USD exchange rate today May 10: Slight decrease before US-China negotiations

World USD exchange rate on May 10, 2025

The US dollar index (DXY) has retreated after hitting a near one-month high of 100.86, now backing down to around 100.32. The correction comes as investors are cautious ahead of the upcoming round of US-China trade talks in Switzerland this weekend.

Earlier, hopes for a trade deal between the US and the UK were dashed, with many saying it was not the comprehensive trade deal that President Trump had promised.

While the US will gain better access to the UK consumer market, it will not remove the 10% tariff on UK goods, leading analysts to suspect that negotiations with China will not go smoothly either.

According to Bloomberg, the US is not in a strong position at the negotiating table. Although Mr. Trump has left open the possibility of reducing tariffs on China to 50% if the two sides reach an agreement, China has insisted that the US must remove unilateral tariffs before continuing substantive negotiations.

Before the US trading session, President Trump continued to make statements on the social network Truth, saying that the 80% tax imposed on Chinese goods is "reasonable" and calling on China to open its market to US businesses.

In addition to trade factors, the market is also watching a series of statements from US Federal Reserve (Fed) officials on Friday.

Members Adriana Kugler, John Williams, Austan Goolsbee, Christopher Waller, Lisa Cook, Beth Hammack and Alberto Musalem will take turns speaking from afternoon to evening at major events, including the Reykjavik Economic Conference and the Hoover Monetary Policy Conference.

In financial markets, European stocks are up slightly by about 0.5%. US futures are also stable or up less than 0.5%. The yield on the 10-year US government bond is currently at 4.37%, up slightly from mid-week.

According to the FedWatch interest rate forecasting tool, the probability of the Fed cutting interest rates at the June meeting is only about 17.1%. However, the probability of cutting at the meeting in late July is still relatively high, at 63.2%. This shows that the market still expects the possibility of monetary easing, but not as soon as previously predicted.

USD exchange rate today May 10: Slight decrease before US-China negotiations

Domestic USD exchange rate today

In the domestic market, at the beginning of the trading session on May 10, the State Bank announced the central exchange rate of the Vietnamese Dong to the USD at 24,951 VND, an increase of 24 VND compared to yesterday.

In the "black market", the black market USD exchange rate as of 4:30 a.m. on May 10, 2025 decreased by 35 VND in both directions compared to yesterday's trading session, trading around 26,375 - 26,475 VND/USD.

* The reference exchange rate at the State Bank's transaction office for buying and selling remains unchanged, currently at: 23,754 VND - 26,148 VND.

USD exchange rates at commercial banks are as follows: