USD price continues to increase, FED hints at further interest rate hike

How much is 1 USD in VND today?

The central exchange rate is listed by the State Bank at 24,014 VND/USD.

Today's black market USD exchange rate is at 24,160 - 24,530 VND (buy - sell).

Vietcombank's USD exchange rate today is listed at 24,160 VND - 24,530 VND (buy - sell).

Vietcombank Euro exchange rate is currently at 25,373 VND - 26,766 VND (buy - sell).

The current Japanese Yen exchange rate is 156.62 VND - 165.79 VND (buy - sell).

The current exchange rate of British Pound is 29,137 VND - 30,377 VND (buy - sell).

Today's Yuan exchange rate is at 3,272 VND - 3,412 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 105.86 points.

Foreign exchange rates today. Photo: CNBC

The dollar continued to rise in the last session and hit a one-week high after Federal Reserve Chairman Jerome Powell gave a speech that Fed policymakers are "not confident" that interest rates will remain high enough to end the fight against inflation.

The dollar index rose 0.35% to 105.86. The euro fell 0.37% to 1.0671 EUR/USD. The yen rose 0.21% to 151.29 JPY/USD - its highest level since Nov. 1.

Foreign exchange markets remain on alert for possible intervention to shore up the struggling Japanese currency.

“I don’t think Powell added anything new, but I think the market took his comments as somewhat tough,” said Vassili Serebrikov, a foreign exchange expert at UBS.

The dollar benefited from a rise in US Treasury yields over the past few months, which then reversed when Mr. Powell previously took a dovish tone.

Some Fed officials this week took a more hawkish stance, stressing that rate hikes are still on the table if inflation does not gradually decline to 2%.

“They don’t think the job of controlling inflation is done. I think there are some different views on whether they should raise rates more. It seems that they basically don’t want to. The Fed just wants to be patient and further assess the impact of raising rates on the economy ,” Serebrikov said.

Richmond Fed President Thomas Barkin said that although there has been “real progress” in inflation, it is not yet possible to judge that the Fed has completed its tightening cycle.

St. Louis Fed Acting President Kathleen O'Neill Paese also expressed concern that inflation has not fallen back to target.

According to CME Group's FedWatch tool, the probability of another rate hike by January 2024 has increased from 19% to 25%.

The market is also assessing the future of the USD if the US economy cools down.

The Australian dollar fell to a one-week low of $0.6364 AUD/USD.

Source