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Tag: currency

  • Deel Empowers Global Contractors with New Stablecoin Wallet Amid Currency Volatility

    Deel Empowers Global Contractors with New Stablecoin Wallet Amid Currency Volatility

    Deel, the global workforce management company, is set to intensify its focus on digital assets as it unveils a stablecoin wallet. This innovative solution is intended to support contractors in emerging economies by maintaining the value of their income, providing rewards, and allowing global expenditure without having to leave the platform.

    The company began launching the digital wallet, which is dollar-backed, in Latin America. However, plans are afoot to extend this service to the Middle East, Africa, and the Asia-Pacific region. This forms the latest part of Deel’s broader plan to incorporate stablecoins into its global payment infrastructure. The company already enables contractors to withdraw their earnings in stablecoins and allows businesses to fund payrolls directly from stablecoin reserves. The new wallet enhances these features, permitting contractors to manage and hold digital dollar balances within their Deel accounts.

    Addressing the Issue of Currency Instability

    Deel’s recent effort addresses an increasing issue for workers in countries experiencing persistent inflation and currency devaluation. In nations such as Argentina, Ukraine, and Turkey, local currencies have seen significant fluctuations, which have eaten into the purchasing power of salaries and freelancer earnings.

    The company reports a spike in demand for dollar-pegged earnings. A case in point is Argentina, where 85 percent of contractors using the platform elected to receive payments in US dollars in 2025 instead of the local currency.

    Prior to this, contractors seeking to conserve their earnings’ value often had to transfer funds through a range of crypto platforms, foreign exchange providers, or financial applications. Deel contends that incorporating a stablecoin wallet directly into its ecosystem streamlines this procedure.

    Benefiting from the Dollar Within the Deel Ecosystem

    The wallet permits contractors to hold balances in DLUSD, Deel’s in-house dollar-pegged digital balance, which is designed to maintain parity with the US dollar and can be redeemed within the platform.

    Additionally, users can choose to participate in a rewards program backed by decentralized finance infrastructure. The company states that rewards accumulate automatically without lock-up periods, and balances remain accessible for withdrawal at any moment.

    Later this month, Deel intends to launch the Deel Card, enabling contractors to spend their stablecoin balances globally.

    The new service is supported by a combination of crypto and payment providers from the larger Stripe ecosystem. According to Deel, the wallet utilizes Bridge’s issuance infrastructure for DLUSD creation, while Privy delivers the wallet layer. Rewards are produced through the decentralized finance protocol Morpho and managed by infrastructure provider Sentora.

    Despite the crypto infrastructure that supports the service, Deel emphasizes that users deal with a simple dollar balance rather than blockchain wallets or token management tools.

    Questions & Answers

    What is the purpose of Deel’s stablecoin wallet?

    The stablecoin wallet is designed to help contractors in emerging markets maintain the value of their earnings, earn rewards, and spend globally without leaving the platform.

    How does Deel’s stablecoin wallet work?

    The wallet allows contractors to hold balances in DLUSD, Deel’s internal dollar-denominated digital balance. Users can also opt into a rewards program that accrues rewards automatically without lock-up periods.

    What is Deel’s future plan for its stablecoin wallet?

    Deel plans to introduce the Deel Card, which will enable contractors to spend their stablecoin balances globally. This move is part of Deel’s broader strategy to integrate stablecoins across its global payments infrastructure.

  • US Dollar Tumbles Against Vietnamese Dong Amid Global Currency Shuffles

    US Dollar Tumbles Against Vietnamese Dong Amid Global Currency Shuffles

    On Wednesday morning, the U.S. dollar experienced a decrease in value against the Vietnamese dong, while also falling against other major currencies. The greenback was sold by Vietcombank at VND26,393, marking a minimal decrease of 0.004% from its value on Tuesday. However, on the black market, the currency experienced a slight increase of 0.12%, reaching a rate of around VND26,502.

    Global Currency Fluctuations

    Worldwide, the U.S. dollar managed to maintain the gains it accrued on Tuesday. This followed Iran’s announcement that the U.S. had breached a ceasefire agreement. The dollar index, a measurement of the dollar’s value against six other currencies including the yen, remained relatively stable on Wednesday at 99.11. This comes after the index saw an increase of 0.15% in the previous trading session.

    In terms of other currencies, the Euro saw a slight increase in its value against the U.S. dollar to $1.1637. The Australian dollar, however, saw a decrease of 0.09% to $0.7160, reversing earlier gains. Additionally, New Zealand’s dollar saw a substantial increase of 0.6%, taking its value to $0.5873 against the U.S. dollar.

