USD exchange rate today (April 28): USD tries to increase again

The USD Index (DXY), which measures the greenback's performance against six major currencies, stood at 99.59.

Forecast of USD trend this week

The DXY index continued to struggle to break above the psychological level of 100 for the second consecutive week. However, the index recovered strongly from the low of 97.92 but failed to break above 100. The price action in the second half of the week suggests that the overall bearish outlook for the DXY index remains intact.

Chart of DXY Index fluctuations over the past week. Photo: Marketwatch

There are several important data points to watch closely next week, including the US personal consumption expenditures (PCE) index, the Federal Reserve's inflation gauge, due on April 30. Higher PCE data is expected to boost the greenback.

Two days later, on May 2, the US non-farm payrolls and unemployment data will be released. A rise in the unemployment rate would signal a slowdown in the US economy . The unemployment rate is currently at 4.2%.

The DXY index has good resistance in the 100-100.50 area. A break below this resistance area would be bearish. The DXY index could fall to 96, an important long-term support level.

Therefore, the index needs a decisive rally above 100.50 to regain momentum. If that happens, we could see a corrective rally to 102.50.

The yield on the 10-year US Treasury note failed to hold above 4.4% last week. It hit a high of 4.43% and has since retreated. Current support is at 4.2%. But the yield is expected to break below that support. Such a break could take it back down to the original 4% level, which would take it back down to the 3.9-3.85% range.

The 10-year yield needs to rise decisively above 4.45% to regain momentum. Only then will a rise to 4.6% and higher levels be possible.

On the other hand, EUR/USD has fallen sharply from a high of 1.1573. Current support is in the 1.13-1.1270 zone. A break below 1.1270 could take the pair to the 1.1170-1.1150 zone. This 1.1170-1.1150 zone is considered a strong support zone for EUR/USD. However, the index is unlikely to fall below 1.1150.

The EUR could bounce from this 1.1170-1.1150 support zone and rise to the 1.15-1.16 zone again. That would maintain the broader uptrend. Looking at the big picture, the EUR is likely to target 1.20 in an uptrend in the coming months.

USD exchange rate today April 28: USD tries to increase again. Photo: The Hindu Businessline

Domestic USD exchange rate today

In the domestic market, at the beginning of the trading session on April 28, the State Bank announced the central exchange rate of the Vietnamese Dong to the USD at 24,898 VND.

* The reference exchange rate at the State Bank's transaction office increased slightly, currently at: 23,751 VND - 26,145 VND.

USD exchange rates at commercial banks are as follows: