USD exchange rate remains at ceiling despite greenback hitting 3-year low

Although the US Dollar Index (DXY) fell to a three-year low, the USD/VND exchange rate at commercial banks remained close to the regulated ceiling. Meanwhile, the buying exchange rate began to "cool down".

On the morning of June 25, the State Bank announced the central exchange rate at 25,055 VND/USD, down 3 VND compared to the previous session, after the central exchange rate suddenly increased by 30 VND last Tuesday. With a 5% amplitude, the ceiling exchange rate decreased to 26,307 VND/USD.

At Vietcombank , the buying rate for transfers was 25,987 VND/USD and the selling rate was 26,307 VND/USD. While the selling rate decreased correspondingly to the adjustment of the central rate and remained high at the ceiling, the exchange rate at commercial banks decreased sharply in the buying direction, 40 VND/USD lower than yesterday's highest level.

Not only USD, EUR/VND exchange rate also increased sharply with the selling rate exceeding 31,167 VND to 1 euro. Compared to the beginning of the year, EUR/USD exchange rate has increased by more than 14% since the beginning of the year.

Exchange rate at Vietcombank on June 25.

The US Dollar Index (DXY) fell to 97.8 points, its lowest level since early 2022. The USD lost value sharply due to concerns about inflation after the US and Iran initially reached a ceasefire agreement, helping oil prices cool down. At the same time, investors also reacted after the tense hearing of US Federal Reserve Chairman Jerome Powell before the House Financial Services Committee,

The Fed chairman said interest rates would likely remain unchanged until the impact of the new tariffs became clearer, but did not rule out a rate cut in July in his testimony to Congress. “We are well positioned to continue to wait and see how the economy develops before considering any adjustments to monetary policy. There are a number of possible scenarios. The Fed will have June inflation data soon, and then July data. The Fed is fully prepared for the possibility that the price impact from tariffs is less than anticipated, which would change our policy,” the Fed chairman said.

However, the Fed's patience is testing the patience of President Donald Trump. Since returning to power, Mr. Trump has continuously attacked Chairman Powell. In a post on the social network Truth Social, Mr. Trump asked the Fed to cut interest rates sharply, even by 2-3 percentage points. This pressure does not stop at criticism, in a few previous posts, Mr. Trump has repeatedly mentioned the possibility of replacing the Fed Chairman's seat.

International gold price developments in the past year.

The world gold price recovered slightly to around 3,330 USD/ounce, after hitting a two-week low of 3,323 USD/ounce. The above development also reflects the cautious sentiment of investors before the ceasefire agreement between Iran and Israel, which is still fragile. Fed Chairman Jerome Powell reaffirmed a cautious stance, not rushing to cut interest rates, further strengthening the role of gold as a haven.

In the domestic market, the price of SJC gold bars was listed by Saigon Jewelry Company at 117.5 - 119.5 million VND/tael (buy - sell), down 200,000 VND/tael compared to yesterday. Some units such as Phu Quy and Mi Hong listed lower buying prices, 116.8 million and 117 million VND/tael respectively.

Source: https://baodautu.vn/ty-gia-usd-neo-tran-bat-chap-dong-bac-xanh-ve-day-3-nam-d313574.html