Foreign exchange price on October 9, 2024: USD price slightly decreased

DNVN - On October 9, 2024, the central exchange rate of the Vietnamese Dong against the USD increased by 15 VND, reaching 24,168 VND. Meanwhile, the US Dollar Index (DXY) decreased slightly by 0.06%, down to 102.47 points.

USD exchange rate on the world market

The Dollar Index (DXY), which measures the strength of the USD against six major currencies including EUR, JPY, GBP, CAD, SEK and CHF, fell slightly by 0.06% to 102.47 points compared to the trading session on October 8, 2024.

The decline in the US dollar comes as investors look ahead to the release of the minutes of the US Federal Reserve's September meeting later today, with a near-certainty that the Fed will cut interest rates by 50 basis points. The market had already seen a sharp sell-off in the dollar over the weekend, and investors are cautiously awaiting the September consumer price index (CPI) report, which is expected to be released tomorrow.

Meanwhile, the euro edged down 0.03 percent to $1.0971, near a seven-week low of $1.09515 hit late last week. The pound rose 0.02 percent to $1.3085, after hitting a three-week low of $1.30595 earlier in the week.

Traders have been shifting their expectations for more Fed easing this year. Last week’s strong jobs report reinforced Fed Chairman Jerome Powell’s view that the central bank will maintain its quarter-point rate cut, after starting the easing cycle with a big cut in September.

New York Fed President John Williams agreed, saying in an interview with the Financial Times on October 8 that the September decision should not be seen as a “hard code” for future Fed actions.

The market is now pricing in an 87% chance of a 25 basis point cut in November, while some investors think the Fed may not cut at all, according to the CME FedWatch tool. At the same time, the market is pricing in a total of 50 basis points of cuts by December, down from the more than 70 basis points expected just a week ago.

The move helped the dollar strengthen against other major currencies such as the euro, pound and yen. The yen saw some safe-haven buying on geopolitical concerns, but later eased. The dollar rose 0.06% against the yen to 148.27, after hitting a seven-week high of 149.10 earlier in the week on concerns that the Bank of Japan could soon raise interest rates.

The USD also rose to its highest level since August 19 against the CAD, ending the session up 0.3% at CAD1.3657. Meanwhile, the AUD fell 0.27% to USD0.6739, hitting its lowest level since September 16.

Domestic USD exchange rate

In today's trading session, the State Bank announced the central exchange rate of the Vietnamese Dong to the USD increased by 15 VND, currently at 24,168 VND.

Commercial banks are currently allowed to trade USD exchange rates in the range of 23,400 to 25,450 VND/USD. The State Bank of Vietnam has also adjusted the USD exchange rate in the buying and selling range of 23,400 to 25,450 VND/USD.

At Vietcombank, the buying and selling rates are currently at 24,635 - 25,025 VND. The USD exchange rate is fluctuating between 24,000 and 25,500 VND/USD.

The EUR exchange rate at the State Bank of Vietnam today increased slightly, with buying and selling prices at 25,213 VND - 27,867 VND.

The Japanese yen exchange rate at the State Bank of Vietnam also increased slightly, currently at 155 VND - 172 VND.

Thanh Mai (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-ngoai-te-ngay-9-10-2024-gia-usd-giam-nhe/20241009091520030