data shows bank dollar prices fell sharply, with the dollar index hitting a new low in nearly two months



According to Donghai – The Federal Reserve (Fed) decided to keep interest rates on hold at its November meeting and signaled that the tightening cycle may be over.

At the same time, the October employment report also showed that the U.S. labor market has cooled significantly, which also gives the Federal Reserve more reasons to stop tightening actions.

Not only the Fed, but the European Central Bank (ECB) and the Bank of England (BoE) have also chosen to temporarily stop raising interest rates to support the economy, although inflation remains high.

Affected by the above information, U.S. Treasury bond yields quickly reversed, falling from more than 4.9% on November 1 to nearly 4.6% on November 6.

As bond yields fell, an index measuring the dollar’s strength against a basket of six other currencies also fell sharply to 105.09 (recorded at 7:30 a.m.), its lowest level since late September.

Over the past two months, the DXY index has regularly remained above the 106 mark, its highest level since November. In the last few months of 2022, the rapid strengthening of the US dollar is one of the reasons for the sharp fluctuations in the exchange rate.

Source: Invest

The decline in DXY suggests that the U.S. dollar’s strength is waning compared to other foreign currencies, including the Vietnamese Dong (HM: ). The bank’s quoted U.S. dollar exchange rate fell sharply compared with the trading session on November 1.

Specifically, according to a survey at 7:30 a.m. on November 6, the US dollar buying and selling rates of Vietcombank (HM:) reached 24,320 VND/USD and 24,690 VND/USD respectively. Compared with November 1, the exchange rate fell by 60 VND in both directions.

The buying and selling rates of VietinBank (HM:) are set at 24,285 VND/USD and 24,705 VND/USD, a decrease of VND60 for buyers and VND100 for sellers compared to November 1.

BIDV (HM:) has not yet updated its rate table for 6 November. However, in the second adjustment on November 3, the buying and selling exchange rates were 24,415 VND/USD and 24,715 VND/USD respectively, a two-way decrease of 20 VND compared with November 1.

On the black market, the U.S. dollar was trading at VND24,500/USD and VND24,600/USD, unchanged from November 1. However, it should be noted that in the past week, the U.S. dollar exchange rate on the black market did not fluctuate much either before or after the Federal Reserve made its decision to raise interest rates.

Compared with November 1, the central exchange rate was reduced by 5 VND on November 4. Based on a 5% margin, the USD exchange rate allowed for transactions by commercial banks is 22,880 to 25,288 VND/USD. On November 3, the exchange rate of the National Bank Trading Center was adjusted to the seller’s exchange rate, which was VND 5 lower than that on November 1.

7:30 AM Domestic Bank USD Rate (Updated November 6)


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