    The Japanese yen saw a minor increase in its value to 159.28 per U.S. dollar. However, it remained near the 160 level, a threshold that many market participants consider to be a warning sign for intervention in order to support it.

    Questions & Answers

    What has been the recent trend in the value of the U.S. dollar against the Vietnamese dong?
    On Wednesday, the U.S. dollar experienced a marginal decrease in value against the Vietnamese dong, with Vietcombank selling the greenback at VND26,393, a 0.004% dip from Tuesday.

    What happened to the U.S. dollar’s value on a global scale?
    Globally, the U.S. dollar was able to maintain its gains from Tuesday following Iran’s announcement of a U.S. ceasefire violation.

    How did other major currencies perform against the U.S. dollar?
    While the Euro and New Zealand’s dollar saw increases in their value against the U.S. dollar, the Australian dollar experienced a decrease. The Japanese yen saw a slight increase but stayed near a level that causes concern for many market participants.

  • US Dollar Grows Stronger Against Vietnamese Dong Amid Global Currency Shifts

    US Dollar Grows Stronger Against Vietnamese Dong Amid Global Currency Shifts

    The U.S. dollar started Wednesday on a stronger note against the Vietnamese dong while simultaneously displaying a slight weakness against other major global currencies. The greenback was traded at VND26,368 by Vietcombank, marking an increase of 0.008% from the previous day. Meanwhile, on the black market, the currency experienced a minor drop of 0.09%, bringing it down to approximately VND26,644.

    Vietnam’s Position and Global Market Movements

    The State Bank of Vietnam reacted by increasing its reference rate by 0.008% to VND25,113. Internationally, the dollar seemed to step back against most of the other major currencies, mostly due to the anticipation of a possible agreement with Iran by the United States. Concurrently, the yen demonstrated a consistent weakening trend, inching closer to the point where Tokyo once had to intervene.

    The dollar index, a measurement of the greenback’s standing relative to a combination of six currencies, fell slightly by 0.01%, rounding off to 98.299.

    Performance against Other Currencies

    The euro and sterling both showed approximately 0.2% growth over the course of the day, trading at $1.1714 and $1.35685 respectively. The Australian dollar also showed an upward trend, fetching $0.7208, which accounted for an increase of nearly 0.4% in early trading. Similarly, the New Zealand dollar saw an increase of 0.3%, making it trade at $0.5905.

    In the case of the yen, the dollar was traded at 157.62 yen. Despite the ongoing fall in oil prices, this was still substantially higher than last week’s intervention low, marking a decrease of 0.17% from U.S. levels.

    Questions & Answers

    What was the trading value of the U.S. dollar against the Vietnamese dong?
    The value of the U.S. dollar against the Vietnamese dong was VND26,368.

    How did the euro and sterling perform against the U.S. dollar?
    Both the euro and sterling displayed an increase of approximately 0.2% against the U.S. dollar.

    What was the change in the dollar index?
    The dollar index, which measures the U.S. dollar’s strength against six other major currencies, fell slightly by 0.01%.

  • U.S. Dollar Rises Against Vietnamese Dong Amid Global Currency Fluctuations

    U.S. Dollar Rises Against Vietnamese Dong Amid Global Currency Fluctuations

    On Friday, the United States dollar showed an increase against the Vietnamese dong, even though it was headed for a weekly depreciation against other major currencies. Vietcombank reported a slight increase of 0.01% in its selling rate of the US dollar, which was pegged at VND26,360. At the same time, the currency noted a 0.08% rise on the black market, reaching approximately VND26,876.

    Adjustments by the State Bank of Vietnam

    The Vietnamese central bank, State Bank of Vietnam, made an upward adjustment to its reference rate, increasing it by 0.01% to VND25,105.

    Global Currency Dynamics

    Internationally, the US dollar was looking at potentially its most significant weekly decline since January. This trend emerged as other currencies capitalized on the hopeful sentiment that a ceasefire in the Gulf would persist and oil shipping would be resumed.

    The US dollar index, which measures the greenback’s strength against a basket of other currencies, has depreciated by 1.3% over the current week. The euro, in contrast, has experienced a rally, piercing its 200-day moving average this week to reach a trading level of $1.1690.

    Sterling, the British currency, has also witnessed a significant jump, with an increase of 1.8% this week, pushing it above its 200-day moving average to a trading rate of $1.3424.

