Tel : 0086-0371-86172891
Tel : 0086-0371-86172891
On the early morning of September 19th Beijing time, the Federal Reserve announced a 50 basis point E335 steel reduction in the benchmark interest rate to 4.75% -5.00%, marking the first rate cut in four years. Subsequently, it can be seen that the US Dollar Index (DXY) fell 0.18 points to the level of 100.93. As of press time, the current median price of the US dollar against the Vietnamese dong has increased by 35 to 24590, compared to the previous E335 steel trading day's median price of 24640.
From the perspective of the appreciation of the Vietnamese dong, the weakening of the US dollar is the main driving factor. Currently, due to the expectation of interest rate cuts by the Federal Reserve and fluctuations in the US stock market, the weakening of the US dollar may be exacerbated, and the Vietnamese dong may continue to strengthen, which is favorable for steel imports denominated in E335 steel US dollars.
