Market Highlight 22.08.2026

According to surveys released on Friday, business activity in the U.S, Europe, and several parts of Asia picked up again despite a range of challenges related to the war in the Middle East. The lack of progress in negotiations to reopen the Strait of Hormuz or reach an agreement to end the nearly six-month conflict has kept energy prices elevated, while rising government bond yields are pushing borrowing costs higher for households and businesses. Nevertheless, purchasing managers’ surveys suggest that the global economy may avoid a slowdown in Q3.

U.S businesses reported the smallest increase in input costs since the war began, while companies in the euro area and Asia also recorded easing cost pressures. According to S&P Global, the U.S Purchasing Managers’ Index (PMI), which measures activity across the services and manufacturing sectors, rose to 56 in August from 54,5 in July. The euro-area PMI also increased to 52,1 in August from 52,0 in July, reaching its highest level in 9 months. The recovery was led by Germany’s manufacturing sector, which recorded its strongest growth since January 2022, and was supported by rising demand for artificial intelligence-related technology and military equipment. The European Central Bank (ECB) is expected to raise its policy rate in September, while the recovery in economic activity in Japan further strengthens the case for the Bank of Japan to take a similar step.

Interbank USD/VND opened yesterday at 26.100 and fell sharply early in the session to 26.050. However, stronger buying demand during the afternoon session helped the exchange rate rebound to around 26.140 by the end of the day.

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