Yen exchange rate continues to stay high, market is quiet

The Japanese Yen exchange rate remains high, and the market is quiet. — The Japanese yen exchange rate widened to near 150 JPY/USD. (Illustration: Xinhua)

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 104.16 points.

The JPY/USD exchange rate touched 150. Trading remained subdued in Asian foreign exchange markets due to the Lunar New Year holiday. On the other hand, the market remained cautious ahead of the upcoming release of US consumer price index data.

The current exchange rate for the Japanese yen is 149.39 JPY/USD, close to 150. This is a level that is believed to potentially prompt Japan to intervene in the foreign exchange market to prevent the yen from depreciating.

The JPY/USD exchange rate has risen by more than 5% since the beginning of 2024. The exchange rate is under pressure due to the policies of the US Federal Reserve. The downward trend of the Yen is also due to speculation that the Bank of Japan will not raise interest rates aggressively.

Tony Sycamore, a market analyst at IG, commented: “It’s a yield story. Yields in the US are at their highest levels in 2024, impacting the JPY/USD exchange rate. The spread is also a contributing factor due to the low volatility.”

The euro fell 0.03% to 1.0768 against the US dollar, while the British pound dropped 0.07% to 1.262 against the US dollar.

The market's focus this week is the US January inflation report. This could provide further clarity on when and how much the Fed might cut interest rates this year.

A series of strong US economic data, particularly the booming jobs report earlier this month, has raised expectations that US interest rates may remain high for a longer period.

The Fed is expected to cut interest rates by 110 basis points in May.

The Federal Reserve Bank of New York, in its January Consumer Expectations Survey, projected one-year inflation at 3%, while five-year inflation was forecast at 2.5%.

Kyle Rodda, senior financial market analyst at Capital, stated: “Clearly, the US dollar has really benefited from the US economic data. This further strengthens the greenback’s position.”

The USD Index edged up 0.02%.

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