Foreign exchange rates today 8/5: USD recovers

The dollar edged higher against the yen and euro as traders awaited the outcome of the Federal Reserve’s policy meeting later in the session, while uncertainty over upcoming trade talks continued to weigh on market sentiment.

World currency exchange rates

In the US market, the US Dollar Index (DXY) measuring the greenback's fluctuations against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF) increased by 0.63% to 99.87.

The US dollar recovered against major currencies, including the yen and the euro, in the last trading session, after the US Federal Reserve (Fed) decided to keep interest rates unchanged, in line with market expectations.

Accordingly, the Fed decided to continue keeping the benchmark interest rate at 4.25%-4.50%, but said the risks of inflation and unemployment increased, while the US economic outlook remained unstable.

“The Fed was a little more hawkish than the market expected,” said Marvin Loh, senior global market strategist at State Street in Boston.

The greenback also rose 1% against the Japanese yen to 143.840, snapping a three-day losing streak, as Japanese markets reopened after a two-day holiday.

In a press conference later, Fed Chairman Jerome Powell said the central bank cannot make policy decisions until there is clarity on the direction of the US economy.

The dollar rose 0.09 percent against the Swiss franc in volatile trading, at 0.82210 francs. Earlier in the week, the greenback hit its lowest level since January 2015 at 0.8032.

In contrast, the EUR fell 0.44% to $1.131650, breaking three consecutive sessions of gains. Earlier, German conservative leader Friedrich Merz was elected German Chancellor by the Bundestag on May 6 in the second round of voting.

The Bank of England is likely to cut interest rates at its policy meeting today, May 8. The pound fell 0.52% to $1.3310, but rose 0.21% to 0.85080 against the euro.

The Chinese yuan fell 0.22% against the greenback to 7.227, as China announced a long-awaited interest rate cut.

Domestic foreign exchange rates

In the domestic market, at the beginning of the trading session on May 8, the State Bank announced the central exchange rate of the Vietnamese Dong against the USD decreased by 8 VND, currently at 24,930 VND.

The reference exchange rate at the State Bank's transaction office has slightly decreased, currently at: 23,734 VND - 26,126 VND.

USD exchange rates at commercial banks are as follows:

At Vietcombank, the USD exchange rate is 25,740 - 26,130 VND/USD, down 20 VND in both directions, compared to yesterday's trading session.

VIB Bank is buying USD cash at the lowest price: 1 USD = 25,340 VND; VIB Bank is buying USD transfers at the lowest price: 1 USD = 25,400 VND

VIB Bank is selling USD cash at the lowest price: 1 USD = 25,760 VND; VIB Bank is selling USD transfers at the lowest price: 1 USD = 25,760 VND

Source: https://baodaknong.vn/ty-gia-ngoai-te-hom-nay-8-5-dong-usd-phuc-hoi-251816.html