The US dollar surged sharply across the board.

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 0.64%, reaching 103.52.

Today's USD exchange rate worldwide

The US dollar rose to a seven-week high in the last trading session, driven by expectations of a US debt ceiling agreement that would avert a potential default.

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

Responding to reporters at the Capitol, the headquarters of the U.S. Congress , about the possibility of reaching a debt ceiling agreement by the time Biden returns from his Asia trip, Republican House Speaker Kevin McCarthy said: “It’s possible. We’re on a tight schedule. It’s going to be harder, but I never give up and we’re going to get it done.” McCarthy also expressed his expectation of a bill to raise the $31.4 trillion debt ceiling next week.

Earlier, on May 17, US President Joe Biden and House Speaker Kevin McCarthy announced that both sides hoped to reach an agreement by May 21 to raise the federal government's debt ceiling, currently at $31.4 trillion, and avoid a catastrophic economic default.

In addition to debt ceiling negotiations, investors are also looking at U.S. economic data, which has reflected the strength of the country's economy in recent weeks. Reports on May 18 showed that the number of initial jobless claims in the U.S. was 242,000 last week, lower than the forecast of 254,000.

Karl Schamotta, market strategist at Corpay in Toronto, Canada, said: “A series of better-than-expected data, coupled with hawkish views from Fed officials, has fueled expectations of further interest rate increases.”

The market has priced in a 33% chance of the Fed raising interest rates by another 25 basis points at its June meeting. Previously, markets had priced in a 20% chance of the Fed cutting interest rates in June.

Fed officials also opposed pausing interest rate hikes next month on May 18, citing persistently high inflation. Specifically, Dallas Fed President Lorie Logan said she was concerned that inflation remains "too high," preventing the Fed from pausing its interest rate hike campaign in June.

Against the Japanese yen, the US dollar rose 0.7%, reaching a six-month high of 138.74.

Today's USD exchange rate (May 19): The US dollar surged sharply across the board. Illustration: Reuters.

Domestic USD exchange rate today

On the domestic market, at the end of the trading session on May 18th, the State Bank of Vietnam announced that the central exchange rate of the Vietnamese Dong against the US Dollar had increased sharply by 16 dong, currently standing at 23,672 dong.

* The reference exchange rate at the State Bank of Vietnam's exchange floor increased slightly for buying and selling, currently at: 23,400 VND - 24,805 VND.

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

USD exchange rate	Buy	Sell
Vietcombank	23,280 VND	23,620 VND
Vietinbank	23,245 VND	23,665 VND
MB	23,300 VND	23,600 VND

* The Euro exchange rate at the State Bank of Vietnam's exchange desk decreased slightly, with buying and selling rates at 24,4373 VND – 26,938 VND.

Euro exchange rate	Buy	Sell
Vietcombank	24,957 VND	26,091 VND
Vietinbank	24,416 VND	25,706 VND
MB	24,966 VND	26,094 VND

Today's USD exchange rate worldwide

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