USD exchange rate today (July 23): USD drops sharply

USD exchange rate today: Early morning of July 23, the State Bank announced the central exchange rate of the Vietnamese Dong to the USD decreased, currently at 25,179 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) decreased by 0.46% to 97.40.

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

USD exchange rate today in the world

The dollar fell on Tuesday, while the yen was among the major currencies that rose sharply against the greenback, as investors watched negotiations ahead of an August 1 deadline that could lead to steep tariffs on goods from U.S. trading partners if no deal is reached.

The dollar fell 0.5% to 146.54 yen, after falling more than 1% on Monday due to the weekend election and holiday. The dollar has fallen for two straight sessions against the yen.

With less than two weeks to go before August 1, US Treasury Secretary Scott Bessent said on Monday that the administration was more concerned about the quality of trade deals than the timing of their completion. Asked whether the deadline could be extended for countries that are engaged in productive negotiations with Washington, Bessent said President Donald Trump would make that decision.

“The market is… ignoring the noise around the August 1 deadline unless something really clear happens,” said Brad Bechtel, global head of foreign exchange trading at Jefferies in New York. “And the fact that many of the economic data have been solid, even with some tariffs in place.”

Uncertainty over the global tax landscape is a major drag on the foreign exchange market, leaving major currencies trading in tight ranges.

The euro edged up 0.2% to $1.1725, with the European Central Bank (ECB) also in focus this week with its policy meeting. However, the ECB is not expected to adjust the eurozone's interest rates. The euro hit a two-week high in early global trading.

“The dollar’s early-month rally is running out of steam, the euro is flat ahead of Thursday’s ECB policy meeting, and the yen is consolidating gains after weekend election results were not as negative as feared,” said Karl Schamotta, chief market strategist at Corpay in Toronto. “Trading ranges are narrowing amid muted economic data. Positioning in many pairs is returning to neutral levels, and expected volatility is declining.”

In addition, investor sentiment was also affected by concerns about the independence of the US Federal Reserve (Fed), when President Trump repeatedly criticized Chairman Jerome Powell and called for his resignation because the Fed was not willing to cut interest rates.

“You can criticize the Fed for many policies over the years. But forcing the Fed chairman to resign because he is not following the White House’s direction is crossing the line,” Kathy Jones, senior fixed income strategist at Schwab, wrote in a research note. “It would undermine confidence in the central bank at a time when inflation is still too high and policy is in disarray. If Powell is replaced by someone who is seen as compliant with the administration, the dollar will likely weaken sharply and long-term interest rates will spike.”

Photo: laodongthudo.vn

Domestic USD exchange rate today

In the domestic market, at the beginning of the trading session on July 23, the State Bank announced the central exchange rate of the Vietnamese Dong against the USD at 25,179 VND.

* The reference USD exchange rate at the State Bank's buying and selling exchange center increased, currently at: 23,971 VND - 26,387 VND.

USD exchange rates at commercial banks are as follows: