DNVN - On October 19, 2024, the USD temporarily stopped its upward momentum after five consecutive days of increase, due to risks arising from China.
USD exchange rate on the world market
The Dollar Index (DXY), which measures the strength of the USD against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stopped at 103.46 points, down 31 points compared to the trading day on October 18, 2024. The USD fell, taking a break after a five-day streak of gains due to increased investor risk appetite, thanks to economic stimulus measures from China that boosted global stocks, especially Chinese stocks.
Investors were encouraged by the Chinese government's launch of two new funding programs to boost the stock market, sending Chinese stock prices soaring, leading to a recovery in other stock markets such as the S&P 500 and Nasdaq.
This also helped the yuan appreciate and boosted commodity currencies like the Australian and Canadian dollars, while the US dollar was negatively affected. However, Bregar said that today's decline in the US dollar may be temporary.
According to LSEG estimates, US interest rate futures have priced in a 95% chance of a 25 basis point rate cut next month and just a 5% chance of the Fed leaving the fed funds rate unchanged or pausing at 4.75%-5%. The market had previously priced in a further 50 basis point rate cut at one of the next meetings. Futures markets also forecast cuts of around 45 basis points in 2024 and another 104 basis points in 2025.
Domestic USD exchange rate
On October 19, 2024, the USD in Vietnam also temporarily stopped increasing after five consecutive days of increase, due to the impact of economic risks in China.
Opening today's trading session, the State Bank announced the central exchange rate of the Vietnamese Dong to the USD increased by 28 VND, reaching 24,213 VND/USD.
Currently, commercial banks are allowed to trade exchange rates in the range of 23,400 to 25,450 VND/USD. The USD exchange rate is also listed by the State Bank of Vietnam in the buying and selling range of 23,400 to 25,450 VND/USD.
The EUR exchange rate at the State Bank of Vietnam decreased slightly, currently at 24,913 VND for buying and 27,535 VND for selling. The Japanese Yen exchange rate also decreased slightly, currently at 153 VND for buying and 170 VND for selling.
At Vietcombank, the current USD buying and selling rates are at 24,950 - 25,340 VND. In general, the USD buying and selling prices at banks range from 24,000 to 25,500 VND/USD.
Lan Le (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-ngoai-te-ngay-19-10-2024-usd-dao-chieu-giam-sau-5-ngay-tang-lien-tiep/20241019083645989
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