The move follows two prior devaluations of the dong this year of 1.0 percentage points each in January and May. We deliver 24-hour foreign exchange service to our clients across the globe. The extensive liquidity we consistently generate in global markets enables us to provide investors with the products and pricing they need to meet their goals. We provide flexible and robust e-trading solutions through both proprietary and multi-bank platforms.
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Impact Of Covid
Consumer prices fell 0.18% from the previous month in December, contrasting the 0.32% rise logged in November. The list of adjustments made by the SBV in August is indicative of a host of pressures affecting stock exchange Asian forex markets. With these changes, the SBV hopes to safeguard the dong against fluctuation in domestic and international markets, and maintain the competitiveness of Vietnam’s exporters.
Australia, Austria, Bhutan, Cyprus, Germany, Greece, Italy, Laos, Luxembourg, Malta, Monaco, Switzerland, Thailand, the UK and Vietnam are seeing the strongest increases in new confirmed coronavirus cases right now. In order to allow us to keep developing Myfxbook, please whitelist the site in your ad blocker settings. 5 years of economic forecasts for more than 30 economic indicators. © RBC Dominion Securities Inc. 2001, 2003, 2010 rbccm.com is an online information service operated by RBC Dominion Securities Inc. and the other businesses and legal entities operating under the brand name RBC Capital Markets.
The global recovery is set to decelerate amid continued COVID-19 flare-ups, diminished policy support, and lingering supply bottlenecks. The outlook is clouded by various downside risks, including new virus variants, unanchored inflation expectations, and financial stress. If some countries eventually require debt restructuring, the recovery will be more difficult to achieve than in the past. Climate change may increase commodity price volatility.
New Zealand GDP data came in lower than expected, showing quarterly growth of 3.0% when compared to 3.3% expected. US retail sales and PPI figures were lower than expected, giving some hope for a weakening of underlying inflationary pressures. The Bank of England raised its official bank rate by 0.25% to 0.75%, with fewer members voting for a 0.50% rate hike than expected. Consumer prices rose 0.19% in January over the previous month, swinging from December’s 0.18% drop. Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now.
Technically, the price has operated at a new 4-year high, But the bulls should be warned that this currency cross could turn sour very quickly, especially if there is a surprise growth in Ukraine. Last week saw the global number of confirmed new coronavirus cases rise again for the second consecutive week for the first time since January. About 64% of the global population has now received at least one vaccination. Industrial output grew 2.8% year-on-year in January, easing from December’s 3.1% increase but still marking the third month of growth in activity. The decision to widen the dong’s trading band follows a similar action on 12 August to expand the band from +/-1.0% to +/-2.0% around the previous midpoint of 21,673 VND/USD. The SBV had defended that decision stating that a stronger recovery in the U.S. and uncertainty in Europe over the Greek debt fallout, as well as other external factors, required a more flexible trading band.
- Hence the long run of cotton can be interesting for the trend traders, But allowances must be made for the high volatility of this commodity in common with other agricultural commodities.
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- This is going to cause a great deal of economic pain in a country where many people are already barely making ends meet from paycheck to paycheck.
- We deliver 24-hour foreign exchange service to our clients across the globe.
We leverage the global presence of our FX team to provide clients with the coverage they need, when they need it. Our trading book is passed among our Toronto, London, Sydney and Hong Kong desks as different global markets open and close. We operate out of 10 desks around the world, providing localized support for specific currency and emerging market needs.
Central Bank Devalues Dong, Widens Trading Band
Tough sanctions are imposed on Russia and the Russian economy, with many multinationals exiting Russia or ceasing operations and sales there, while many Russian banks have been cut off from SWIFT. Russian assets abroad are also being confiscated and confiscated. This is going to cause a great deal of economic pain in a country where many people are already barely making ends meet from paycheck to paycheck. The United States has banned Russian oil imports, but the European Union and other countries are refusing to do so. On 19 August, the State Bank of Vietnam announced an adjustment to the average inter-bank VND/USD exchange rate, raising the rate from 21,673 VND/USD to 21,890 VND/USD, the equivalent of a 1.0% increase. The Bank also decided to widen the exchange rate trading band from +/-2.0% to +/-3.0%, spreading the floor and ceiling exchange rates to 21,233 and 22,547 VND per USD, respectively.
Social tensions may heighten as a result of the increase in inequality caused by the pandemic. These challenges underscore the need to foster widespread vaccination, enhance debt sustainability, tackle climate change and inequality, and diversify economic activity. Unless there is a recovery in Ukraine, risk-taking sentiment is likely to continue in the markets in the coming week. This forex news today suggests a weak Japanese yen in rising stock markets and forex markets while other non-USD currencies continue to strengthen with relatively high levels of volatility. During the last week and the calendar month of March, the Australian dollar has been the strongest currency while the Japanese yen has been the weakest. This currency cross is now at the center of the forex market.
The yen is weak as the Bank of Japan seeks to bring inflation down to 2%, while the Australian dollar remains strong in a relatively bullish commodity sector related to improving global risk sentiment and Australian exports. News Ukraine continues to be dominated by the Russian invasion which is now in its fourth week. However, it is no longer having much of an impact on the markets, with a boost to all commodities, especially crude oil and wheat, falling back to more normal prices. Ukraine’s military seems to have fought with the Russians to a near standstill.
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Check live rates, send money securely, set rate alerts, receive notifications and more. USDCAD is testing the support level; AUDUSD is still trading upwards, while USDCHF is forming a new pullback after rebounding from the resistance area. USDCHF may grow to reach the “overbought area”; in the case of XAUUSD, the price is expected to continue trading upwards. EURUSD is expected to continue trading downwards, while GBPUSD may fall and reach the support at 2/8.
Our multi-lingual advisory teams, located around the globe, provide proactive market updates and fresh ideas, risk management strategies and tailored solutions to meet the unique needs of our clients. Canadian CPI data came in slightly higher than expected, showing a monthly increase of 1.0%, compared to an expected 0.9%. I 4xCube Forex Broker Review wrote in my previous piece last week that the best trade for the week was corn and USD/JPY was likely to be long and GBP/USD short. USD/JPY is up 1.60%, GBP/USD is down 1.07%, and corn is down 1.48%, with an average loss of 0.32%. However, if you had only traded forex pairs, you would have made an average profit of 0.27%.
The Bank of Japan has reacted to Japan’s relatively low inflation rate, which remains below the Bank’s target of 2%, saying that it will seek a sluggish monetary policy until 2% inflation is reached. Will continue together This makes the Bank of Japan very different from almost all other major central banks that are tightening policy and gives a strong tailwind to the continued weakening of the Japanese yen. Instead of the more dramatic increase of 0.50% last week, the Federal Reserve raised 0.25% as expected, and markets were impressed by this and strong rhetoric against inflation given by Chairman of the Fed Jerome Powell. I think the best opportunities in the financial markets this week are likely to be USD/JPY long, and possibly day trading on a very strong uptrend in the S&P 500 index. Cotton has been in a very reliable bullish trend since April 2020 and closed last week strongly at multi-year highs on above-average volatility. Hence the long run of cotton can be interesting for the trend traders, But allowances must be made for the high volatility of this commodity in common with other agricultural commodities.
The Xe Rate Alerts will let you know when the rate you need is triggered on your selected currency pairs. GBPUSD is testing the bearish channel’s upside border; USDCHF is rebounding from the support level, while AUDUSD has fixed above the cloud. GOLD continues testing the support level; NZDUSD is forming another correctional wave, while GBPUSD is about to complete the correctional impulse. EURUSD is rebounding from the rising channel’s downside border; USDCAD is testing Tenkan-Sen and Kijun-Sen, while XAUUSD is correcting in anticipation of another decline.
Create a chart for any currency pair in the world to see their currency history. These currency charts use live mid-market rates, are easy to use, and are very reliable. Australian employment data came out stronger than expected, with the unemployment rate down from 4.2% to 4.0% when the 4.1% rate was projected. When starting the trading week, it is a good idea to look at the bigger picture of what is developing in the market as a whole and how such developments are influenced by macro fundamentals and market sentiment. Consumer prices rose 1.00% over the previous month in February, accelerating from the 0.19% increase logged in January. With global resources, we are able to deliver competitive pricing, consistent liquidity and efficient execution.
Western Union Business Solutions remains committed to support the needs of our customers along with the health and safety of our staff during these challenging times. Please contact us to see if we can be of any assistance. AUDUSD continues recovering supported by the statistics.
At RoboForex, we understand that traders should focus all their efforts on trading and not worry about the appropriate level of safety of their capital. Therefore, the company took additional measures to ensure compliance with its obligations to the clients. The move to devalue the currency comes in response to the depreciation of the Chinese yuan earlier this month, and will help support Vietnam’s external position as currencies in the region lose ground against the greenback. A weaker dong also means the SBV is able to use less resources in order to maintain the exchange rate as strengthened expectations of the Fed’s interest rate hike later this year put downward pressure on the currency.
USD/JPY made an unusually strong weekly rise for the second time in a row last week, closing near its high at the highest closing price seen in 6 years. These are very strong signals, The pair has now been taken into account with the Japanese yen showing the biggest weakness of all major currencies. I made a good call last week seeing this pair as a buy. The price closed on Friday with a strong short-term rally Just below the 200-day moving average. If the price can now establish above that moving average, it would be a bullish signal that the bull market is likely to continue after pulling itself out of the correction zone.