Record high Yen exchange rate, USD price increases

How much is 1 USD in VND today?

State Bank USD exchange rate is at 23,956 VND.

Vietcombank USD exchange rate is currently at 24,200 VND - 24,570 VND (buy - sell).

Euro exchange rate is currently at 25,508 VND - 27,086 VND (buy - sell).

The current Japanese Yen exchange rate is 159.44 VND - 169.87 VND (buy - sell).

The current British Pound exchange rate is 29,925 VND - 31,405 VND (buy - sell).

Today's Yuan exchange rate is at 3,310 VND - 3,475 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 104.04 points.

While core inflation remains subdued, the overall US economic picture does not change the market's outlook on when the Fed will cut interest rates.

Reports released by the US Department of Labor showed that the consumer price index (CPI) increased slightly compared to the previous report in October and November 2023.

“The revision will not cause the Fed to cut rates,” said Steven Ricchiuto, chief U.S. economist at Mizuho Securities USA LLC. “The Federal Reserve itself is in no rush to do so. From their perspective, the situation is quite good.”

The US dollar index fell 0.07% to 104.04, while the euro rose 0.08%. The EUR/USD exchange rate was at 1.0785.

Marc Chandler, market expert at Bannockburn Global Forex, assessed: the data revisions are too small to affect the market.

“I think the foreign exchange market is in a consolidation process, unlike last year when everyone was assessing how much the Fed would cut interest rates and when the Fed would start cutting,” he said.

Federal Reserve officials this week again signaled there was no urgent need for the Fed to cut interest rates, a message that was favorable for the dollar and pushed the yen to a 10-week low.

As for the Bank of Japan, the market has begun to lose hope that the central bank will raise interest rates to exit its current easing policy. BOJ Governor Kazuo Ueda said that the bank will likely keep its current policy even after ending its negative interest rate policy, which the market expects to happen early next month.

The JPY/USD pair was at 149.32 after climbing to 149.575 earlier in the session, its highest since November 27. The pair is on track for a gain of about 0.64% this week.

Japan's Finance Minister Shunichi Suzuki said he is "watching exchange rate movements carefully".

The next important US data to be released is the January CPI on February 13.

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

The British pound rose 0.15%. GBP/USD was at 1.2635. Both the euro and the pound have been relatively firm this week. Officials from the European Central Bank and the Bank of England have both ruled out any near-term rate cuts.

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