DNVN - In the trading session on December 25, 2024, the USD continued to increase slightly during the holiday season, boosted by expectations that the Fed will slowly adjust the interest rate cut roadmap.
USD exchange rate on international market
The Dollar Index (DXY), which represents the strength of the USD against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), reached 108.14, up 0.07 points from the previous session on December 24, 2024.
The muted holiday trading saw the dollar edge up, largely on the perception that the Fed may be slower to cut interest rates than other central banks around the world.
The greenback has gained more than 7% since late September, largely on expectations that the US economy will grow more strongly under President-elect Donald Trump, while high inflation has reduced the likelihood of the Fed cutting interest rates quickly.
This outlook in the United States is completely different from that of other major economies, making the interest rate differential between countries increasingly clear.
Last week, the Fed signaled that it would be taking a more cautious approach to rate cuts, which has boosted US Treasury yields, with the 10-year yield hitting a seven-month high today at 4.629%.
"Markets are benefiting from the positive post-election atmosphere and high expectations for the new year," said Joseph Trevisani, a senior analyst at FX Street in New York.
“This is a good time for the dollar, as expectations of rate cuts have eased. This shows that interest rates are the most important factor for the foreign exchange market,” he added.
The DXY index, which measures the greenback against a basket of currencies, rose 0.14% to 108.24. Meanwhile, the euro edged down 0.15% to $1.0389, and the index has risen in five of the last six sessions.
As the end of the year approaches, trading volumes are expected to be lower and analysts expect interest rates to continue to drive the market until the US jobs report is released on January 10.
The pound fell slightly by 0.06% to $1.2527.
Against the Japanese yen, the US dollar rose 0.1% to 157.34 as the Japanese currency remained near the level at which the government intervened to protect the value of its currency.
Minutes from the Bank of Japan’s recent meeting showed policymakers agreed that further interest rate increases were needed if economic factors continued to develop as expected. However, some officials stressed caution in the face of policy changes from the United States.
Mr Trump's return to the White House has increased uncertainty about new policies, especially on tariffs, tax cuts and immigration restrictions, which could have a major impact on the direction of the economy.
USD exchange rate in domestic market
In Vietnam, the central exchange rate announced by the State Bank on the morning of December 25 slightly decreased by 7 VND, currently at 24,308 VND/USD.
The reference exchange rate at the State Bank of Vietnam remains unchanged, maintained at the buying - selling rate: 23,400 VND - 25,450 VND.
Specifically, Vietcombank announced the buying and selling rates at 25,193 - 25,523 VND/USD, a slight decrease of 7 VND compared to the previous day.
At BIDV, the USD price decreased by 2 VND in buying and 7 VND in selling, currently reaching 25,228 - 25,523 VND/USD. Techcombank recorded a 14 VND decrease in buying price and a 70 VND decrease in selling price, down to 25,176 - 25,460 VND/USD.
Eximbank maintained the USD exchange rate unchanged at 23,788 - 25,530 VND/USD.
In the free market, the USD price today decreased sharply, specifically 107 VND in buying price and 113 VND in selling price, trading around 25,737 - 25,837 VND/USD.
In addition, the Euro exchange rate at the State Bank of Vietnam has slightly decreased, currently buying and selling at 24,026 VND - 26,555 VND. The Japanese Yen exchange rate has also decreased, currently trading in the range of 147 VND - 162 VND.
Viet Anh (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-ngoai-te-ngay-25-12-2024-usd-giu-da-tang-trong-ky-nghi-le/20241225091738111
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