Market Highlight 09.06.2025

   U.S job growth moderated to a modest pace in May, signaling that employers remain cautious in the face of tariff-related uncertainty and a murky outlook for the world’s largest economy. On Friday evening, the U.S Department of Labor reported that the economy added 139.000 jobs in May, surpassing earlier projections of 125.000. The unemployment rate held steady at 4,2%. This followed an ADP report earlier in the week showing private-sector hiring slowed to its weakest level in over 2 years, while weekly jobless claims rose to a seven-month high. For the Federal Reserve, the May employment report was not sufficiently weak to warrant a shift from its current interest rate stance. The FED is expected to closely monitor how recent changes in U.S trade policy affect inflation and corporate hiring in the coming months. Many FED officials have expressed support for maintaining current rates at the upcoming meeting in 2 weeks, with limited justification for a rate cut in July.
  The USD Index gained 0,5% on Friday following the release of the nonfarm payroll data, reinforcing expectations that the FED will hold off on further rate cuts in the near term. The USD recorded its second consecutive weekly gain ahead of this week’s U.S CPI release, although it remains down approximately 8% year-to-date.
Domestically, the USD/VND interbank exchange rate edged slightly lower to 26.055 at the close of Friday’s session, registering a modest weekly gain of about 15 VND. Looking ahead to the coming week, continued strong foreign currency demand and renewed strength in the USD globally are expected to support an upward trend in the USD/VND rate, with a projected target range of 26.100 - 26.200.

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