DNVN - On October 11, 2024, the central exchange rate of the Vietnamese Dong against the USD increased by 5 VND, reaching 24,172 VND. Meanwhile, the USD decreased slightly against the Japanese Yen due to weak data on the US labor market and continued inflation.
USD exchange rate on international market
The Dollar Index (DXY), which measures the strength of the USD against six major currencies including EUR, JPY, GBP, CAD, SEK, CHF, decreased by 0.03 points, closing at 102.86 points compared to the trading day of October 10, 2024.
The dollar weakened against the Japanese yen in recent trading as investors assessed data showing a weak US labor market and a slight increase in inflation, which has created the possibility that the US Federal Reserve (Fed) could continue to cut interest rates in the near future.
The US Department of Labor announced on October 10 that the Consumer Price Index (CPI) increased by 0.2% in September. In the 12 months through September, the CPI increased by 2.4%, which is the lowest annual increase since February 2021.
Economists polled by Reuters forecast the CPI would edge up just 0.1% and rise 2.3% year-on-year.
Other data from the US Department of Labor also showed the number of people filing for unemployment benefits spiked last week, partly due to the impact of Hurricane Helene.
“The market is torn between focusing more on inflation or jobs,” said Brad Bechtel, global head of FX at Jefferies in New York. He said the Fed has changed its stance, having previously focused on inflation and cut interest rates by 50 basis points, but recently hinted that it might not continue that policy.
The dollar fell 0.38 percent to 148.66 yen, after hitting a peak of 149.58 yen, its highest since Aug. 2. Bank of Japan Deputy Governor Ryozo Himino said on Oct. 10 that he supported raising interest rates if the economy performed as expected, which sent the yen higher against the dollar.
The euro fell to its lowest level since August 8 against the dollar, down 0.14% to close at $1.0925. At the same time, the dollar also fell 0.45% against the Swiss franc, down to 0.856.
The DXY index briefly touched 103 before falling back.
In an interview with the Wall Street Journal on October 11, Atlanta Federal Reserve Bank President Raphael Bostic said he was not opposed to keeping interest rates unchanged at the Fed's next meeting. He also noted that "volatility" in inflation and employment data could be a reason for holding rates steady in November.
CME Group's FedWatch tool shows traders are now betting on an 85% chance the Fed will cut rates by 25 basis points at its November 7 policy meeting, and a 15% chance of leaving rates unchanged.
The yield on two-year notes, which typically move in line with interest-rate expectations, fell 2.8 basis points to 3.989%.
Domestic USD exchange rate
Opening today's trading session, the State Bank announced the central exchange rate of the Vietnamese Dong to the USD at 24,168 VND, unchanged from before.
The USD exchange rate at commercial banks fluctuates from 23,400 to 25,450 VND/USD. The USD exchange rate is set by the State Bank of Vietnam in the buying and selling range from 23,400 to 25,450 VND/USD.
At Vietcombank, the current USD buying and selling rate is 24,635 - 25,025 VND. The USD buying and selling price ranges from 24,000 to 25,500 VND/USD.
The EUR exchange rate at the State Bank of Vietnam decreased slightly, at 25,128 VND - 27,773 VND.
The Japanese yen exchange rate at the State Bank of Vietnam increased slightly, currently at 154 VND - 170 VND.
Viet Anh (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-ngoai-te-ngay-11-10-2024-ty-gia-usd-giam-nhe/20241011085545828
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