Yen exchange rate approaches 150, USD price has a week of high climbs

How much is 1 USD in VND today?

State Bank USD exchange rate is at 23,956 VND.

Vietcombank USD exchange rate is currently at 24,200 VND - 24,570 VND (buy - sell).

The Euro exchange rate is currently at 25,508 VND - 27,086 VND (buy - sell).

The current Japanese Yen exchange rate is 159.44 VND - 169.87 VND (buy - sell).

The British Pound exchange rate is currently at 29,925 VND - 31,405 VND (buy - sell).

Today's Yuan exchange rate is at 3,310 VND - 3,475 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 104.04 points.

The US dollar is headed for a fourth straight week of gains as the US economy continues to show strong growth. Recent data showed that inflation in the US remained stable, with the consumer price index (CPI) rising slightly compared to the October and November reports. In addition, the number of unemployment claims fell by 9,000 to 218,000 in the week ended February 3.

These are the statistics that the US Federal Reserve used to set the time for a rate cut in the middle of this year.

Federal Reserve Chairman Jerome Powell said the Fed may be more patient in deciding when to cut its benchmark interest rate.

“The wise thing to do is to take some time and see if the data confirms that inflation is coming down to 2% in a sustainable way,” the leader said.

“We continue to see little room for the Fed to ease monetary policy, which is positive for the US dollar,” said George Saravelos, global head of foreign exchange research at Deutsche Bank.

Previously, most experts and markets believed that the Fed would ease policy in March. According to the CME FedWatch tool, the market almost ruled out the possibility of a rate cut at the Fed's next policy meeting in March. A month ago, this rate was at 65.9%. As for the May meeting, the probability is currently around 60%.

Despite a few declines, the USD Index hit new highs twice during the week. The USD rose to an eight-week high and then to an 11-week high. This led to many currency pairs expanding to record levels in the past seven days. On February 6 alone, the Euro rose 0.43% to 1.0744 EUR/USD, the highest since November 14. The JPY/USD extended its gains to 148.89, the highest since November 27. The British Pound rose 0.75% to 1.2537 to the USD, the highest since December 13.

At the end of the week, the Yen exchange rate continued to expand by 0.64%, recording 149.32 JPY/USD.

Officials from the European Central Bank and the Bank of England have both ruled out any interest rate cuts in the near future. Japanese Finance Minister Shunichi Suzuki said he is "watching exchange rate movements carefully."

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