The Japanese Yen hits a record high, while the US Dollar rises.

What is the exchange rate of 1 USD to VND today?

The State Bank of Vietnam's USD exchange rate is 23,956 VND.

The current USD exchange rate at Vietcombank is 24,200 VND - 24,570 VND (buying rate - selling rate).

The current Euro exchange rate is 25,508 VND - 27,086 VND (buying rate - selling rate).

The current exchange rate for the Japanese Yen is 159.44 VND - 169.87 VND (buying rate - selling rate).

The current exchange rate for the British Pound is 29,925 VND - 31,405 VND (buying rate - selling rate).

The exchange rate for the Chinese Yuan today is 3,310 VND - 3,475 VND (buying rate - selling rate).

Today's USD exchange rate

The US Dollar Index (DXY), which measures the fluctuations of the US dollar against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), recorded a level of 104.04 points.

While core inflation remains stable, the overall US economic picture hasn't changed the market's outlook on when the Fed will cut interest rates.

Reports released by the U.S. Department of Labor show that the consumer price index (CPI) rose slightly compared to previous reports in October and November 2023.

Steven Ricchiuto, chief US economist at Mizuho Securities USA LLC, said: “The revision will not cause the Fed to cut interest rates. The Federal Reserve itself is not in a hurry to do so. From their perspective, things are going pretty well.”

The USD Index fell 0.07% to 104.04, while the Euro rose 0.08%. The EUR/USD exchange rate was at 1.0785.

Marc Chandler, a market expert at Bannockburn Global Forex, assessed that the data revisions were too minor to affect the market.

"I think the foreign exchange market is in the process of consolidating, unlike last year when everyone was assessing how much the Fed would cut interest rates and when it would start cutting them," he said.

Federal Reserve officials this week once again signaled that the Fed has no urgent need to cut interest rates. This message boosted the US dollar and pushed the yen to its lowest level in 10 weeks.

Regarding the Bank of Japan, the market is beginning to lose hope that the central bank will raise interest rates to move away from its current easing policy. BOJ Governor Kazuo Ueda said that the bank is likely to maintain its current policy even after ending its negative interest rate policy – something the market anticipates will happen early next month.

The JPY/USD exchange rate is at 149.32 after climbing to 149.575 earlier in the session. This is the highest level since November 27th. The pair is on track for a gain of approximately 0.64% this week.

Japanese Finance Minister Shunichi Suzuki said he is "carefully monitoring movements in the exchange rate."

The next important data release from the US will be the January CPI on February 13th.

According to the CME FedWatch tool, the market has almost ruled out the possibility of an interest rate cut at the Fed's next policy meeting in March. A month ago, the probability was at 65.9%. For the May meeting, the probability is now around 60%.

The British pound rose 0.15%. The GBP/USD exchange rate was at 1.2635. Both the euro and the pound were relatively firm this week. Officials from the European Central Bank and the Bank of England have both ruled out the possibility of cutting interest rates in the near future.

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