USD slides; Gas prices continue to fall sharply, traders closely monitor developments

* USD slides ahead of US economic data

USD exchange rate today (April 4), USD exchange rate in the world and in the country is predicted to decrease simultaneously.

The State Bank of Vietnam announced the central exchange rate with the US dollar decreased by 2 VND, currently at 23,600 VND.

World market foreign exchange rates: Yesterday's USD exchange rate developments showed that the Dollar Index (DXY), measuring the USD against 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF) stopped at 102.048 points with a decrease of 0.53% at the close of the session on April 3.

Today, the USD exchange rate in the world and in the country is predicted to decrease simultaneously. Photo: Foreign currency trading service at a bank in Vinh city. Photo: Viet Phuong

Currently 1 Euro is worth 1.0905 USD. 1 British Pound is worth 1.2419 USD. 1 USD is worth 132,360 Yen. 1 USD is worth 1.3431 Canadian Dollar. 1 Australian Dollar is worth 0.6785 USD.

The dollar index, which measures the currency against a basket of six currencies including the euro, fell 0.9% to 102.01. The focus this week will be on the US jobs report on Friday, although many markets will be closed for Easter.

Against the Japanese currency, the dollar fell 0.3% to 132.44 yen, after earlier hitting its highest since around mid-March.

Sterling rose 0.8% to $1.2422, while the dollar fell 0.1% against the Swiss franc to 0.912 franc.

The risk-sensitive Australian dollar was last up 1.5% at $0.6790 ahead of the Reserve Bank of Australia's policy meeting on Tuesday. Markets have priced in an 85% chance the central bank will hold interest rates steady after 10 hikes. The Australian dollar earlier hit a one-month high against the greenback.

Domestic market foreign exchange rates: The reference exchange rate for US dollars at the State Bank's exchange office for buying and selling is: 1 USD = 23,450 VND (buy); 24,780 VND (sell).

* SJC gold increased slightly in the first session of the week, currently at 67.05 million VND

Today (April 4), domestic gold prices increased slightly in the first session of the week, with JSC gold prices currently at 67.05 million VND/tael (selling). Meanwhile, world gold prices also increased again, currently at 1984 USD.

At the time of survey at 5:00 a.m. on April 4, on the trading floor of Saigon Jewelry Company SJC, SJC gold was 66.45 million VND/tael for buying and 67.05 million VND/tael for selling.

SJC gold increased slightly in the first session of the week.

At Phu Quy Jewelry Company, at the time of survey, the listed price of SJC gold was at 66.45 - 67.05 million VND/tael (buy - sell).

DOJI listed the price of 9999 gold at 66.25 million VND/tael for buying and 66.95 million VND/tael for selling.

Vietinbank Gold price is listed at 66.45 million VND/tael for buying and 67.07 million VND/tael for selling.

The price of SJC gold at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 66.50 - 67.04 million VND/tael (buy - sell). The price of 24K Rong Thang Long gold of Bao Tin Minh Chau is listed at 55.17 - 56.12 million VND/tael.

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 1,984.310 USD/ounce. Converted according to the current exchange rate at Vietcombank, the world gold price is about 56.30 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 10.75 million VND/tael higher than the international gold price. Meanwhile, the US gold futures price increased by 0.7%, reaching 2,000.40 USD.

* Domestic coffee prices remain stable

Domestic coffee prices today (April 4) remained unchanged compared to yesterday, currently fluctuating from 48,200 - 48,600 VND/kg.

Specifically, the price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha is purchased at a price of 48,100 - 48,200 VND/kg.

Coffee trading this week is expected to remain relatively stable.

Today's coffee price in Dak Lak province, Cu M'gar district is currently at 48,500 VND/kg. In Ea H'leo district, Buon Ho town, the price is also 48,600 VND/kg.

In Gia Lai and Kon Tum provinces, the coffee purchase price today is 48,500 VND/kg. In Dak Nong province, the coffee price is at 48,400 VND/kg.

For world coffee prices, coffee prices on the two floors continued to increase.

This week’s coffee trading is expected to remain at a relatively similar level to last week. Economists believe that with the current situation, the US Federal Reserve may “slow down” in raising interest rates at its meeting next month and may end the rate hike cycle earlier than expected. However, if this happens, it will lead to concerns about a global economic recession. However, the report of a decline in coffee inventories in the near future will still be expected to help coffee trading go sideways or increase slightly in the short term.

According to data from the General Statistics Office, Vietnam's coffee exports in March 2023 are estimated to reach 230,000 tons, a sharp increase compared to 180,000 tons in the previous month as well as 211,000 tons in the same period last year, gradually showing a recovery. However, the cumulative export volume in the first 3 months of the year is still 1.6% lower than in 2022, which has somewhat limited the decline of this commodity.

* Gas ​​prices continue to fall sharply; traders closely monitor developments

Gas prices today (April 4) fell 4.02% to $2.127/mmBTU. Traders are watching for anything that could change the fragile market balance.

Asian spot liquefied natural gas (LNG) prices hit their lowest since early July 2021 as weak demand and high inventories in Northeast Asia continued to weigh on prices. The European region also saw record inventories.

In the domestic market, due to strong fluctuations in world gas prices, domestic retail gas prices from April 1 also decreased by 62,000 VND/12kg cylinder.

Specifically, gas companies will reduce the price of 12kg gas cylinders by 58,000 - 62,000 VND/cylinder. The equivalent price of gas will decrease by about 5,000 VND/kg.

Domestically, gas prices continue to drop sharply, with a 45kg gas cylinder dropping to 217,500 VND/cylinder. Photo: Viet Phuong

City Petro brand representative informed that the retail gas products of this company will be reduced by 4,833 VND/kg. Thus, City Petro's 12kg gas cylinder will be reduced by 58,000 VND/cylinder. Meanwhile, the 45kg gas cylinder will be reduced by 217,500 VND/cylinder.

Similarly, Saigon Petro Company Limited (Saigon Petro) announced that from April 1, 2023, the selling price of SP gas will decrease by VND 5,167/kg (including VAT), equivalent to a decrease of VND 62,000/12kg cylinder. With this reduction, the retail price of SP gas to consumers in April 2023 will be VND 399,000/12kg cylinder. The reason for the decrease in domestic gas prices, as stated by the representative of Saigon Petro, is that the average CP price in April decreased by USD 180/ton compared to March, to USD 550/ton.

According to experts, one of the reasons for this price decrease is due to the supply and demand situation in the world gas market. Currently, gas production is stable, while consumption demand is decreasing due to the global economy being affected by inflation and stagnant production.

With this situation, gas producers have had to reduce prices to maintain operations and compete in the market. This has caused gas prices in the market to drop sharply in recent times.