Retail News CRM

Tag: dollar

  • Dollar steps up over dong

    Dollar steps up over dong

    The U.S. dollar rose against the Vietnamese dong Wednesday morning.

    Vietcombank sold the dollar at VND24,570, up 0.16% from Tuesday.

    It fell 0.40% to VND24,850 on the black market.

    The greenback has increased by 0.61% against the dong since the beginning of the year.

    Globally the dollar remained under pressure on Wednesday after retreating from a nearly three-month high against the euro in the previous session with a decline in U.S. bond yields adding to the drag.

    Analysts pointed to technical factors for the dollar’s pullback, following a two-day rally of as much as 1.4% against the euro after unexpectedly strong U.S. jobs data and more hawkish rhetoric from Federal Reserve Chair Jerome Powell scuppered bets for an early interest rate cut.

    The U.S. dollar index – which measures the currency against six major peers, including the euro – was flat at 104.14 after Tuesday’s 0.29% slide. On Monday, it had reached its highest since Nov. 14 at 104.60.

    Lees ook:

  • Dollar continues to weaken on black market

    Dollar continues to weaken on black market

    The U.S. dollar fell against the Vietnamese dong on the black market Monday morning. Unofficial exchange points sold the greenback at VND23,700, down 0.04% from Sunday. Techcombank raised its rate by 0.01% to VND23,818. Vietcombank maintained it at VND23,810.

    The State Bank of Vietnam decreased its reference rate by 0.08% to VND23,701.

    The dollar has gained over the dong by 0.34% since the beginning of the year.

    Globally a bruised dollar took respite on Monday after suffering its worst weekly drop of the year, as traders waited on economic data and policy decisions before selling it down any further.

    Chinese growth data and loan-rate settings are due later in the session, ahead of U.S. retail sales and British inflation later in the week and a slew of central bank meetings next week.

    The euro, which jumped 2.4% last week to a 16-month high, held just below that peak at $1.1228. The yen, also up 2.4% last week, held at 138.69 per dollar.

    The dollar’s slide began with yen buying, as investors unwound yen-funded positions in emerging markets, but extended sharply after softer-than-expected U.S. inflation data leant support to wagers that U.S. interest rates will soon peak.

    Lees ook:

    Lees ook:

  • Standard Chartered cuts Vietnam growth forecast to 6.5%

    Standard Chartered cuts Vietnam growth forecast to 6.5%

    Standard Chartered has reduced Vietnam’s GDP growth forecast for this year by 0.7 percentage points to 6.5%.

    In a release Thursday the British bank said it amended the forecast it had made in January of 7.2% growth after considering external factors more carefully with Vietnam’s macro indicators slowing down in the last four months.

    Exports have declined by 11.8% year-on-year, and the trade surplus is US$6.4 billion. Inflation for April was 2.8%, the third consecutive month of decline, though core inflation – not including food and energy prices — was 4.6% as retail sales jumped by 11.5%.

    FDI fell by 17.9% to $8.9 billion. Imports decreased by 15.4% year-on-year.

    “Vietnam imports a lot, so import indicators going down considerably shows that economic activity is slowing down despite strong domestic consumption”, Tim Leelahaphan, the bank’s economist for Thailand and Vietnam, said.

    Many other international financial institutions have also adjusted their Vietnam growth forecasts downward.

    The IMF has reduced it from 6.2% to 5.8%, the World Bank from 6.7% to 6.3%, and the ADB from 6.7% to 6.5%.

    Vietnam’s economic growth this year is likely to be constrained by the global economic downturn, monetary tightening in developed countries, rising commodity prices, and geopolitical issues.

    The government targets 6.5% growth, but there are challenges ahead with the GDP only growing by an annualized 3.32% in the first quarter.

    Minister of Planning and Investment Nguyen Chi Dung expressed concern about growth at a recent meeting, saying to achieve the target the economy needs to grow at 6.7%, 7.5% and 7.9% in the next three quarters.

    Standard Chartered predicted that the State Bank of Vietnam would reduce the refinancing rate by 0.5 percentage points to 5% by the end of the second quarter and maintain that rate until the end of 2025.

    But it did not rule a hike in rates, especially towards the end of the year, due to the possibility of the central bank focusing more on stability than growth.

    “Since the start of 2023 the SBV has turned to supporting the economy’s recovery,” Leelahaphan said.

    “Besides cutting interest rates, it also helped struggling businesses by giving them more time to deal with illiquidity.”

    Since April loan terms have become easier, with banks rolling over debts for up to 12 months and cutting interest rates.

    But the real estate market needs more support, with all measures taken until now only helping relieve short-term loan repayment pressure, he added.

    Lees ook:

  • Dollar slips on black market

    Dollar slips on black market

    The U.S. dollar dropped against the Vietnamese dong Friday morning on the black market.

    Unofficial exchange points sold the greenback at VND23,850, down 0.29% from Thursday.

    Vietcombank sold the dollar 0.15% higher at VND23,910.

    Eximbank maintained the dollar at VND23,860, while at Techcombank the rate stayed unchanged at VND23,890.

    The State Bank of Vietnam kept its reference rate stable at VND23,637.

    The dollar as appreciated over the dong by 0.76% since the beginning of the year.

    The U.S. dollar eased back from a 2-1/2-month high versus the yen on Friday and weakened toward its first weekly loss since January against major peers as traders tried to gauge the path for Federal Reserve policy.

    The yen, which is particularly sensitive to U.S.-Japanese long-term interest rate differentials, threatened to extend a weekly losing streak to seven weeks, even as it gained strength on Friday with 10-year U.S. yields retreating from a nearly four-month high close to 4.1%.

    Taking some steam out of the dollar and the breathless advance in U.S. yields were comments from Atlanta Fed President Raphael Bostic overnight that “slow and steady is going to be the appropriate course of action,” despite new labour figures adding to the run of strong data of late.

    Lees ook:

  • Dollar drops at banks

    Dollar drops at banks

    On Monday morning, the U.S. dollar dropped at banks but remained unchanged at unofficial exchange points.

    Vietcombank sold the dollar at VND23,740 Monday, down 0.02% from Sunday. Eximbank and Techcombank sold the greenback 0.04% lower at VND23,720, and VND23,745, respectively.

    The USD/VND exchange rate has increased by 0.04% since the beginning of the year. The State Bank of Vietnam (SBV)’s reference rate is at VND23,628, up 0.01%. The dollar remained stable at VND23,680 on the black market.

    On Monday, the dollar hovered near a five-week high against major peers on rising bets for prolonged Federal Reserve policy tightening ahead of a crucial consumer price report the following day.

    The dollar index – which measures the greenback against six counterparts including the yen, euro and sterling – added 0.068% to 103.65, keeping close to last Tuesday’s high of 103.96, the strongest level since January 6.

    Lees ook:

    Lees ook:

  • Dollar dips slightly against dong

    Dollar dips slightly against dong

    The U.S. dollar slipped marginally against the Vietnamese dong Wednesday morning.

    Vietcombank sold the dollar at VND23,670, down 0.08% from Tuesday.

    The rate at Techcombank was at VND23,695, down 0.02%.

    Eximbank sold the greenback 0.08% higher at VND23,680.

    The State Bank of Vietnam set its reference rate at VND23,603, down 0.01%.

    Most unofficial exchange points maintained the rate at VND23,800, same as Tuesday.

    The U.S. dollar index rose 1% on Tuesday to 104.73, mostly due to the euro’s drop, and it eased a little on Wednesday to 104.47.

    Headline German CPI fell to an annual 8.6% in December, from 10% the previous month, against expectations for 9.1%, data on Tuesday showed, knocking the euro and rallying bunds.

    The euro had lost 1% overnight, its sharpest drop in more than two months, following a larger-than-expected drop in German inflation, but it edged up from three-week lows to $1.0566 in Asia trade.

    Lees ook:

  • Dollar moves up at most banks

    Dollar moves up at most banks

    On Monday, the U.S. dollar went up against the Vietnamese dong at most banks and the black market.

    Vietcombank sold the dollar at VND23,800, up 0.34% from Saturday.

    Eximbank sold the greenback at VND23,770, up 0.30%.

    The rate at Techcombank is VND23,800, up 0.21%, and at ACB is VND23,900, up 0.42%.

    The State Bank of Vietnam (SBV)’s reference rate is at VND23,645, down 0.02%.

    The dollar is sold at VND24,100 on the black market, up 0.27%.

    The greenback has gained over the dong by 3.84% since the beginning of the year.

    Lees ook:

  • Dollar inches up

    Dollar inches up

    The U.S. dollar gained over the Vietnamese dong marginally at several banks Thursday morning but dropped on the black market.

    Vietcombank sold the dollar at VND24,060 Thursday, up 0.17% from Wednesday.

    TPBank increased the rate by 0.02% to VND24,200.

    Eximbank kept the rate unchanged at VND24,020, and Techcombank maintained it at VND24,025.

