USD "turns around"; Euro, Pound go in opposite directions

Foreign exchange rates, USD/VND exchange rate today, February 2, recorded the USD turning down as investors continued to bet that the Fed is getting closer to cutting interest rates.

Foreign exchange rate update table - Vietcombank USD exchange rate today

1. VCB - Updated: 02/02/2024 09:42 - Time of website supply source
Foreign currency		Buy		Sell
Name	Code	Cash	Transfer
AUSTRALIAN DOLLAR	AUD	15,650.53	15,808.61	16,316.82
CANADIAN DOLLAR	CAD	17,779.07	17,958.66	18,535.98
SWISS FRANC	CHF	27,753.86	28,034.20	28,935.43
YUAN RENMINBI	CNY	3,328.35	3,361.97	3,470.57
DANISH KRONE	DKK	-	3,495.53	3,629.62
EURO	EUR	25,863.91	26,125.16	27,283.81
Sterling Pound	GBP	30,314.43	30,620.63	31,605.01
HONGKONG DOLLAR	HKD	3,040.90	3,071.61	3,170.36
INDIAN RUPEE	INR	-	293.40	305.15
YEN	JPY	161.75	163.39	171.21
KOREAN WON	KRW	15.91	17.67	19.28
KUWAITIAN DINAR	KWD	-	79,126.30	82,294.96
MALAYSIAN RINGGIT	MYR	-	5,110.86	5,222.67
NORWEGIAN KRONER	NOK	-	2,293.37	2,390.89
RUSSIAN RUBLE	RUB	-	256.65	284.13
SAUDI RIAL	SAR	-	6,488.36	6,748.19
SWEDISH KRONA	SEK	-	2,302.72	2,400.64
SINGAPORE DOLLAR	SGD	17,797.70	17,977.48	18,555.41
THAILAND	THB	611.12	679.02	705.06
US DOLLAR	USD	24,200.00	24,230.00	24,570.00

Foreign exchange rates today 2/2

Exchange rate developments in the domestic market

In the domestic market, at the beginning of the trading session on February 2, the State Bank announced the central exchange rate of the Vietnamese Dong against the USD decreased by 31 VND, currently at 23,960 VND.

The reference exchange rate at the State Bank's transaction office has slightly decreased, currently at: 23,400 VND - 25,108 VND.

USD exchange rates at commercial banks are as follows:

Vietcombank: 24,210 VND - 24,580 VND

Vietinbank : 24,185 VND - 24,605 VND.

Tỷ giá ngoại tệ, tỷ giá USD/VND hôm nay 2/2:

Foreign exchange rates, USD/VND exchange rate today, February 2: USD 'turns around'; Euro, Pound go in opposite directions. (Source: Reuters)

Exchange rate developments in the world market

According to TG&VN at 7:00 a.m. on February 2, the USD Index, a measure of the greenback's strength against other major currencies, is currently at 103.04.

The euro was up 0.06% against the dollar at 1.0879. The pound was up 0.05% against the dollar at 1.2750. The dollar was down 0.04% against the yen at 146.35.

The US dollar fell as investors continued to bet that the US Federal Reserve (Fed) is getting closer to cutting interest rates.

On January 31, Fed Chairman Jerome Powell affirmed that this move is unlikely in March.

Mr. Powell said that interest rates have peaked and will decline in the coming months, provided that inflation continues to decline, while economic growth and employment are sustainable.

However, he stopped short of declaring victory in the two-year war against inflation, only asserting that the bank had achieved a “soft landing” for the economy.

According to CME Group's FedWatch Tool, traders are currently pricing in a 39% chance of a rate cut in March and a 94% chance of a rate cut in May.

“Although Mr. Powell directly said that we are not ready to cut interest rates, the market continues to shift expectations for the first rate cut to the next meeting,” said Joseph Trevisani, senior analyst at FX Street in New York.

Source