Foreign exchange prices on October 15, 2024: USD skyrocketed, reaching 103.21 points

DNVN - Today, the US dollar recorded its strongest gain in the past 10 weeks.

USD exchange rate in the international market

The Dollar Index (DXY), which measures the strength of the USD against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), closed at 103.21 points, up 0.68 points from the trading session on October 14, 2024.

The US dollar hit a 10-week high today amid subdued trading activity. The multi-week rally was sustained by economic data showing a slowdown, consistent with expectations that the Federal Reserve will cut interest rates moderately.

Trading volume was low, as major markets such as Japan and Canada were closed on Monday, while the US bond market paused trading for Indigenous Peoples' Day. The greenback strengthened against the Chinese yuan after the announcement of China's economic stimulus package over the weekend failed to please investors.

The US dollar index continued to rise to 103.36 points, its highest level since August 8th. Recently, the index increased 0.2% to 103.23, while the euro fell to its lowest level in 10 weeks, below $1.09, and recently declined 0.3% to $1.0902.

The European Central Bank (ECB) is expected to cut interest rates this week, but the Fed's decision remains the focus of market attention. According to LSEG estimates, US interest rate futures markets are anticipating an 87% probability that the Fed will ease interest rates by 25 basis points at its November meeting, and only a 13% probability that the Fed will keep rates unchanged at its target range of 4.75%-5%.

Meanwhile, the Fed made a sharp 50-basis-point rate cut at its September policy meeting.

Between now and the end of the year, the market expects the Fed to continue cutting rates by approximately 45 basis points, and a further 98.5 basis points in 2025. This figure is significantly lower than predictions made before the Fed's September meeting, when breakthrough non- farm payroll data altered expectations for future interest rate cuts.

Expectations of slow and small interest rate cuts from the Fed have helped the dollar maintain its upward momentum in recent weeks, but analysts believe this rally may be coming to an end.

In other developments, the euro continued to depreciate, closing down 0.3% at $1.0902 as investors became almost certain that the ECB would cut interest rates by 25 basis points at this week's policy meeting, amid data indicating a slowdown in eurozone activity.

The British pound fell 0.1% against the US dollar, currently trading at $1.3054.

Against the Japanese yen, the US dollar rose to its highest level since early August, reaching 149.96 yen.

Domestic USD exchange rate

On October 15, 2024, the US dollar continued its strong upward trend, reaching a 10-week high, while the euro and the Chinese yuan depreciated.

At the opening of the trading session, the State Bank of Vietnam announced that the central exchange rate between the Vietnamese Dong and the US Dollar decreased by 14 dong, currently standing at 24,161 dong/USD.

Currently, the exchange rate at commercial banks fluctuates between 23,400 and 25,450 VND/USD. The State Bank of Vietnam's Exchange Transaction Department has also adjusted the USD buying and selling rate to between 23,400 and 25,450 VND/USD.

The USD exchange rate at Vietcombank is currently 24,630 – 25,020 VND for buying and selling. The buying and selling price of USD in the interbank market ranges from 24,000 - 25,500 VND/USD.

The euro exchange rate at the State Bank of Vietnam's Exchange Department decreased slightly, currently standing at 25,070 VND for buying and 27,709 VND for selling.

The Japanese yen exchange rate at the State Bank of Vietnam's Exchange also decreased slightly, currently listed at 154 dong for buying and 170 dong for selling.

Thanh Mai (compiled)

Source: https://doanhnghiepvn.vn/kinh-te/gia-ngoai-te-ngay-15-10-2024-usd-tang-vot-dat-moc-103-21-diem/20241015084839528