Market Highlight 29.05.2026

The U.S Commerce Department said on Thursday that the world’s largest economy grew by 1,6% in the first quarter of 2026, down from the previously reported 2%. The downward revision to GDP was mainly due to a lower estimate for inventory investment, a component that is often subject to significant revision in GDP calculations. Consumer spending was also revised lower in Q1/2026, to 1,4% from the previous estimate of 1,6%. A key measure of U.S corporate profitability - after-tax profits excluding inventory valuation and capital consumption adjustments - rose 3,3% from the previous quarter and 17% from the same period in 2025. This marked the strongest year-on-year growth in corporate profits since Q4/2021. Overall, U.S economic activity has continued to be driven mainly by spending related to artificial intelligence. Economists expect the conflict in the Middle East to weigh negatively on economic growth from Q2 onward.

The USD Index fell 0,3% against other major currencies on Thursday after reports suggested that the U.S and Iran had reached an agreement to extend the ceasefire, although similar reports throughout the three-month conflict have so far failed to bring the war to an end. Preliminary information indicated that the agreement would extend the ceasefire by another 60 days and allow free passage through the Strait of Hormuz while negotiators work through the remaining difficult issues, including Iran’s nuclear program. U.S equities rose solidly on the day, with the Nasdaq gaining nearly 1%.

Domestically, interbank USD/VND fell by a further VND 10 on Thursday and closed the day at 26.325. The effective daily ceiling yesterday was 26.393.

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