The US dollar held steady at VND25,610 per dollar in the Vietnamese market on the morning of 1 September, while rates posted by individual banks were also largely unchanged. The yen has also been moving amid expectations of a Bank of Japan rate hike, with attention focused on developments ahead.
The State Bank of Vietnam's reference rate held steady at VND25,610 per US dollar, unchanged from the previous day. The trading band was set at ±5%, with an upper limit of VND26,891 and a lower limit of VND24,330.
Vietcombank posted US dollar rates of VND25,880–26,260 per US dollar (buying–selling), with both rates unchanged from the previous day. BIDV posted VND25,890–26,270 per US dollar. HDBank posted VND25,880–26,240, while Agribank and TPBank each posted VND25,890–26,270, representing their respective buying and selling rate ranges.
In Asian markets last week, the yen strengthened after Tokyo inflation data exceeded expectations, increasing expectations that the Bank of Japan would raise interest rates at its September monetary policy meeting. USD/JPY fell to around ¥159.3.
Technical analysis indicates that USD/JPY has been trading below the 100-day moving average, at around ¥160.00 per US dollar, suggesting a bearish trend in the short term. The latest support level is ¥158.85, with a break below that level potentially sending the pair down to ¥157.45. Meanwhile, ¥160.00 and ¥160.30 are key resistance levels.