    Even the risk-sensitive currencies of Australia and New Zealand have charted weekly rises of close to 3% against the US dollar. The Australian dollar is trading just above 70 cents, while the New Zealand dollar currently stands at $0.5847.

    Furthermore, the Japanese yen, which has been under substantial pressure due to Japan’s low interest rates, government spending plans, and reliance on imported oil, is marginally above the recent lows at 159.2 to the US dollar.

    Geopolitical Developments and Currency Impact

    Thursday saw the arrival of Iranian officials in Islamabad, with a US delegation led by Vice President JD Vance following suit on Friday. The aim of these meetings is to fuel investor optimism regarding the establishment of lasting peace.

    Jason Wong, a senior strategist at BNZ based in Wellington, stated that positive discussions could lead to further depreciation of the US dollar. However, if discussions do not progress well and the current scarcity of ships persists, the situation could reverse rapidly.

    Questions & Answers

    What was the selling rate of the US dollar against the Vietnamese dong on Friday?
    The selling rate of the US dollar against the Vietnamese dong on Friday was VND26,360.

    What is the expected trend of the US dollar against major currencies for the week?
    The US dollar is expected to witness a weekly depreciation against major currencies.

    What has been the impact of geopolitical developments on the US dollar’s performance?
    Positive geopolitical developments, such as peace talks, can lead to a depreciation of the US dollar. However, negative outcomes could potentially reverse this trend.

  • U.S. Dollar Stumbles Against Vietnamese Dong Amidst Global Currency Fluctuations

    U.S. Dollar Stumbles Against Vietnamese Dong Amidst Global Currency Fluctuations

    On Wednesday morning, the U.S. dollar depreciated against the Vietnamese dong while primarily remaining stable against other significant counterparts. Vietcombank marked the greenback at VND26,359, a marginal 0.02% dip from the previous day. Simultaneously, the currency experienced a more noticeable 0.56% decline to approximately VND27,204 in the underground economy.

    Comparison with International Currencies

    The U.S. dollar index, assessing the greenback’s performance versus a selection of six currencies, saw a minor 0.1% drop, standing at 99.126. Meanwhile, the euro saw a slight increment, rising 0.1% to $1.1619, with most other currency pairs enduring no change. The British pound also experienced a 0.1% rise to $1.3428, whereas the New Zealand dollar remained steady at $0.5834.

    In the case of the yen, the U.S. dollar stayed constant at 158.645 yen. However, the Australian dollar initially dropped by as much as 0.2% to $0.6983 before recovering to its original level.

    Financial Analyst’s Insight

    Chris Weston, the Chief Research Officer at Pepperstone Group Ltd in Melbourne, shared his insights on the matter. He noted, “With ongoing discussions between the U.S. and its allies and Iran, including hints of high-level negotiations and temporary truce suggestions, there’s an undeniable sense of exhaustion setting in among those closely following each new development.”

    Questions & Answers

    What has been the trend in the U.S. dollar’s performance against the Vietnamese dong?
    On Wednesday morning, the U.S. dollar saw a depreciation against the Vietnamese dong. Vietcombank pegged the greenback at VND26,359, marking a 0.02% dip from Tuesday’s rate.

    How did the U.S. dollar fare against other prominent international currencies?
    The U.S. dollar primarily remained steady against other significant counterparts, with a minor drop against the euro and a rise against the British pound. It held stable against the New Zealand dollar and the yen, while it experienced an initial drop against the Australian dollar before reverting to its original level.

    What is the sentiment among financial analysts regarding the U.S. dollar’s performance?
    Financial analysts, such as Chris Weston, the Chief Research Officer at Pepperstone Group Ltd in Melbourne, suggest that those tracking every new headline and development are beginning to feel a sense of exhaustion due to the ongoing global discussions, especially those involving the U.S., its allies, and Iran.

  • Riding the Yuan Wave: Global Companies Amplify Chinese Currency Adoption, Says StanChart Report

    Riding the Yuan Wave: Global Companies Amplify Chinese Currency Adoption, Says StanChart Report

    Companies across the globe are progressively employing the Chinese yuan in an array of contexts, as noted in a recent study by Standard Chartered. These contexts range from settling trade transactions to financing supply chains.

    A growing number of international corporations are adopting the use of the Chinese renminbi (RMB). Statistics from a Standard Chartered study reveal that 23% of revenues and 25% of costs are subject to the influence of this currency. However, the report also points out that only 14% of debt is in RMB, indicating a discrepancy between operating exposure and the currency employed for financing.

    The study suggests that the uptake of RMB is increasingly motivated by operational necessities of corporations rather than currency positioning. The main factors encouraging its adoption are trade settlement, supply chain financing, alignment of balance sheets, and management of foreign exchange and interest rate exposure.

    Diverse Regions, Diverse Adoption Trends

    The adoption patterns of the RMB vary across different regions. For instance, corporations in Greater China and North Asia are extending their use of RMB beyond settlement to include funding and liquidity management. The uptake in Southeast Asia is primarily driven by supply chain needs, whereas in the Middle East and parts of Africa, the usage is concentrated in the energy and infrastructure trade sectors. In Europe and the Americas, the capital market issuances and selective funding diversification are emerging as significant starting points.

    Karen Ng, the head of China opening and RMB internationalization at Standard Chartered, stated, “Many corporations already have significant RMB exposure through trade, procurement, and supply chains. As the market infrastructure deepens and liquidity expands, the adoption is increasingly being driven by operational needs, including trade settlement and balance sheet alignment.”

    The report titled “Renminbi in Motion for Corporates” is based on a survey involving nearly 300 global corporations across 19 sectors.

    Questions & Answers

    Why are corporations worldwide increasingly using the Chinese yuan?
    The use of the Chinese yuan is growing due to operational needs including trade settlement, supply chain financing, balance sheet alignment, and managing foreign exchange and interest rate exposure.

    How does the adoption of the Chinese yuan vary across different regions?
    Adoption patterns differ by region. Corporations in Greater China and North Asia are expanding its use beyond settlements to include funding and liquidity management, while in Southeast Asia, adoption is largely driven by supply chain needs.

    What is the percentage of revenues and costs carrying exposure to the Chinese yuan, according to the report?
    The report indicates that 23% of revenues and 25% of costs are subject to the influence of the Chinese yuan.

  • US Dollar Gains Momentum against Vietnamese Dong Amid Global Currency Shifts

    US Dollar Gains Momentum against Vietnamese Dong Amid Global Currency Shifts

    On Wednesday morning, the US dollar experienced a surge against the Vietnamese dong while simultaneously witnessing a decline against several of its other major counterparts. In the currency exchange, Vietcombank sold the US dollar at VND26,309. This represented a marginal increase of 0.02% compared to the previous day’s rate. On the unofficial currency market, the US dollar saw a slightly larger gain of 0.1%, reaching around VND26,858.

    Monetary Policy Moves

    The State Bank of Vietnam responded to these fluctuations by increasing its reference rate by 0.02% to VND25,057. This move typically reflects the government’s effort to manage the value of the Vietnamese dong and ensure economic stability in the country.

    Global Currency Trends

    In broader international markets, Asian currencies made a recovery on Wednesday, bouncing back from losses sustained the previous day. Many investors are closely monitoring the US Supreme Court’s recent decision to block President Donald Trump’s tariffs that were imposed using emergency powers. They are also keenly observing his speeches for any potential indicators of future trade policy changes.

    The dollar index, a key benchmark used to gauge the value of the US dollar relative to a basket of other major currencies, including the yen and the euro, fell slightly by 0.05% to 97.84. In parallel, the euro saw a mild increase of 0.05%, reaching $1.1777.

    The value of the yen against the US dollar saw a modest uptick of 0.12%, reaching 155.7 per dollar. This comes after a significant drop of 0.8% on Tuesday.

    In other parts of the world, the Australian dollar experienced a rise of 0.3% to $0.7074. This followed a surge in inflation which has increased the likelihood of future rate hikes. Additionally, the New Zealand dollar saw a minor increase in its value, reaching $0.5971.

    Questions & Answers

    How did the US dollar perform against the Vietnamese dong on Wednesday?
    The US dollar saw a marginal increase against the Vietnamese dong on Wednesday, selling at VND26,309 in Vietcombank, which is a 0.02% increase from the previous day.

    How did other major currencies perform against the US dollar?
    The yen and the Australian and New Zealand dollars all strengthened against the US dollar. The yen increased 0.12%, while the Australian dollar rose by 0.3%. The New Zealand dollar also saw a minor increase.

    How did global events impact the currency market?
    Investors are closely monitoring recent decisions by the US Supreme Court and speeches from President Donald Trump for signals on future trade policy. These global events have an impact on currency movements and investors’ actions.

  • Waning Dollar Takes a Dive Against Vietnamese Dong Amid Global Currency Shifts

    Waning Dollar Takes a Dive Against Vietnamese Dong Amid Global Currency Shifts

    The US dollar experienced a dip in value against the Vietnamese dong on Monday, hovering around a four-month low in comparison to major currencies. Vietcombank listed a slight decrease of 0.05% over the weekend in the exchange rate of the US dollar, trading at VND26,368. The black market, on the other hand, observed a marginal increase of 0.12%, with the dollar being exchanged approximately around VND26,447.

    Global Currency Market Scenario

    The currency market worldwide witnessed the yen gaining strength on Monday, which subsequently led to a lower valuation of the dollar across various markets. This development has emerged amidst speculations over potential risks of the first joint US-Japan currency intervention in 15 years, which has kept investors on their toes.

    The US dollar index, a tool for measuring the strength of the US dollar against six major currencies, saw a decline of 0.1%, bringing it dangerously close to a four-month low, at 97.082.

    The yen appreciated as much as 1.2%, reaching 153.89 per dollar, its highest value since November. Concurrently, the euro also made strides, hitting a four-month high of $1.1898 and later settling at an increase of 0.4% at $1.18665.

    Other Currency Movements

    In addition to these movements, the British pound sterling also saw a slight increase of 0.1% to reach $1.36615. Meanwhile, the Australian dollar and the New Zealand dollar appreciated by 0.3% and 0.2% to touch $0.69165 and $0.59605 respectively.

    According to Marc Chandler, chief market strategist at Bannockburn Capital Markets in New York, the dollar was already vulnerable to fluctuations. However, the increase in the yen’s value served as the catalyst for market-wide selling of the dollar.

    Questions & Answers

    What was the exchange rate of the US dollar in Vietcombank and the black market?
    The US dollar was traded at VND26,368 in Vietcombank, marking a 0.05% decrease. Conversely, on the black market, it saw a 0.12% increase, being traded around VND26,447.

    What triggered the market-wide selling of the US dollar?
    The primary trigger for the market-wide selling of the US dollar was the rising strength of the yen, according to Marc Chandler, chief market strategist at Bannockburn Capital Markets in New York.

    What changes did other major currencies witness?
    The yen rose by 1.2% to 153.89 per dollar, the euro increased by 0.4% to $1.18665, the British pound sterling increased by 0.1% to $1.36615, the Australian dollar increased by 0.3% to $0.69165, and the New Zealand dollar increased by 0.2% to $0.59605.

  • Immersive Retail Revolution: How Ar And Vr Are Transforming Asia’s Shopping Experience

    Immersive Retail Revolution: How Ar And Vr Are Transforming Asia’s Shopping Experience

    As the retail landscape in Asia continues to evolve, a new wave of technology is redefining how consumers engage with brands. A recent report from tech analysts reveals that immersive shopping experiences, powered by augmented reality (AR) and virtual reality (VR), are steadily gaining traction among retailers throughout the region. These tech innovations are not merely trendy; they are reshaping consumer expectations and offering a fresh perspective on the shopping journey.

    The Rise of Immersive Retail Experiences

    In the bustling marketplace of Asia, where traditional retail meets high-tech innovation, brands are tapping into immersive experiences to capture the attention of digital-savvy consumers. From virtual fitting rooms that allow shoppers to try on clothes without stepping into a store to interactive product displays that engage multiple senses, these technologies are providing a unique blend of convenience and excitement that online shopping has often lacked.

    Take, for instance, a leading fashion retailer that recently launched a VR experience, allowing customers to step into a virtual boutique filled with their latest collections. Shoppers can see how clothing fits in a lifelike manner and even receive personalized style suggestions based on their preferences. “It’s like having a personal stylist,” one enthusiastic shopper remarked after trying it out, capturing the mixture of practicality and novelty that immersive shopping offers.

    Consumer Adoption and Market Potential

    Surveys indicate that a significant portion of consumers in urban areas across Asia are open to using AR and VR technologies in their shopping habits. Nearly 65% of respondents expressed interest in experiencing products in augmented environments before making a decision. This growing interest points to a remarkable shift in consumer behavior, as shoppers increasingly lean towards experiences that blend the physical and digital realms.

    Retailers are paying attention. According to market experts, the global AR and VR market for retail is expected to reach a staggering USD 1.6 billion by 2025. Brands that leverage these technologies not only keep up with the competition but also position themselves as pioneers in customer experience transformation. Talk about a tech-savvy retail revolution ready to unfold!

