Market Highlight 03.03.2026

The EUR (-1,09%) and JPY (-0,86%) sold off sharply on Monday as surging oil prices weighed on the currencies of economies most exposed to energy shortages, while the USD benefited from safe-haven demand amid growing concerns that the conflict in the Middle East could escalate further. Brent crude futures at one point jumped as much as 13% and ultimately settled 7,3% higher at USD 77,77 per barrel. Safe-haven flows into the USD and gold intensified as markets assessed how long the Iran conflict could last and what its eventual outcome might be. On Monday, the USD Index rose by nearly 1%, marking its largest daily gain in 7 months. Concerns that higher inflation could delay the timing of the Federal Reserve’s next rate cut also helped propel the USD higher. Markets are still pricing in two 0,25% rate cuts toward year-end, but the latest Middle East developments have shifted expectations for the most likely timing of the FED’s rate-cut resumption from June to July.

The latest PMI report from S&P Global points to robust demand for Asian goods, underpinned by global AI adoption and an improvement in consumer confidence. Markets will continue to monitor the next developments in U.S trade policy after the Supreme Court in February struck down most of President D. Trump’s tariffs. Regional trade prospects are expected to remain supported by a tech-led export upswing, which has so far been largely insulated from tariff-related changes.

Domestically, the USD/VND interbank exchange rate rebounded to 26.210 yesterday, supported by the broader upswing in the USD globally. The effective ceiling rate for the day stood at 26.289.

Please contact the nearest Asia Commercial Joint Stock Bank's branch to receive information and consultancy if you are in need of making any foreign exchange and derivatives transactions.

Asia Commercial Joint Stock Bank assumes no responsibility or liability for any purpose of reference or using the information provided by this newsletter.

Directly contact us to receive market news and consultancy on foreign exchange products and derivatives:

- Financial Markets Division – Email: ktttc@acb.com.vn ; or

- Mr. Khanh Hoang (Financial Markets Senior Analyst) – Email: hoangnk@acb.com.vn