Japanese Yen Likely to Continue to Devalue; Domestic Coffee Prices Stable

Japanese Yen Exchange Ratelikely to continue to depreciate

Surveyed on the morning of August 28, 2023 at banks, specifically the Japanese Yen exchange rate is as follows:

At Vietcombank, the Vietcombank Japanese Yen exchange rate is 159.68 VND/JPY and the selling rate is 169.04 VND/JPY.

At Vietinbank, the Yen exchange rate for both buying and selling is 160.08 VND/JPY and 169.78 VND/JPY.

At BIDV Bank, the Japanese Yen buying and selling rates are 160.65 VND/JPY and 169.19 VND/JPY, respectively.

At Agribank, the Japanese Yen buying and selling rates are 161.84 VND/JPY and 165.91 VND/JPY, respectively.

At Eximbank, the buying and selling rates are 162.12 VND/JPY and 166.54 VND/JPY, respectively.

At Techcombank, the Japanese Yen exchange rate for buying and selling is 157.81 VND/JPY and 170.1 VND/JPY, respectively.

At Sacombank, the Japanese Yen exchange rate for buying is 162.43 VND/JPY and for selling is 167.99 VND/JPY.

At NCB Bank, the Japanese Yen exchange rate is 160.30 VND/JPY for buying and 168.06 VND/JPY for selling.

At HSBC bank, the Japanese Yen buying and selling rates are 160.13 VND/JPY and 167.19 VND/JPY, respectively.

Thus, today's Japanese Yen exchange rate at Sacombank is the bank with the highest Japanese Yen buying rate and Agribank has the lowest selling rate among the surveyed banks.

Will the price of 9999 gold and SJC continue to decrease next week?

At the time of survey at 5:30 a.m. on August 28, 2023, the gold price on the trading floors of some companies was as follows:

Today's 9999 gold price is listed by DOJI at 67.20 million VND/tael for buying and 68.10 million VND/tael for selling.

At Mi Hong Gold and Gemstone Company, the price of Mi Hong gold at the time of survey listed the price of SJC gold at 67.50 - 67.85 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 67.45 - 67.98 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 67.45 - 68.18 million VND/tael (buy - sell).

After four consecutive weeks of losses, gold posted a modest weekly gain, although the gains were modest. Analysts noted that the gold market is in a wait-and-see mode, with upcoming economic data likely to provide significant volatility.

In the context of slight fluctuations in domestic gold prices and world gold prices at 1,914.8 USD/ounce (equivalent to nearly 55.7 million VND/tael if converted at Vietcombank exchange rate, excluding taxes and fees), the gap between domestic and world gold prices is still about 12 million VND/tael.

Domestic coffee prices are stable

Domestic coffee prices on August 28, 2023 stabilized, reaching an average price of 65,400 VND/kg.

Specifically, coffee prices in Gia Lai and Kon Tum provinces stood at VND65,100/kg, up VND500/kg from the previous session. In Dak Nong province, the highest coffee price was VND65,800/kg.

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, coffee is purchased at 64,900 VND/kg.

In Cu M'gar district, Dak Lak province, coffee price is currently at 65,600 VND/kg. In Ea H'leo district, Buon Ho town, it is purchased at the same price of 64,600 VND/kg.

World coffee prices, at the end of the weekend trading session, Robusta coffee prices on the ICE Europe - London exchange continued to recover continuously. The November 2023 spot futures increased by 31 USD, to 2,437 USD/ton and the January 2024 futures increased by 24 USD, to 2,349 USD/ton, the March 2024 futures increased to 2,322 USD/ton, very significant increases. Trading volume was at an average level.

On the contrary, Arabica coffee prices on the ICE US – New York exchange adjusted down. The December spot futures decreased by 1.15 cents to 153.15 cents/lb and the March 2024 futures decreased by 1 cent to 154.30 cents/lb, both slight decreases. Trading volume was below average.

Data from the General Department of Customs shows that Vietnam's coffee export price reached a record high in July 2023, reaching 2,828 USD/ton.