USD exchange rate at bank
Central exchange rate: State Bank announced at 24,342 VND/USD.
At Vietcombank: 25,229 - 25,559 VND/USD (buy - sell).
At BIDV: 25,259 - 25,559 VND/USD.
Euro and other currencies exchange rates
Euro:
At Vietcombank: 25,691 VND (buy) - 27,099 VND (sell).
Continued pressure from strong USD on expectations of deeper rate cuts from ECB.
Japanese Yen:
At Vietcombank: 156.09 - 165.17 VND.
At BIDV: 157.95 - 166.15 VND.
Yen recovers slightly, avoiding the risk of intervention from the Japanese government.
British Pound:
At Vietcombank: 31,066 - 32,386 VND.
At BIDV: 31,408 - 32,335 VND.
Trend analysis and investment suggestions
USD:
The USD fell slightly against major currencies as the USD Index remained at 107.86, below the peak of 108.54 reached in late December. President-elect Donald Trump's policies are expected to continue to support the USD, especially through economic growth and inflation.
Import businesses should consider locking in USD early before US bond yields are likely to rise again.
Exporters can take advantage of the slight weakening of the USD to convert foreign currencies.
Japanese Yen:
The Japanese yen rebounded from its lows on expectations that the BoJ will consider raising interest rates in 2025. However, Japan's loose monetary policy still makes it difficult for the yen to compete with the USD.
Investors need to closely monitor signals of intervention from the Japanese government if the Yen falls further.
Consider investing in Yen if BoJ policies show clear signs of change.
Euro and Pound:
The euro held near a two-year low of $1.0351 as the ECB is expected to cut rates more aggressively than the Fed. The pound eased slightly but will remain the strongest G10 currency in 2024 as the UK economy holds up.
Investors should closely monitor signals from the ECB to optimize their trading strategies.
Take advantage of the pound's upside potential thanks to the Bank of England's dovish stance.
Expert opinion
Charu Chanana, chief strategist at Saxo, said the US dollar will continue to lead thanks to its high yields and safe-haven status.
Fawad Razaqzada from City Index expects the Japanese Yen to appreciate in the coming months if the BoJ adjusts its interest rate policy.
Kit Juckes from Societe Generale predicts the USD could weaken if US economic data misses expectations, but this could happen later in the year.
