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  • Vietnamese Dong Bolsters Against US Dollar Amid Easing Global Crude Oil Prices

    Vietnamese Dong Bolsters Against US Dollar Amid Easing Global Crude Oil Prices

    On Wednesday morning, the U.S. dollar saw a slight decrease against the Vietnamese dong, while maintaining a steady position against other major currencies. Vietcombank reported a 0.004% drop in the greenback’s value, selling it at VND26,320. Concurrently, the currency experienced a 0.44% decline to approximately VND26,993 in the informal currency market.

    Global Currency Developments

    Worldwide, the dollar paused for breath as a reduction in crude oil prices ignited a glimmer of risk appetite in markets prior to several crucial central bank decisions. The dollar index, which provides a measure of the U.S. currency’s strength against a selection of global currencies, experienced a slight increase of 0.06%, rising to 99.61 following a two-day decrease. Meanwhile, the euro experienced a slight decrease of 0.05%, trading at $1.1532.

    The Japanese yen also saw a minor weakening of 0.01% against the U.S. dollar, trading at 159.00 per dollar. In contrast, the British sterling maintained its value at $1.3355.

    Upswing for Antipodean Currencies

    Antipodean currencies, the Australian and New Zealand dollars, saw a slight increase in value against the greenback. The Australian dollar strengthened by 0.1%, trading at $0.7109. Similarly, New Zealand’s kiwi saw a 0.05% rise, trading at $0.586 against the U.S. dollar.

    Last week, the U.S dollar reached a 10-month high as conflicts in the Middle East and escalating oil prices pushed investors to seek the relative safety of U.S. assets.

    According to Hirofumi Suzuki, Chief FX Strategist at Sumitomo Mitsui Banking Corporation, although the rise in crude oil prices seems to have momentarily paused, the overall situation has not improved significantly. Nevertheless, markets appear to be demonstrating some recovery.

    Questions & Answers

    What was the exchange rate of the US dollar to the Vietnamese dong on Wednesday?
    The US dollar was sold at VND26,320 by Vietcombank on Wednesday.

    How did the US dollar perform against the Euro and the yen?
    The US dollar experienced a slight increase against the Euro, which traded at $1.1532, and against the yen, with the latter trading at 159.00 per dollar.

    What event last week caused the US dollar to reach a 10-month high?
    The conflicts in the Middle East and escalating oil prices prompted investors to seek the relative safety of U.S. assets, causing the US dollar to reach a 10-month high.

  • Vietnam’s Q1 coffee exports down 15.3 percent on-year

    Vietnam’s Q1 coffee exports down 15.3 percent on-year

    Vietnam’s coffee exports in Q1 are expected to fall 15.3 percent from a year earlier to 477,000 tonnes, government data showed Friday.

    Coffee

    Coffee exports from Vietnam will likely fall an estimated 15.3 percent in the first quarter of this year from a year earlier to 477,000 tonnes, equal to 7.95 million 60-kg bags, the General Statistics Office said in a report on Friday.

    Coffee export revenue for Vietnam, the world’s biggest producer of the robusta bean, will likely decline 23.8 percent to $830 million in the three-month period, the report said.

    The country’s coffee shipments in March are estimated at 160,000 tonnes valued at $278 million, it said.

    Rice

    Rice exports in the first quarter from Vietnam were forecast to fall 11.5 percent from a year earlier to 1.31 million tonnes.

    Revenue from rice exports in the period was expected to drop 23.6 percent to $567 million.

    March rice exports from Vietnam, the world’s third-largest shipper of the grain, totalled 600,000 tonnes, worth $256 million.

    Energy

    Vietnam’s first-quarter crude oil exports were seen rising 7.7 percent from the same period last year to an estimated 1.07 million tonnes.

    Crude oil export revenue in January to March is expected to fall 3.5 percent to $507 million.

    Oil product imports in the first quarter were estimated at 2.0 million tonnes, falling 42.6 percent from the same period last year, while the value of product imports fell 47.6 percent to $1.17 billion.

    Vietnam’s January to March liquefied petroleum gas imports were seen falling 7.9 percent from a year earlier to 349,000 tonnes.

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