Foreign exchange rates today 7/8: USD weakens

In the US market, the US Dollar Index (DXY), which measures the greenback's fluctuations against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), decreased by 0.56%, currently at 98.23. In the country, the central exchange rate of the Vietnamese Dong against the USD increased, currently at 25,232 VND.

World foreign exchange rates today

The US dollar weakened on Wednesday, while the euro rose to a one-week high, as investors increased expectations that the US Federal Reserve will cut interest rates more than expected after disappointing July jobs data.

With no major economic data due out today, investors continued to focus on the lingering effects of last Friday’s jobs report. US job growth in July was weaker than expected, while nonfarm payrolls for the previous two months were revised down by a significant 258,000 jobs, suggesting a clear weakening of the labor market.

The greenback fell sharply after the report, erasing much of the gains seen in July - the first month this year in which the dollar index rose again.

“We saw the first rally in the dollar under President Donald Trump’s second term, and many thought that trend would continue, but Friday’s jobs data put that to rest,” said Marc Chandler, CEO of Bannockburn Global Forex in New York.

“Increased speculation of not only a rate cut in September but also another by year-end has limited the dollar’s recovery,” added Marc Chandler.

The DXY index fell 0.56% on the day to 98.23, its lowest level since July 28. It had fallen as much as 1.35% on Friday, its biggest one-day drop since April.

The greenback briefly surged in midday trading in New York, but the gains were quickly erased. The move was linked to rising U.S. Treasury yields, as investors bet heavily on futures contracts ahead of the 10-year bond auction.

However, the USD continued to fall sharply after the US Treasury Department recorded weak demand in the offering of 42 billion USD of 10-year bonds.

In the currency market, the EUR rose 0.76% to $1.1662, its highest level since July 28. In the previous Friday session, the common European currency increased 1.48%.

Investors are also paying attention to US President Donald Trump's upcoming personnel decision to fill a vacancy on the US Federal Reserve Board of Governors, while closely monitoring the shortlist of candidates to succeed Fed Chairman Jerome Powell.

The dollar fell 0.35% to 147.09 yen against the Japanese yen. Earlier on Friday, the dollar lost as much as 2.24% against the yen, its biggest one-day drop since January 2023.

The pound rose 0.47% to $1.3362, ahead of a Bank of England (BoE) meeting on Thursday, where markets expect the BoE to cut interest rates by 25 basis points.

Against the Swiss franc, the dollar fell 0.17% to 0.806 franc.

Domestic foreign exchange rates today

In the domestic market, at the beginning of the trading session on August 7, the State Bank announced the central exchange rate of the Vietnamese Dong against the USD at 25,232 VND.

* The reference USD exchange rate at the State Bank's buying and selling exchange center increased, currently at: 24,021 VND - 26,443 VND.

USD exchange rates at some commercial banks are as follows: