The European Central Bank (ECB) announced that it will keep its key interest rates unchanged following the conclusion of its July meeting. However, the ECB signaled the potential for a rate cut in its September meeting, citing a downgrade in the economic outlook for the eurozone and expectations of continued cooling inflation. ECB President Christine Lagarde emphasized that the ECB will not make any firm commitments regarding future policy actions and will instead base decisions on forthcoming economic data. The EUR experienced a slight decline following the ECB's rate decision but remained above 1,09 points while the USD gained nearly 0,3% that supported by positive economic data released in the US. The National Congress of the Communist Party of China is set to conclude tomorrow. The market is closely monitoring the event with expectations of new measures to boost the growth drivers of the world's second-largest economy in the latter half of the year.
According to the General Department of Vietnam Customs, Vietnam's total import-export turnover for the first half of July 2024 reached 32,6 Billion USD, an increase of 18,9% year-on-year. Vietnam registered a trade deficit of approximately 0,2 Billion USD in the first half of July 2024, compared to a trade surplus of 0,4 Billion USD during the same period last year. Exports were estimated at 16,2 Billion USD, up 16,5%, while imports stood at 16,4 Billion USD, up 21,4% compared to the same period last year.
The USD/VND interbank exchange rate continued its downward momentum yesterday, hitting a low of 25.260 due to some inflows of foreign currency into the market, before rebounding to 25.320 by the end of the afternoon. The USD/VND exchange rate is expected to stabilize around 25.300 - 25.330 VND/USD at the end of this week, with the potential for the downtrend to resume next week.
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