USD exchange rate today (May 8): USD recovers after meeting of...

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 0.63% to 99.87.

USD exchange rate today in the world

The US dollar recovered against major currencies, including the yen and the euro, in the last trading session, after the US Federal Reserve (Fed) decided to keep interest rates unchanged, in line with market expectations.

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

The Fed kept its benchmark interest rate unchanged at 4.25%-4.50%, but said inflation and unemployment risks were rising, while the US economic outlook remained uncertain.

“The Fed was a little more hawkish than the market expected,” said Marvin Loh, senior global market strategist at State Street in Boston.

The greenback also rose 1% against the Japanese yen to 143.840, snapping a three-day losing streak, as Japanese markets reopened after a two-day holiday.

In a press conference later, Fed Chairman Jerome Powell said the central bank cannot make policy decisions until there is clarity on the direction of the US economy.

The dollar rose 0.09 percent against the Swiss franc in volatile trading, at 0.82210 francs. Earlier in the week, the greenback hit its lowest level since January 2015 at 0.8032.

On May 7, US President Donald Trump hinted that China had initiated upcoming high-level trade talks between the two countries and said he did not want to cut tariffs on Chinese goods.

Earlier, on May 4, speaking to reporters on the plane, US President Donald Trump said he had no plans to talk to Chinese President Xi Jinping. However, US officials had discussed many issues with Chinese officials.

US Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will meet with Chinese economic tycoon He Lifeng in Switzerland this weekend for talks that could potentially thaw trade tensions. It will be the first formal dialogue since President Donald Trump imposed 145% tariffs on Chinese goods, sparking a trade war.

Information about the meeting was announced by the Washington administration late on May 6 and later confirmed by Beijing, in the context of businesses and consumers on both sides increasingly concerned about rising costs and disrupted supply chains, due to a series of new tax policies of President Trump.

In contrast, the EUR fell 0.44% to $1.131650, breaking three consecutive sessions of gains. Earlier, German conservative leader Friedrich Merz was elected German Chancellor by the Bundestag on May 6 in the second round of voting.

The Bank of England is likely to cut interest rates at its policy meeting today, May 8. The pound fell 0.52% to $1.3310, but rose 0.21% to 0.85080 against the euro.

The Chinese yuan fell 0.22% against the greenback to 7.227, as China announced a long-awaited interest rate cut.

USD exchange rate today, May 8: USD recovers after Fed meeting. Photo: Reuters

USD exchange rate today in the country

In the domestic market, at the beginning of the trading session on May 8, the State Bank announced the central exchange rate of the Vietnamese Dong against the USD decreased by 8 VND, currently at 24,930 VND.

* The reference exchange rate at the State Bank's transaction office has slightly decreased, currently at: 23,734 VND - 26,126 VND.

USD exchange rates at commercial banks are as follows: