USD exchange rate today (May 29): USD continues to increase slightly

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 0.35% to 99.88.

USD exchange rate today in the world

The US dollar gained in the last trading session, due to optimism that trade deals will brighten the US economic outlook.

Market confidence in the US economy has improved, falling after President Donald Trump postponed plans to impose 50% tariffs on European Union (EU) imports last weekend and after a trade deal with China earlier this month to reduce reciprocal tariffs.

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

“The concerns about tariff threats against Europe last weekend, which had boosted investor appetite for risk assets, have now been alleviated and reduced the negative sentiment about the US growth trajectory. That is boosting the dollar,” said Karl Schamotta, market strategist at Corpay.

The US dollar did not react much to the minutes of the US Federal Reserve's May 6-7 meeting released on May 28.

Fed officials acknowledged that they may face “difficult trade-offs” in the coming months amid heating inflation and rising unemployment.

The Fed kept interest rates unchanged at its meeting. Fed funds futures traders believe the US central bank is more likely to cut interest rates in September.

Upbeat consumer confidence data released earlier this week reinforced the view that the US economy remains solid and until there are clear signs of weakness, the Fed is expected to prioritize inflation concerns in its monetary policy decision-making.

In contrast, the EUR fell 0.35% against the greenback to $1.1288. Against the Japanese yen, the USD rose 0.33% to 144.8.

Demand at an auction of 40-year Japanese government bonds on May 28 fell to its lowest since July, amid a market sell-off in ultra-long-term bonds this month.

The yen fell about 1% against the greenback in the previous session, following reports that Japan will consider cutting issuance of ultra-long-term bonds following a recent surge in yields.

Traders are also watching the progress of a budget and spending bill in the US Congress, which is expected to add trillions of dollars to the debt.

President Donald Trump said on May 28 that he plans to negotiate aspects of the tax bill.

The Australian dollar fell 0.33% against the greenback to $0.6422.

Earlier data showed Australia's consumer inflation remained steady in April, fuelling market expectations for more rate cuts from the Reserve Bank of Australia.

USD exchange rate today, May 29: USD continues to increase slightly. Photo: Reuters

USD exchange rate today in the country

In the domestic market, at the beginning of the trading session on May 29, the State Bank announced the central exchange rate of the Vietnamese Dong against the USD increased by 12 VND, currently at 24,947 VND.

* The reference exchange rate at the State Bank's transaction office increased slightly, currently at: 23,750 VND - 26,144 VND.

USD exchange rates at commercial banks are as follows: