), measuring the volatility of the greenback with 6 key currencies (EUR, JPY, GBP, CAD, SEK, CHF) stood at 101,750, slightly down compared to the previous session. session last week.

According to data released last week, US inflation has shown signs of cooling down. Spending Index consumption Core personalization (PCE) increased at a slower pace in April, at 4.9% and lower than the 5.2% in the previous month. The market did not expect the Fed to strongly raise interest rates in the near future. However, in the last 2 meeting minutes, the interest rate increase to 50 percentage points may be implemented in the next meetings.

Over the past two weeks, the DXY index has continuously fallen sharply, showing a negative sign for the greenback. It is predicted that, in the short term, the index may drop to 101-100.9 in the short term, this is a very important resistance area, which is likely to stop the current decline of the USD.

Expected next week, the US jobs data will be released on Friday (June 3). In addition, the forecast data economy of the central bank is also announced at the Fed meeting next month.

Another development, the Euro witnessed a rise above the resistance level of 1.06, providing an optimistic outlook in the short term. 1.0800-1.0820 is the next key resistance for the Euro.

Ed Moya, an analyst at online exchange OANDA, said: “With US Treasury yields hitting all-time highs, there’s a risk the dollar could be poised for a fall because of the European Central Bank. The European Union (ECB) intends to raise interest rates, if so, in the near future, the Euro may dominate the USD.”

According to Reuters, over the past week, investors have reduced their net buying of USD, the value of USD net buying was 17.65 billion USD in the week ended May 24, down from 19.75 billion USD in the previous week. before.

Strategists from Scotiabank said that the USD is unlikely to recover even if the decline is not strong, that is because the Fed has fully priced inflation from now to the end of the year and may have to adjust again if the rate increases. economic growth slowed down faster than expected.

On the domestic market, at the end of the trading session on May 28, the State Bank announced the central exchange rate of Vietnam Dong to USD at: 23,109 VND.

Reference exchange rate at the SBV’s Exchange for buying and selling of USD: 22,550 VND – 23,050 VND.

The USD exchange rate at buying and selling commercial banks is as follows:

Vietcombank: 23,060 VND – 23,340 VND

VietinBank: 22,965 VND – 23,405 VND

BIDV: 23,050 VND – 23,330 VND