Gold price on March 11 decreased due to profit-taking activities contrary to safe-haven demand
11-03-2025
The Dollar Index (DXY), which measures the greenback against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stood at 107.62 – down 0.39 from February 5, 2025.
The greenback fell to its lowest level in more than a week on Wednesday as investor worries about the global trade war eased, while the Japanese yen gained on strong wage data.
The dollar index, which tracks the greenback against six other currencies, fell 0.435% to 107.58, having earlier hit its lowest since January 27 at 107.29.
As US President Donald Trump prepares to impose 25% import tariffs on Mexico and Canada, the dollar jumped as much as 1.3% to 109.88 on Monday. The dollar has since fallen about 2% after both Mexico and Canada won a one-month reprieve by beefing up border security, even as the United States raised tariffs on China.
“In particular, markets were relieved that China did not retaliate too aggressively, suggesting that China is willing to absorb higher US tariffs for now,” said Adam Button, currency analyst at ForexLive.
The euro rose 0.24% to $1.041 after falling as much as 2.3% on Monday on concerns about the global impact of tariffs and the possibility of an extension of duties on the European Union.
The dollar was the biggest loser on Wednesday against the yen, boosted by strong Japanese wage data and comments from a Bank of Japan official hinting at further rate hikes.
The US currency fell 1.19% to 152.525, its lowest since December.
Nick Rees, head of macro research at Monex Europe, said: “The dollar’s decline this morning (Wednesday) appears to be an extension of recent trends, as markets continue to price in tariff risks from the FX market.”
The dollar extended losses against the yen after data showed US services sector activity unexpectedly slowed in January as demand weakened.
The Institute for Supply Management (ISM) said on Wednesday that its non-manufacturing purchasing managers’ index (PMI) fell to 52.8 last month from 54.0 in December. Economists polled by Reuters had forecast the services PMI rising to 54.3.
Data showed Japan’s inflation-adjusted real wages rose 0.6% year-on-year in December, helped by a rise in winter bonuses. That has traders increasingly betting on the BOJ raising interest rates further this year, with just over 30 basis points on the table by year-end.
Sterling rose 0.2% after hitting a one-month high of $1.255.
Trump’s threat of new 10% tariffs on China sent the yuan slightly lower on Monday as markets returned from an extended Lunar New Year holiday.
The yuan fell 0.47% in onshore trading. The currency’s gains were capped by the People’s Bank of China setting a stronger-than-expected midpoint rate, around which the currency is allowed to trade within a 2% band.
Investors have been watching the exchange rate adjustment for clues on whether Beijing will allow the yuan to weaken to cushion the impact of trade measures.
On Tuesday, China imposed its own tariffs on imports from the United States in a swift response, and on the same day, Trump said he was in no rush to speak with Chinese President Xi Jinping to try to ease the situation.
USD exchange rate today 06/02/2025: Falling to 1-week low
The USD has fallen to its lowest level in more than a week as investors’ worries about the trade war subside.
At the time of the survey at 5:00 a.m. on February 6, the central exchange rate at the State Bank of Vietnam was currently 24,395 VND/USD, up 35 VND compared to yesterday’s trading session.
Specifically, at Vietcombank, the USD exchange rate is 24,950 – 25,340 VND/USD, down 20 VND for buying and up 200 VND for selling compared to yesterday’s trading session. TPB Bank is buying USD cash at the lowest price: 1 USD = 24,390 VND
TPB Bank is buying USD transfers at the lowest price: 1 USD = 24,430 VND
VietinBank is buying USD cash at the highest price: 1 USD = 25,190 VND
VietinBank is buying USD transfers at the highest price: 1 USD = 25,549 VND
TPB Bank is selling USD cash at the lowest price: 1 USD = 24,870 VND
HSBC Bank is selling USD transfers at the lowest price: 1 USD = 25,296 VND
Saigonbank is selling USD cash at the highest price: 1 USD = 25,614 VND
VIB Bank is selling USD transfers at the highest price: 1 USD = 25,525 VND
