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VNDIRECT Research nhận định động thái NHNN mua ngoại tệ giao ngay có thể vừa bổ sung dự trữ, vừa bơm thêm thanh khoản đồng nội tệ vào hệ thống ngân hàng.
Các ý chính:
- Ngân hàng Nhà nước bắt đầu mua ngoại tệ giao ngay từ ngày 11/11 với mức giá 25.500 đồng/USD, sau nghiệp vụ hoán đổi kỳ hạn 182 ngày quy mô khoảng 1,8 tỷ USD.
- Cán cân thương mại hàng hóa chuyển sang xuất siêu từ tháng 9, với thặng dư khoảng 7,3 tỷ USD trong tháng 10, tạo điều kiện thuận lợi hơn cho việc mua ngoại tệ.
- VNDIRECT không loại trừ khả năng NHNN phát hành tín phiếu để trung hòa thanh khoản vào cuối 2026 và 2027, do lạm phát bình quân 10 tháng ở mức 4,57%, cao hơn nhẹ mục tiêu 4,5%.
- Trong giai đoạn 2016–2023, VN-Index tăng ở 11/13 lần sau 1 tháng và 12/13 lần sau 3 tháng kể từ các đợt NHNN mua ngoại tệ, tuy mẫu số liệu còn nhỏ và trùng với các pha tăng chung của thị trường.
- Về kỹ thuật, VN-Index vẫn trong pha tích lũy và cần vượt vùng kháng cự 1.770–1.800 điểm để xác nhận một nhịp tăng trung hạn rõ ràng hơn.
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