Yen continues to soar, exchange rate narrows further

How much is 1 USD in VND today?

State Bank USD exchange rate is at 23,996 VND.

Vietcombank USD exchange rate is currently at 24,470 VND - 24,840 VND (buy - sell).

The Euro exchange rate is currently at 26,303 VND - 27,746 VND (buy - sell).

The current Japanese Yen exchange rate is 161.84 VND - 171.30 VND (buy - sell).

The current exchange rate of British Pound is 30,781 VND - 32,091 VND (buy - sell).

Today's Yuan exchange rate is at 3,353 VND - 3,501 VND (buy - sell).

USD price today

The US Dollar Index (DXY), which measures the greenback's movements against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), recorded 103.30 points.

The U.S. Department of Labor's Bureau of Labor Statistics said nonfarm payrolls increased by 275,000 jobs last month. January's data was revised to a gain of 229,000 jobs.

The unemployment rate rose to 3.9% in February after holding at 3.7% for three consecutive months.

“I think the market is pretty scared that the Fed won’t cut rates anytime soon,” said Stuart Cole, chief economist at Equiti Capital. “The report will be a bit of a positive. Even if the easing isn’t as big as expected, things are still moving in the right direction.”

“At least in the short term, I think the dollar will be supported,” he added.

The euro continued to decline by 0.06% to 1.09425 EUR/USD. The common European currency hit an eight-week high earlier. On the week, the euro recorded a gain of nearly 1%. This is the best weekly performance since December 22, 2023.

The ECB kept interest rates at a record high of 4.00% on Thursday while cautiously laying the groundwork for a rate cut later this year. The European Central Bank said it had made good progress in reducing inflation.

The euro has gained ground this week as the dollar has come under pressure as Fed Chairman Jerome Powell is expected to cut interest rates in the coming months, saying the path to easing is “not far away”.

Meanwhile, the yen rose to a five-week high, supported by signs that the Bank of Japan is backing the idea of raising interest rates. The BOJ is expected to consider buying government bonds in the near future. More and more BOJ officials are in favor of ending negative interest rates, especially as workers have reached a deal to raise wages.

The Yen exchange rate is currently at 147.05 JPY/USD, down 0.68%.

Kathleen Brooks, research director at XTB, said: “In the short term, the Yen exchange rate could reach 145 JPY/USD."

The Yen has been the worst performing major currency this year due to the huge gap between US and Japanese bond yields.

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