USD exchange rate stagnates before FED leadership hearing

How much is 1 USD in VND today?

State Bank USD exchange rate is at 24,017 VND.

Vietcombank USD exchange rate is currently at 24,490 VND - 24,860 VND (buy - sell).

The Euro exchange rate is currently at 26,101 VND - 27,534 VND (buy - sell).

The current Japanese Yen exchange rate is 159.69 VND - 169.02 VND (buy - sell).

The current exchange rate of British Pound is 30,530 VND - 31,829 VND (buy - sell).

Today's Yuan exchange rate is at 3,360 VND - 3,503 VND (buy - sell).

USD price today

The US Dollar Index (DXY) measures the greenback's fluctuations against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), recording at 103.82 points.

The US dollar traded in a narrow range after data from the Institute for Supply Management (ISM) showed a slowdown in growth in the US services sector in February.

The greenback has gained 2.4% this year on better-than-expected U.S. economic data. However, the dollar has stalled in recent sessions as investors look for clearer signs of Fed policy.

Friday’s US February jobs report is a test ahead with the potential to shake up markets. A bullish surprise could help fuel the dollar’s gains this year.

In his upcoming testimony, Fed Chairman Powell is expected to reinforce the argument that the Federal Reserve will wait for more data before cutting interest rates.

“The reiteration of this view is unlikely to change current market valuations for the start of the Federal Open Market Committee (FOMC) rate-cutting cycle in June, so it will have limited impact on the USD,” said Carol Kong, currency strategist at Commonwealth Bank of Australia.

According to the CME FedWatch tool, there is about a 60% chance the Fed will cut interest rates in June.

Elsewhere, the European Central Bank (ECB) is expected to keep interest rates at a record 4% at its policy meeting on Thursday. Instead, the focus will be on when to start easing. The ECB will also update its economic forecasts.

The euro exchange rate was steady at 1.0852 to the dollar.

The pound fell 0.1% to 1.2695 per dollar.

The Yen exchange rate remained at 149.92 per USD, temporarily escaping the threshold of 150 JPY/USD.

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