Yen exchange rate temporarily escapes warning level, USD price fluctuates little

How much is 1 USD in VND today?

The central exchange rate is listed by the State Bank at 24,064 VND/USD.

Today's black market USD exchange rate is at 24,250 - 24,620 VND (buy - sell).

Vietcombank USD exchange rate today is listed at 24,250 VND - 24,620 VND (buy - sell).

Vietcombank Euro exchange rate is currently at 25,550 VND - 26,952 VND (buy - sell).

The current Japanese Yen exchange rate is 158.90 VND - 168.20 VND (buy - sell).

The current exchange rate of British Pound is 29,466 VND - 30,720 VND (buy - sell).

Today's Yuan exchange rate is at 3,285 VND - 3,425 VND (buy - sell).

USD price today

The US Dollar Index (DXY), which measures the greenback's movements against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), recorded 105.11 points.

Foreign exchange rates today. Photo: CNBC

Major global currencies steadied at the start of the week and looked poised to extend last week's uptrend as the US dollar declined.

The U.S. dollar index was little changed at 105.11. The dollar index fell more than 1% last week - its steepest decline since mid-July and hit a six-week low.

World stocks had their strongest week in a year as expectations grew that the Fed had completed its rate hikes.

Other indicators such as US employment data, manufacturing numbers from around the world and a drop in long-term Treasury yields also hurt the greenback, with other currencies such as the British pound, Australian dollar and yen bouncing back.

Tina Teng, market analyst at CMC Markets, expects this trend to continue through November.

“We always say bad news is good news, so it’s good to have expectations that the Fed and other central banks will end their rate-hike cycle sooner,” she said.

However, analysts at JPMorgan Securities sounded a cautious note.

“A weaker USD would be helpful in curbing the over-extension, as the main drivers of USD strength have weakened, but have not completely faded and are likely to eventually re-emerge in the medium term,” they wrote.

The yield on the 2-year US government bond has fallen 25 basis points in about two weeks, while the yield on the 10-year bond has fallen half a percentage point, to a five-week low (around 4.59%).

Derivatives markets see a 90% chance that the Fed has completed its tightening cycle and an 86% chance that it will ease policy as soon as June 2024.

Across the Atlantic, there is an 80% chance the European Central Bank will cut interest rates in April 2024. The Bank of England is expected to cut rates in August next year.

The Japanese yen weakened 0.16% to trade at 149.60 per dollar. The change in the dollar's direction and the yen's recovery from last week's lows suggest the Japanese government "may not need to intervene in the currency," said Teng of CMC Markets. The 150 yen/dollar exchange rate was previously seen by the market as the limit for the Japanese government to buy back yen to narrow the exchange rate - as it did last year.

The pound is trading at 1.2368 GBP/USD. UK fourth quarter GDP data is due this week. Despite last week's strong performance, the pound is still down about 6% in four months.

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