    Challenges in Implementation

    Despite the promising outlook, integrating AR and VR into retail operations is not without its hurdles. High costs, technical constraints, and the need for consumer education pose significant challenges for brands. Retailers need skilled personnel to manage these technologies and ensure a seamless experience that resonates with users. The question remains: can these retailers effectively bridge the gap between innovative technology and practical execution?

    Nevertheless, the potential rewards are enticing enough to spur investment. Brands that master the art of immersive shopping can foster deeper emotional connections with consumers, bridging the transactional gap that many shoppers now experience.

    Transforming the Retail Landscape

    As Asia embraces the future of retail, the line between innovation and traditional practices continues to blur. With immersive experiences poised to redefine how consumers interact with brands, the retail sector stands on the brink of an exciting transformation. It seems even shopping is evolving, proving that what was once a tedious chore is now becoming an adventure. Now that’s a plot twist worth discussing!

    Questions & Answers

    What drives the interest in AR and VR shopping experiences in Asia?
    Consumer interest is largely driven by the desire for interactive and personalized shopping experiences that blend convenience with excitement, making the retail journey both enjoyable and efficient.

    What challenges do retailers face when adopting AR and VR technologies?
    Challenges include high implementation costs, technical constraints, and the need for consumer education to ensure a smooth and user-friendly experience.

    How significant is the market potential for AR and VR in retail?
    The AR and VR retail market is projected to reach USD 1.6 billion by 2025, indicating substantial growth potential as retailers continue to innovate and adapt to consumer expectations.

  • Dollar Strengthens Against Dong in Latest Currency Exchange Movement

    Dollar Strengthens Against Dong in Latest Currency Exchange Movement

    The U.S. dollar experienced a slight uptick against the Vietnamese dong and major global currencies on Monday morning, signaling a moment of resilience amidst fluctuating financial tides. Vietcombank reported selling the greenback at VND26,150, marking a modest 0.04% increase from the previous weekend. In the black market, the dollar remained robust, trading around VND26,475.

    In a strategic move, the State Bank of Vietnam lowered its reference rate by 0.02% to VND24,945, a decision that reflects ongoing adjustments in the banking landscape.

    Globally, the dollar solidified its position against safe haven currencies as optimism surrounding U.S.-China trade discussions rose. Although concrete details remain scarce, there is a burgeoning hope that a global recession could be averted, according to reports from Reuters. The euro dipped by 0.2% to $1.1224, while the dollar index saw a slight bump of 0.2% to reach 100.60. Additionally, it gained 0.4% against the traditionally secure yen, settling at 145.90, though it pulled back from an earlier five-week high of 146.31.

    The dollar also faced a 0.2% drop against the offshore Chinese yuan, trading at 7.2278, hovering close to last week’s low of 7.1846.

    This week, attention turns to U.S. consumer price data for April, which is anticipated to shed light on how import tariffs are influencing inflation dynamics. Analysts speculate that retail sales might remain stagnant in April, following a pre-tariff surge the previous month. “We believe broad evidence of tariffs’ impact on inflation won’t emerge until the May CPI data is available,” noted analysts at ANZ. They added that expecting the Federal Reserve to cut rates in June might be premature, with a more realistic timeframe pointing toward Q3, likely September. This timeframe would allow time to assess the ramifications of heightened tariffs on pricing and inflation persistence.

    As the financial landscape shifts, one must wonder what surprises the upcoming data will unveil—it’s certainly a thrilling time for market-watchers!

    Questions & Answers

    What was the exchange rate of the U.S. dollar against the Vietnamese dong on Monday?
    The dollar was sold at VND26,150 by Vietcombank, reflecting a 0.04% gain from the previous weekend.

    How is the global dollar performing amidst trade talks?
    The dollar gained ground against safe haven peers, fueled by optimism over U.S.-China trade discussions, despite a lack of concrete details.

    When might we see the effects of tariffs on inflation data?
    Analysts expect that the true effects of tariffs won’t be visible until the release of the May CPI data, with a cautious look towards potential rate cuts from the Federal Reserve in September.

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  • Thai currency rises to highest level in 19 months

    Thai currency rises to highest level in 19 months

    Thai businesses are pressing the central bank to take measures to stabilise the domestic currency (baht), which has rapidly gained strength and could impact fourth-quarter growth.

    Speaking at a press conference on September 23, Deputy Chairman of the Thai Chamber of Commerce (TCC) Phot Aramwattananon said the baht has strengthened faster than anticipated and was affecting exports and tourism.

    He expressed concerns over the impact of the rising baht on export competitiveness, particularly in agriculture and food products. TCC has urged the Bank of Thailand (BoT) to manage the baht’s stability in line with domestic and global economic conditions.

