The US dollar surged sharply.

Meanwhile, in the US market, the US Dollar Index (DXY), which measures the fluctuations of the US dollar against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), rose sharply by 0.65%, reaching 102.71.

Today's USD exchange rate worldwide

The US dollar rose against the euro and the British pound in the last trading session, and is on track for its biggest weekly gain since February, as investors shift toward safe-haven assets.

Chart showing the fluctuations of the DXY index over the past 24 hours. Image: Marketwatch

A University of Michigan survey on May 12 showed that U.S. consumer sentiment in May fell to its lowest level in six months, due to concerns surrounding the federal government's potential increase in the borrowing ceiling, which could trigger an economic recession. Consumer expectations for long-term inflation rose to their highest level since 2011. This could influence the Federal Reserve's decision to pause interest rate hikes.

Recent data showing a slowing economy has fueled the possibility that the Fed will pause interest rate hikes at its June meeting. In addition, US consumer price index inflation cooled to 4.9% year-on-year in April. Furthermore, weekly jobless claims rose more than expected.

However, Karl Schamotta, market strategist at Corpay in Toronto, commented: “The divergence in exchange rates continues to favor the greenback. Surprises in the University of Michigan consumer sentiment survey are suggesting another interest rate hike at the Fed’s June meeting.”

Federal Reserve Governor Michelle Bowman said the central bank may need to raise interest rates further if inflation remains high.

The British pound fell 0.5% to $1.2448, while the euro weakened, dropping 0.6% to $1.0851.

Today's USD exchange rate (May 13): The US dollar surges strongly. Illustration photo: Reuters

Domestic USD exchange rate today

On the domestic market, at the end of the trading session on May 12, the State Bank of Vietnam announced that the central exchange rate of the Vietnamese Dong against the US Dollar increased by 8 dong, currently at: 23,640 dong.

* The reference exchange rate at the State Bank of Vietnam's exchange floor (buying - selling) has increased, currently at: 23,450 VND - 24,772 VND.

The USD exchange rates at commercial banks for buying and selling are as follows: