Foreign exchange rates today May 8: USD increases slightly

Foreign exchange rates today, May 8: The USD has increased again compared to key currencies such as the Japanese yen and euro, in the context of the global market waiting for more policy signals from the US Federal Reserve (Fed).

The US Dollar Index (DXY), which measures the greenback's strength against a basket of six major currencies, rose 0.63% to 99.87.

The Fed's decision to keep interest rates in the range of 4.25% - 4.5% was not unexpected, but Chairman Jerome Powell's somewhat "hawkish" comments on the risk of inflation and unemployment supported market sentiment towards the USD.

According to experts, the Fed is still cautious and wants to see more clear signals from the economy before making the next decision.

The greenback rose 1% against the yen to 143.840 after three straight days of weakness, as Japanese markets reopened after a holiday. The dollar also edged up against the Swiss franc, at 0.82210 franc, after earlier in the week hitting its lowest level since January 2015.

The euro, on the other hand, fell 0.44% to $1.131650, after three consecutive sessions of gains. This development took place in the context of Germany having a new Chancellor after the second round of voting, causing slight fluctuations in the European market.

The British pound also lost 0.52% against the USD to 1.3310 USD, while the Chinese yuan fell 0.22% to 7.227 CNY/USD after the country announced a policy of cutting interest rates to stimulate the economy.

Domestic exchange rate on May 8: USD slightly decreased

Domestically, the State Bank announced the central exchange rate of VND to USD decreased by 8 VND, to 24,930 VND. At the State Bank's transaction office, the buying and selling rates decreased slightly, currently at 23,734 VND - 26,126 VND/USD.

At commercial banks, the USD price also tends to decrease. Vietcombank listed the exchange rate at 25,740 VND (buy) - 26,130 VND (sell), down 20 VND compared to yesterday.

VIB Bank has the lowest USD cash buying price at 25,340 VND, transfer buying at 25,400 VND, while the selling price (both cash and transfer) remains at 25,760 VND.

In general, foreign exchange rates are directly affected by monetary policy expectations of major economies, in which the USD is maintaining its position while the market has no clear direction.

Source: https://baoquangnam.vn/ty-gia-ngoai-te-hom-nay-8-5-dong-usd-tang-nhe-3154334.html