The demand for safe havens has stimulated the rapid rise of the greenback
The demand for safe havens has triggered a rapid rise in the greenback.
On the global market, the USD Index reached 106.805, up by 0.19% as of 6:32 AM on October 4, Vietnam time.
Edward Moya, a senior market analyst at OANDA, said: "The global outlook is quickly worsening, and that’s driving dollar trades back in action."
Regarding the government shutdown, last Saturday, the U.S. Congress successfully passed a temporary funding bill, averting disaster for now.
Takuya Kanda, director of research at Gaitame.com Research Institute, an online trading platform, stated: "The U.S. dollar has now taken on the role of the high-yield currency for forex investors, surpassing the Australian dollar."
Earlier, the U.S. Federal Reserve (Fed) also signaled a "hawkish" stance, indicating further rate hikes to be maintained for an extended period. The Federal Funds Rate (FFR) is currently at its highest level in 22 years: 5.25%-5.5%. The Fed may raise rates again in November.
According to CME Group’s FedWatch Tool, traders are assigning a 27.7% probability that the U.S. will raise interest rates again in November, and a 46.3% chance of a rate hike in December. Futures contracts currently indicate that the Fed's lending rate will stay above 5% until September 2024.
On October 3, the State Bank of Vietnam (SBV) announced the central exchange rate at 24,065 VND/USD, up by 6 VND compared to the rate at the beginning of the week.
The reference selling rate at the SBV’s Transaction Office increased by 5 VND, bringing the buying-selling range to 23,400 - 25,218 VND/USD.
The buying price of USD at banks is currently between 24,120 – 24,240 VND/USD, while the selling price remains in the range of 24,510 - 24,550 VND/USD.
On the "black market," the USD is being traded at around 24,500 - 24,550 VND/USD.
(Source: arttimes.vn)
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