Foreign exchange prices on October 7, 2024: USD rises above important threshold
Foreign exchange prices on October 7, 2024: The DXY index - a measure of the strength of the USD against a basket of major currencies - broke through an important resistance level, reaching 102.49, up 2.1% for the week.
World USD exchange rate today
The USD Index, or DXY, is a measure of the US dollar's performance against six other major currencies and is currently at 102.49.
The US dollar saw a significant rally over the past week, with the DXY index rising more than 2% and breaking through the key resistance level of 101, closing at 102.49, up 2.1% for the week.
The dollar's rise was fueled by risk aversion from tensions in the Middle East and strong US jobs data, with 254,000 new jobs added in September, far exceeding market forecasts.
The unemployment rate edged down from 4.2% to 4.1% in September, reducing expectations that the US Federal Reserve will cut interest rates by another 50 basis points at its next policy meeting in November.
If the rally from around 100 can be sustained, the DXY could reach new highs of 105-106 in the coming months. However, if the index falls below 101.50, the short-term outlook could turn negative.
The yield on the 10-year US Treasury note has risen, surpassing 3.83% last week. The current yield to watch is 4.05%, with the next key level to watch being 4.15%.
It is possible that yields could continue to rise and reach these resistance levels over the next week or two. If yields reverse downward from 4.15%, they could fall to 4% or lower.
EUR/USD index has fallen, breaking out of the 1.10-1.12 range, making the short-term outlook negative.
EUR is likely to test the 1.09-1.0880 level this week. If the price breaks below 1.0880, there could be a sharp decline to 1.08.
Domestic USD exchange rate
On the morning of October 7, 2024, the State Bank announced the central exchange rate between Vietnamese Dong and USD at 24,133 VND.
The central exchange rate and USD selling price at major commercial banks fluctuated, decreasing at the beginning of the week and increasing at the end of the week.
The central rate at the beginning of last week was 24,093 VND/USD, dropped to a low of 24,081 VND/USD on Tuesday, and rose to a high of 24,115 VND/USD at the end of the week.
The USD selling price at major commercial banks started the week at VND24,780/USD, dropped to VND24,730/USD on Tuesday, and increased to a peak of VND25,027/USD on Friday.
The free market recorded a fluctuation range of 190 to 280 VND, with the highest rate of 25,330 VND/USD on Monday and the lowest of 25,040 VND/USD on Thursday.
The free exchange rate updated on Sunday evening was 25,110 - 25,210 VND/USD, unchanged from the previous session.
