Market Highlight 13.01.2026

The USD depreciated (-0,25%) on Monday after the U.S Department of Justice announced criminal charges against Federal Reserve Chair Jerome Powell in connection with a renovation project at the FED’s headquarters building, heightening concerns over the independence of the U.S Central Bank and the long-term outlook for the currency. The FED Chair described the move as a “pretext” to exert greater influence over interest-rate policymaking, which President Donald Trump has sought to push sharply lower. Mr Trump is expected to replace Mr Powell with a more dovish Federal Reserve Chair when the current term ends in May 2026, although Mr Powell may remain on the Federal Reserve Board of Governors. The independence of the Federal Reserve from the U.S Government is a core assumption underpinning global financial markets. Any shift away from this principle would therefore have a significant impact on market sentiment. As such, risks to the FED’s independence are likely to become a central theme in early 2026, while also placing considerable pressure on the next FED Chair when the transition occurs in May.

In the opening days of 2026, the USD has nevertheless found support from its safe-haven status amid rising geopolitical concerns, following the U.S detention of Venezuelan leadership figures and President Trump’s expression of interest in the United States acquiring Greenland. The next focal point will be the U.S December CPI report, scheduled for release on Tuesday evening. Markets are also closely monitoring the U.S Supreme Court’s forthcoming ruling on the legality of President Trump’s tariff policies, which is expected to be delivered later this Wednesday.

The USD/VND interbank exchange rate traded mainly around the 26.270 level for most of the first trading day of the week. With foreign-exchange supply and demand remaining broadly balanced in the early part of the year, the exchange rate is expected to continue trading within the 26.250 - 26.300 range.

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