The USD price continues its upward trend as many investors believe that the US will maintain high-interest rates in the near future.
On the morning of August 14th, the USD price at commercial banks continues to rise. Specifically, Eximbank keeps the buying price at 23,530 VND and the selling price at 23,910 VND. Meanwhile, Vietcombank has increased by 20 VND, setting the buying price at 23,560 VND and the selling price at 23,930 VND... On the other hand, the Euro price has decreased by nearly 100 VND compared to the previous week, with Vietcombank buying at 25,314 VND and selling at 26,731 VND.
The international USD price has maintained its upward momentum over the past week and continues to rise at the beginning of this week. The USD-Index has increased to 102.94 points, up by 0.08 points from the previous week. Besides the Federal Reserve's (Fed) forecast of continuing to maintain high-interest rates, some analysts believe that several U.S. banks being downgraded by Moody's and the weak business results of some companies have led the market to shift capital to USD. This has strengthened the greenback.
In a report released yesterday, economists from Goldman Sachs expect the Fed to start lowering interest rates from the end of June 2024, while also forecasting that the Fed will act slowly and only reduce interest rates once per quarter. The driving force behind the Fed's rate cuts is the desire to transition interest rates from the current economic restraining level to a more normal level as inflation approaches its target.
Goldman Sachs' team of experts also believes that the Federal Open Market Committee (FOMC) will keep interest rates unchanged in September and conclude in the regular policy meeting. Goldman Sachs warns, "Normalizing interest rates is not an urgent motive, so we also see a significant risk that the FOMC will keep interest rates unchanged instead of cutting. We predict that the Fed will cut interest rates by 25 basis points per quarter, but we are uncertain about the pace."
According to thanhnien.vn