Yen-yen exchange rate differential hits highest level since 2008

Yen-to-dollar exchange rate differential hits highest since 2008 — The Yen exchange rate is expanding. Illustration photo: Xinhua

How much is 1 USD in VND today?

State Bank USD exchange rate is at 24,003 VND.

Vietcombank USD exchange rate is currently at 24,590 VND - 24,960 VND (buy - sell).

The Euro exchange rate is currently at 26,236 VND - 27,676 VND (buy - sell).

The current Japanese Yen exchange rate is 158.65 VND - 167.92 VND (buy - sell).

The British Pound exchange rate is currently at 30,601 VND - 31,903 VND (buy - sell).

Today's Yuan exchange rate is at 3,372 VND - 3,406 VND (buy - sell).

USD price today

The US Dollar Index (DXY) measures the greenback's fluctuations against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), recording at 103.94 points.

The Bank of Japan recently announced a historic move away from negative short-term interest rates and a cap on long-term interest rates. Following this event, the Yen exchange rate recorded 151.63 per dollar.

The US Federal Reserve kept interest rates unchanged at 5.25% to 5.5% and is expected to cut rates three times by the end of the year. However, the Fed needs more evidence that US inflation is on track to fall to a sustainable 2%. The market currently expects the Fed to cut rates by 80 basis points this year.

“With this adjustment and pricing in the number of Fed cuts, we see the dollar being supported again, which is why the yen-dollar exchange rate has widened,” said Patrick Hu, G10 currency strategist at Citi.

The USD/JPY pair has risen as much as 1.6% this week, sending the forex market looking for other currencies to take profits.

EUR/JPY hit its highest level since 2008 at 165.37. AUD/JPY also crossed the 100 mark for the first time since 2014.

The pound fell after the Bank of England kept interest rates unchanged. GBP/USD extended gains by 0.6% to 1.2661.

The USD Index recorded a 0.5% increase to 103.94 - the second consecutive weekly gain.

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