    The State Bank of Vietnam (SBV)’s reference rate is at VND23,659, down 0.004%.

    The dollar is sold at VND24,430 on the black market, down 0.29%.

    The greenback has gained over the dong by 4.97% since the beginning of the year.

    The U.S. Dollar Index, which measures the greenback’s strength against major currencies, hovers around a three-month low of 105 points.

    Lees ook:

  • Dollar plunges at banks

    Dollar plunges at banks

    The U.S. dollar plunges at commercial banks Monday morning, with Techcombank selling it at VND24,135 ($0.99), down 0.64% from the previous weekend.

    Vietcombank sold the greenback 0.41% lower at VND24,140. Eximbank let the dollar slide 0.33% to VND24,250.

    The State Bank of Vietnam (SBV) set its exchange rate at VND23,658, down 0.008%.

    The greenback was sold VND24,615 on the black market, the same as the previous weekend.

    The dollar struggled to gain a foothold on Monday and was languishing at five-month lows as traders looked past stronger than anticipated U.S. jobs data, while growing hopes of China reopening boosted risk sentiment.

    The dollar index, which measures the currency against six major peers, including the yen and euro, was down 0.18% at 104.28, its lowest since June 28. The index fell 1.4% last week.

  • Eximbank profits triple in Q3

    Eximbank profits triple in Q3

    Lender Eximbank has tripled profits year-on-year for the third quarter to over VND1.278 ($51.5 million).

    Its net interest income doubled, and non-interest income from services and foreign exchange businesses grew in double digits.

    Its profits for the first nine months topped VND3.18 trillion, an increase of 3.3 times and well above the target of VND2.5 trillion.

    The bank estimates its pre-tax profits for the full year at VND3.5 trillion and targets VND5 trillion next year.

    It also eyes total assets of VND210 trillion for next year, up 14%, and an on-balance sheet bad debt ratio of 1.6% or less, down from 1.7% or less estimated for this year.

  • Dollar nears 6-week low

    Dollar nears 6-week low

    The U.S. dollar plunged against the Vietnamese dong Thursday to a near six-week low at Vietcombank.

    The state-owned lender sold it at VND24,680 at 10 a.m., down 0.48% from Wednesday to the lowest since October 22.

    DongABank let the dollar slide by 0.44% to VND24,700. Eximbank sold it at VND24,670, down 0.36%.

    The State Bank of Vietnam (SBV) let the reference rate decline by 0.01% to VND23,662.

    Unofficial exchange points sold the dollar 0.44% lower at VND24,850.

    The USD Index, which measures the greenback’s strength against major currencies, dips to 105.69 points, lowest since mid-August.

  • Dollar plunges at banks

    Dollar plunges at banks

    The U.S. dollar plunges at commercial banks Wednesday morning, with Vietinbank selling it at VND24,785, down 0.26% from Tuesday.

    It dropped 0.20% to VND24,800 at Vietcombank, and 0.28% to VND24,770 at Eximbank.

    The State Bank of Vietnam set the reference rate 0.01% lower at VND23,665.

    The greenback is sold at VND24,960 on the black market, down 0.24%.

    The Dollar Index, which measures the greenback’s strength against major currencies, hovers around 106, down from a 20-year high of 114.78 on September 28 on expectations that its rally may have been overstretched and as the Fed looks to slow its pace of rate increases.

    Rising inflation and geopolitical tension have pushed the dollar up 8% over the dong by over 8% since the beginning of this year.

    Lees ook:

  • Hong Kong Dollar Peg Tests Another Round of Doubters

    Hong Kong Dollar Peg Tests Another Round of Doubters

    US-China decoupling, weak growth, and shrinking reserves have led to fresh doubts about the sustainability of the Hong Kong dollar peg. Will the city’s linked exchange rate system survive this round of doubters?

    Last week, Pershing Square Capital Management founder Bill Ackman announced that he was betting against the Hong Kong dollar and its US dollar peg, citing worsening US-China decoupling as a driver.

    We have a prominent notional short position against the Hong Kong dollar through the ownership of put options. The peg no longer makes sense for Hong Kong and it is only a matter of time before it breaks, Ackman said in a social media post.

    In light of the recent US/China decoupling of recent years, we find it surprising, almost embarrassing, for China to continue to peg the HK dollar to the US dollar, he added in another post that has since been deleted.

    Ackman is not alone in his doubts about the Hong Kong dollar peg. In one of his social media posts, who details concerns about Hong Kong’s shrinking foreign reserve as a reason for the peg to become untenable.

