USD stable, EUR needs to overcome hurdles

Foreign exchange rates, USD/VND exchange rate today, October 14, recorded that the USD has the potential to reach the target of 105-106 in the medium term.

Foreign exchange rate update table - Vietcombank USD exchange rate today

1. VCB - Updated: October 14, 2024 09:30 - Time of website supply source
Foreign currency		Buy		Sell
Name	Code	Cash	Transfer
AUSTRALIAN DOLLAR	AUD	16,285.32	16,449.82	16,978.16
CANADIAN DOLLAR	CAD	17,553.82	17,731.13	18,300.63
SWISS FRANC	CHF	28,192.50	28,477.27	29,391.93
YUAN RENMINBI	CNY	3,423.03	3,457.60	3,568.66
DANISH KRONE	DKK	-	3,566.05	3,702.75
EURO	EUR	26,408.62	26,675.38	27,857.66
Sterling Pound	GBP	31,550.08	31,868.77	32,892.36
HONGKONG DOLLAR	HKD	3,112.11	3,143.54	3,244.51
INDIAN RUPEE	INR	-	294.42	306.20
YEN	JPY	160.52	162.14	169.86
KOREAN WON	KRW	15.88	17.65	19.15
KUWAITIAN DINAR	KWD	-	80,857.56	84,093.21
MALAYSIAN RINGGIT	MYR	-	5,727.65	5,852.79
NORWEGIAN KRONER	NOK	-	2,264.71	2,360.95
RUSSIAN RUBLE	RUB	-	246.56	272.95
SAUDI RIAL	SAR	-	6,592.22	6,856.02
SWEDISH KRONA	SEK	-	2,341.24	2,440.73
SINGAPORE DOLLAR	SGD	18,527.24	18,714.38	19,315.47
THAILAND	THB	660.20	733.56	761.68
US DOLLAR	USD	24,610.00	24,640.00	25,000.00

Exchange rate developments in the domestic market

In the domestic market, according to TG&VN at 7:00 a.m. on October 14, the State Bank announced the central exchange rate of the Vietnamese Dong to the USD at 24,175 VND.

The reference USD exchange rate at the State Bank of Vietnam is listed at: 23,400 VND - 25,333 VND.

USD exchange rates at commercial banks are as follows:

Vietcombank: 24,610 - 25,000 VND

Vietinbank : 24,490 - 24,990 VND.

(Source: The Guardian)

Exchange rate developments in the world market

Meanwhile, in the US market, the US Dollar Index (DXY) measures the greenback's fluctuations against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF) at 102.92.

The DXY index has remained high throughout the past week. The sharp increase in US Treasury yields has supported the USD to maintain a steady upward momentum.

The yield on the 10-year US Treasury note crossed above 4% last week and closed the week at a high of 4.1%.

US inflation data came in slightly better than market expectations. The US consumer price index (CPI) rose 2.41% (year-on-year) in September, compared to market expectations of a 2.3% increase. This has dampened market expectations that the US Federal Reserve will cut interest rates by 50 basis points next month.

However, the inflation figure is still lower than the 2.59% increase last month. Therefore, the inflation trend in the US continues to decrease. Therefore, the Fed may continue to cut interest rates but at a slower pace.

The DXY index remains in an uptrend. Support levels are at 102.25 and then the 102-101.75 zone. The view that the index could rise to the 103.50-104 zone as mentioned last week remains the same.

There could then be a short-term correction down to 103 before returning to the medium-term uptrend.

According to Reuters , from the bigger picture, the DXY index has the potential to target 105-106 in the medium term.

The EUR fell, testing 1.09 last week as expected and then recovered slightly. Resistance for the EUR/USD index is currently at 1.0980.

The EUR needs to overcome this barrier and make a further strong move to ease the bearish pressure. Only then will it be able to rise to the 1.1050-1.1100 zone.

If it fails to break above 1.0980, the EUR remains vulnerable to a drop below 1.09. If this happens, the common European currency could drop to the 1.0850-1.08 zone.

This week's European Central Bank (ECB) meeting will be the key event to watch.

Source: https://baoquocte.vn/ty-gia-ngoai-te-ty-gia-usdvnd-hom-nay-1410-usd-on-dinh-eur-can-vuot-qua-rao-can-289978.html