USD exchange rate today 3/9/2024: USD continues to decrease

At the beginning of the trading session on March 9 (Vietnam time), in the world market, the USD Index (DXY), a measure of the greenback's strength against other major currencies, was at 102.74 points, down 0.06%.

The dollar fell against other currencies on Tuesday, and is on track for its worst week against the euro this year, after a fresh batch of data could impact the timing of an expected Federal Reserve interest rate cut in June.

The U.S. Department of Labor’s Bureau of Labor Statistics said in its jobs report released on March 8 that nonfarm payrolls increased by 275,000 jobs last month. Meanwhile, January’s data was revised down to 229,000 new jobs, instead of 353,000 as previously reported.

Other data also showed the unemployment rate rose to 3.9% in February, after holding at 3.7% for three consecutive months.

“Today’s report should provide some optimism that things are still on track to allow the Fed to cut rates this year,” said Stuart Cole, chief economist at Equiti Capital.

In contrast, the euro fell more than 0.06% against the dollar to $1.09425. The common currency hit an eight-week high earlier in the session and is up nearly 1% for the week, its best weekly performance against the dollar since Dec. 22.

The European Central Bank (ECB) kept interest rates at a record high of 4.00% at its policy meeting on March 7, while cautiously setting a date for a rate cut later this year, stressing that it has made good progress in curbing inflation.

The euro has gained ground this week as the dollar came under pressure after Federal Reserve Chairman Jerome Powell signaled the possibility of interest rate cuts in the coming months.

Speaking on March 7, Powell said the Fed would soon reach the conditions necessary to cut interest rates. Currencies usually weaken when the central bank lowers interest rates.

Meanwhile, the yen rose to a five-week high against the dollar, supported by reports that the Bank of Japan (BOJ) is backing the idea of raising interest rates.

Against the yen, the dollar fell 0.68 percent to 147.05 yen, its lowest since February 2.

“The yen gained amid growing speculation that the BoJ will buck the global central bank trend and raise interest rates later this month,” said Kathleen Brooks, director of research at XTB.

Meanwhile, the pound rose on signs that the European Central Bank (ECB) and the Fed may be closer to cutting interest rates than the Bank of England (BoE). The pound rose 0.34% to $1.2854, after hitting its highest level since late July.

In the domestic market, the State Bank announced the central exchange rate of Vietnamese Dong to USD at: 23,996 VND.

Today's USD exchange rate referenced at the State Bank's transaction office for buying and selling: 23,400 VND - 25,145 VND.

The Euro exchange rate at the State Bank's exchange office is: 24,966 VND - 27,594 VND.

USD exchange rates at commercial banks are as follows:

Vietcombank: 24,500 VND - 24,840 VND.

VietinBank: 24,433 VND - 24,853 VND.

Euro exchange rates at commercial banks are as follows:

Vietcombank: 26,568 VND - 27,746 VND.

VietinBank: 26,306 VND - 27,596 VND.

Source