    Call me old fashioned but a government clearly in need of cash and a chunk of assets whose value has probably further fallen make it rather likely that the Exchange Fund’s assets have further to shrink — and that the reasons for that will put still further pressure on the peg, said Cookson.

    However unlikely de-peg may be, the payoff of upwards of 200:1 is comparable to CDS payoffs for the default of co’s like IBM over the same [6-month] horizon, tweeted hedge fund manager and Saba Capital Management founder Boaz Weinstein in support of Ackman’s trade, calling it a smart lottery ticket. Nothing is impossible, but only one of these is at all plausible.

    Since 1983, the Hong Kong dollar has been pegged to the greenback and successfully defended against multiple rounds of attacks. Notable investors against the peg include George Soros in 1998 and Hayman Capital Management founder Kyle Bass in 2020 during the height of political unrest in Hong Kong, in a strategy with 200 times leverage.

    Even for Ackman, this is not his first time wagering against the peg after betting in 2011 that the Hong Kong dollar would appreciate due to being materially undervalued.

    It’s nice to finally have others agreeing with our thesis. Rigid currency pairs harnessed to asynchronous economies are destined to fail, Bass said in report in response to Ackman’s latest bet. One bad day of deposit/currency outflows will likely bring unimaginable stress to the situation.

    Still, banks remain positive that the Hong Kong dollar peg will remain in the foreseeable future.

    Although maintaining a peg could at times bring short-term headwinds to growth, we believe it remains the optimal arrangement for Hong Kong in the longer term, according to a Morgan Stanley research note authored by economists Helen Lai, Jenny Zheng and Robin Xing, highlighting that the yuan was not yet fully convertible.

    Conditions are not favorable for selling Hong Kong dollar which will suffer negative carry, added DBS strategist Carie Li. The Hong Kong government also shows no intention to change the system.

    And as usual, local authorities continue to vehemently defend the exchange rate policy.

    If you bet against the Hong Kong dollar, you are bound to lose, said financial secretary Paul Chan in a speech at the city’s global banking summit earlier this month. You can verify my advice with certain hedge fund managers in the US who have been wrong about Hong Kong dollar time and again.

    Up until moments before a currency peg is lifted, the sovereign always asserts that they will never lift their peg. Peg defense 101, Ackman added.

    Lees ook:

    Lees ook:

    Lees ook:

  • Binance Launches Billion-Dollar Crypto Rescue Initiative

    Binance Launches Billion-Dollar Crypto Rescue Initiative

    Binance invites participants to support the crypto industry via a rescue initiative, to which it will initially commit $1 billion.

    Binance has established the Industry Recovery Initiative (IRI), which includes its own initial commitment of $1 billion, according to a blog post by the crypto giant.

    The IRI is not an investment fund, Binance said, adding that it intends to increase the amount to $2 billion soon if the need arises.

    The initiative is expected to last about six months with flexibility on the investment structure, be it token, fiat, equity, convertible instruments, debt, or credit lines. The committed capital must be set aside within public addresses to ensure transparency.

    Aside from Binance, there are other existing IRI participants, including Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group which have made an initial aggregate commitment of around $50 million. 150 applications from companies seeking to provide support have also been received.

    On the participation of traditional financial institutions, Binance said it was open to exploring other deal structures for those keen as such firms may be unable to send money to a public address.

    On the targets for capital deployment, IRI is aiming for companies with «innovation and long-term value creation, a delineated and viable business model, and a laser focus on risk management.

    Aside from funding support, we plan to provide founders and projects with comprehensive support – from formation, technical execution, fundraising, and more – so that they can emerge and grow stronger from the crypto winter, the post added.

    Meanwhile, the crypto winter persists following the collapse and subsequent revelations of the fallen exchange FTX. Binance had planned initially to acquire FTX but backed out one day after signing a non-binding agreement citing concerns from due diligence and news reports.

  • Dollar drops against dong

    Dollar drops against dong

    TPBank let the dollar slide 0.004% to VND24,854. Techcombank sold it at VND24,852, down 0.004%.

    The State Bank of Vietnam set its exchange rate at VND23,671, also down 0.004%.

    The dollar was sold VND24,940 at unofficial exchange points, down 0.4% from Wednesday.

    The U.S. dollar was broadly weaker on Thursday as investors, encouraged by the prospect of a slower pace of interest rate hikes from the Federal Reserve, placed bets on riskier assets.

    The dollar index, which measures the greenback against six major peers, was down 0.066% at 105.830, after sliding 1% overnight.

    Lees ook:

    Lees ook: