USD Index
On December 2, in the US market, the USD Index (DXY) measuring the fluctuations of the greenback against 6 major currencies continued to maintain a slight decrease of 0.14%, anchored at 99.46 points.
The USD weakened slightly on Monday, as investors assessed the interest rate trend in the US ahead of the upcoming monetary policy meeting of the Federal Reserve this month.
The market has increased betting on the Fed cutting interest rates after a series of gloomy US economic data, reinforcing the view that growth is slowing down and inflationary pressures are easing, although still persistent, in the world's largest economy.
This change has pushed the currency market valuation to nearly 88% of the potential for a 0.25 percentage point cut at the Fed meeting on December 9-10, up from about 40% just a week ago.
At the same time, the market is evaluating President Donald Trump's statement that he has decided on who to choose as the next Chairman of the Federal Reserve, although Mr. Trump refused to disclose the specific name.
According to recent reports, the shortlist being considered includes White House economic adviser Kevin Hassett, former Fed Governor Kevin Warsh, and current Fed Governor Christopher Waller. Hassett is seen as a leading candidate for the job, but he has dried up these predictions, only saying he will "use service".
The change in leadership could significantly affect the Fed's policy trajectory. Reports have repeatedly suggested that Trump could choose a close ally to replace incumbent Fed Chairman Jerome Powell, who ends his term in May.
With Trump repeatedly calling for rapid and strong rate cuts, it could provide additional support for stocks, especially in interest rate-sensitive sectors such as retail and growth stocks.
VND vs USD exchange rate
In the domestic market, at the beginning of the trading session on December 2, the State Bank announced that Vietnam's central exchange rate increased by 1 VND, currently at 25,156 VND.
The reference USD exchange rate at the State Bank's Buying - Selling Office is currently at: 23,949 VND - 26,363 VND, up 1 VND in both directions.
At commercial banks, USD prices have fluctuated.
Most banks listed USD selling prices at VND26,413/USD, up VND1/USD.
Bank with the highest cash and bank transfer price: ABBank (26,323 VND/USD).
The difference between buying and selling prices at banks fluctuates within a large range of 90-403 VND/USD.