    As of September 23, the baht hovered around 32.8 to the U.S. dollar, trading at its strongest level in more than 19 months. It has gained 13% against the dollar since a low in April of 37.17.

    An appropriate level was 34 baht to the greenback, said TCC Chairman Sanan Angubolkul, adding it was seeking a meeting with the central bank and finance ministry to discuss economic stimulus, interest rate reduction, and debt resolution.

    Thailand’s household debt is projected to reach THB16 trillion in 2024, or 90.8% of GDP, among the highest ratios in Asia.

    In contrast, BoT Governor Sethaput Suthiwartnarueput downplayed the baht’s strength, asserting it has minimal impact on exports.

    The TCC also adjusted its 2024 growth forecast upwards from 2.5% seen previously to a range of 2.6% to 2.8% due to policies of the new government to revive the economy.

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  • Pi Network-like cryptocurrency mining apps come back

    Pi Network-like cryptocurrency mining apps come back

    Many cryptocurrency mining applications similar to Pi Network are being introduced again on Facebook and Telegram accounts in Vietnam.

    “Starting a business with 0 dong from Peace Network. Having an opportunity like Pi Network, why not try it?,” an account named Ngoc Van posted on a Facebook group about blockchain with more than 100,000 members, with instructions to download an app with pronunciation like Pi Network. He also spammed comments on many other groups with similar content.

    Ngoc Van said in the past month, he has “recruited” about 100 members to “mine” virtual currency.

    Not only Peace Network, he also installed a series of similar applications such as Rubi, StarCoin, LGBT Network, and BNP Network.

    “Compared to Pi, participating in a new project brings more opportunities because the amount of mining is more. Maybe some projects will bring real money,” Ngoc Van said.

    “As long as one or two of the projects go public, I can make some money. Otherwise, I have nothing to lose but a little time to spend every day,” he added.

    Cryptocurrency mining applications have appeared, disappeared and reappeared.

    According to the administrator of a blockchain group with 200,000 members on Facebook, the number of spam posts about cryptocurrency mining applications has increased day by day over the past few months, and they have had to use filters to block similar content.

    “Every day, dozens of such posts are submitted but not approved,” the administrator said. Compared to the craze two years ago, the applications are now more diverse, showing the expected amount of money earned if cryptocurrency mining projects are listed on digital currency exchanges in the future, assigning more tasks for users besides taking attendance.

    Some apps even have white papers and development roadmaps. The apps support web, iOS and Android operating systems.

    However, apps are basically the same way the Pi Network works. Users need to download the apps, then register, enter the referral code and “take attendance” every 24 hours.

    The Rubi app was released in May and now has over 100,000 downloads, a white paper but a vague development roadmap.

    “New apps are made professionally and methodically, not as simple as before, making more people trust them,” commented Giang Nam, a cryptocurrency player for more than five years.

    “With the mentality of losing nothing and fear of missing out, hundreds of thousands of people still install the apps and take attendance every day,” Giang Nam said.

    Among 10 such apps, most of which have between 10,000 and hundreds of thousands of downloads.

    When installing, apps require providing a lot of important information, such as accessing location, reading and modifying the contents of memory, reading contacts, and accessing the network.

    Previously, apps needed only users’ names and email addresses or phone numbers.

    Currently, users are required to complete KYC (identity verification) from the beginning, including providing personal information, a photo of ID cards or passports, a selfie portrait, in addition to a phone number and an email address.

    “This is a huge data warehouse that the people behind the apps are targeting. Users think they have nothing to lose, but in reality they face many risks due to the disclosure of personal information, from the making of forged documents to receiving scam calls or messages,” Giang Nam said.

    Vo Do Thang, director of the Athena Cyber Security Center, said most of cryptocurrency mining apps aim to collect user data.

    “There aren’t any apps that give free money,” Thang said, adding that “this trick is actually to entice users to provide personal information.”

    According to him, these data will then be collected to serve many purposes.

    With the data, artificial intelligence (AI) can accurately classify each person, even make “a genealogy” of each person to see who they are related to, what they do, what their habits or hobbies are to perform tricks in a way that makes it difficult for the victims to detect.

    “Before downloading any app, it is necessary to consider who is behind the app, how reputable it is. Avoid clicking and becoming a prey for bad guys”, Thang said.

    Philips Hung Cao, deputy general Director of cybersecurity company VinCSS, said KYC on many unlicensed cryptocurrency mining apps is not managed and supervised by the authorities.

    If KYC is required, users should ask at least three questions: Is personal information protected under privacy laws and regulations? Is the information shared with third parties? If the personal information declared on the app is leaked and used for fraudulent purposes, who will be responsible for compensation? “With these three questions, unlicensed virtual currency mining apps certainly cannot meet and users will understand themselves that they should not do eKYC or KYC,” he said.

    Another source of revenue for cryptocurrency mining apps on smartphones is advertising. Most the apps include ads, forcing users to see before accessing a feature.

    In addition to the risk of information being stolen, experts say such apps also waste time, take up phone resources, and create a feeling of “virtual hope” for participants.

    After five years of being present and receiving many expectations, money earned by using cryptocurrency mining app Pi Network is still worthless now, and the team behind it is almost silent.

    Pi Network has been under investigation after critics said it lacks the transparency associated with blockchain, and could be used for nefarious purposes like fraud and data collection.

    Cryptocurrencies are not recognized as a legitimate means of payment in Vietnam whose central bank has warned that owning, trading and using cryptocurrencies are risky and not protected by law.

  • Dollar drops on black market

    Dollar drops on black market

    The U.S. dollar plunged on the black market Wednesday after data shows a decline of the greenback’s value globally as U.S. inflation seems to be cooling down.

    The dollar fell 0.48% from Monday to VND25,000 at unofficial exchange points. It has dropped 1.96% since the peak of VND25,500 last month.

    Vietcombank, Eximbank and several other lenders kept the exchange rate unchanged from Tuesday at VND24,860. The State Bank of Vietnam (SBV) also maintained its reference rate at VND23,677.

    The USD Index, which measures the greenback’s strength against major currencies, has fallen 5.3% since its peak in early September.

    Data last week had shown that U.S. inflation cooled more than expected in October, raising bets that the Fed could temper its tightening cycle after delivering four consecutive 75 basis point hike this year.

    Goldman Sachs said it expects a “significant” decline in U.S. inflation next year due to easing in supply chain constraints, a peak in shelter inflation and slower wage growth.

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  • US removes Vietnam from currency monitoring list

    US removes Vietnam from currency monitoring list

    Vietnam has been removed from the currency monitoring list by the U.S. Treasury Department.

    The U.S. Treasury Department remained satisfied with progress made by the Asian country in addressing U.S. concerns about its currency practices, it said in a semi-annual report Thursday.

    India, Italy, Mexico and Thailand were also removed from the list.

    It noted no major U.S. trading partner manipulated its exchange rates to gain unfair competitive advantage through June 2022, but said it would stay in close touch with Switzerland on its currency practices.

    Seven economies kept on the list were Japan, China, Germany, Malaysia, Singapore South Korea and Taiwan.

    The Treasury report again called out China for its failure to publish foreign exchange intervention and the broader lack of transparency around key features of its exchange-rate mechanism.

    A senior Treasury official said efforts by the U.S. Treasury and the International Monetary Fund had failed to make any headway with Beijing on the issue so far.

    Treasury noted that Japan had intervened in the foreign exchange market to stem the pace of depreciation in the yen, its first such move since 1998, and underscored its believe that such actions should be taken only rarely.

    “Treasury’s firm expectation is that in large, freely traded exchange markets, intervention should be reserved only for very exceptional circumstances with appropriate prior consultations,” it said.

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  • Vietnamese currency falls to new low against dollar

    Vietnamese currency falls to new low against dollar

    Vietnam has set its reference rate for the Vietnamese dong at a record low as the greenback strengthens globally amid economic uncertainty.

    The State Bank of Vietnam (SBV) on Thursday set the reference rate for the Vietnamese dong at VND23,281, the weakest since at least 2005, according to data compiled.

    At commercial banks, the Vietnamese dong is now at its lowest since March 2020 after having declined by around 3.5% in the year-to-date.

    Vietcombank, the country’s largest lender, had sold the U.S. dollar for VND23,740. Top private player Techcombank’s rates were VND23,708, while that of Sacombank were VND23,950.

    But an expert forecasts the Vietnamese dong to decline further to VND24,000 a U.S. dollar.

    “The dong is too strong at the moment for an export-oriented economy,” Trinh Nguyen, a senior economist at Natixis SA in Hong Kong, told Bloomberg.

    “That said, they care about imports and inflation so won’t allow excessive depreciation.”

    The SBV allows the Vietnamese dong to trade within a band of 3% on either side of the reference rate, which is based on eight currencies and set daily.