USD exchange rate today (August 16): Domestic USD increases, world remains unchanged

USD exchange rate today (August 16): Early morning of August 16, 2023, the State Bank announced the central exchange rate of the Vietnamese Dong to the USD increased by 33 VND, currently at 23,881 VND.

Meanwhile, 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 0.02% to 103.21.

USD exchange rate today in the world

The dollar was flat after data showed U.S. retail sales rose more than expected in July, while the yuan fell to a nine-month low in the previous session after China’s central bank unexpectedly cut its benchmark interest rate.

DXY Index volatility chart over the past 24 hours. Photo: Marketwatch

US retail sales rose 0.7% last month, the Commerce Department said, showing that demand remained solid despite the Federal Reserve's aggressive interest rate hikes to curb inflation, thanks to strong wage gains from a tightening labor market.

“The dollar is holding up relatively well, amid weakness in many other currencies globally,” said Karl Schamotta, chief market strategist at Corpay. The greenback rose more than 0.5% against the yuan, hitting a nine-month high of 7.3307 as the People’s Bank of China (PBOC) cut interest rates in an effort to boost a struggling economic recovery.

“I think the strong U.S. sales data has provided some stability for investors,” said John Velis, head of U.S. macro strategy at BNY Mellon Markets in New York.

Against the Japanese yen, the dollar rose to a fresh nine-month high of 145.865, before falling to a session low of 145.25.

Meanwhile, the pound rose after data showed UK basic wages rose at a record pace, raising inflation concerns at the Bank of England.

The pound ended the session up 0.16% at $1.2705 after data showed British wages, excluding bonuses, rose 7.8% in the three months to June compared to a year earlier. That was the highest annual growth rate since 2001.

However, the UK unemployment rate unexpectedly rose to 4.2% from 4.0%, but currency market traders still expect the Bank of England to raise interest rates by at least 25 basis points next month amid concerns that high wage growth will lead to an impact on the economy.

The euro was unchanged at $1.09045.

USD exchange rate today August 16, 2023: Domestic USD increases, world remains unchanged. Illustration photo: Reuters

Domestic USD exchange rate today

In the domestic market, at the end of the trading session on August 15, the State Bank announced the central exchange rate of the Vietnamese Dong to the USD increased by 11 VND, currently at: 23,848 VND.

* The reference exchange rate at the State Bank's transaction office increased slightly, currently at: 23,400 VND - 25,025 VND.

USD exchange rates at commercial banks are as follows: