Foreign exchange price on December 16, 2024: USD waiting for Fed's move

DNVN - The central exchange rate of Vietnamese Dong against USD on December 16, 2024 was announced by the State Bank at 24,264 VND.

USD exchange rate on international market

The Dollar Index (DXY), which measures the value of the USD against six other major currencies (EUR, JPY, GBP, CAD, SEK, CHF), is currently at 106.94 points, down 0.6 points from December 15, 2024.

The upward trend of the USD in the international market is being recorded. The USD-Index increased to 106.95 points, nearly 1 point higher than last weekend. At one point, this index reached 107.09 when data from the US Department of Labor released on December 12 showed that the producer price index (PPI) in November increased by 0.4% compared to the previous month, far exceeding the forecast of 0.2% from Reuters.

Investors are now expecting the Fed to cut interest rates next week, a move that typically leads to a decline in the greenback. However, Karl Schamotta, chief strategist at Corpay, said that while the Fed could cut rates by another quarter point, recent moves by the Bank of Canada, the Swiss National Bank and the European Central Bank (ECB) have kept the spread in favor of the dollar, strengthening the currency.

The ECB has just cut interest rates for the third time in a row, cutting them by 0.25 percentage points to 3%, widening the gap between interest rates and the US target range of 4.5-4.75%.

The Fed's slow rate cuts have kept the interest rate differential between the US and other countries intact. This has led to high demand for USD to invest in assets priced in this currency, supporting the appreciation of the USD.

USD exchange rate in domestic market

In the morning trading session on December 16, the State Bank announced the central exchange rate between the Vietnamese Dong and the USD at 24,264 VND.

The reference exchange rate of the State Bank of Vietnam shows that the current buying and selling rates are 23,400 VND - 25,450 VND, unchanged from the previous session.

Specifically, the exchange rate at Vietcombank remains unchanged at 25,147 - 25,477 VND/USD (buy - sell) compared to the previous trading day.

At BIDV , the buying and selling prices were listed at 25,177 - 25,477 VND/USD, no change compared to the previous session. Techcombank also kept the exchange rate unchanged at 25,150 - 25,477 VND/USD.

Eximbank is currently trading at 23,740 - 25,477 VND/USD, unchanged from the previous trading session. ACB Bank also maintains the buying - selling price at 24,170 VND/USD - 25,477 VND/USD as before.

In the free market, the USD/VND exchange rate is currently around 25,650 - 25,750 VND/USD, down slightly by 10 VND in both buying and selling compared to the previous session.

The EUR exchange rate at the State Bank of Vietnam slightly decreased, currently trading at 24,156 VND - 26,699 VND (buy - sell).

For Japanese yen, the exchange rate at the State Bank of Vietnam remained unchanged, maintained at 151 VND - 167 VND.

Viet Anh (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-ngoai-te-ngay-16-12-2024-usd-cho-dong-thai-tu-fed/20241216084403402