USD exchange rate today, August 6th: Dropped sharply to 102.

Today's USD exchange rate worldwide

The US dollar saw a significant decline, facing pressure from the yen, which had risen to a seven-month high. This was attributed to a series of recent economic data, raising concerns about a potential US economic recession and the possibility of the Fed implementing more aggressive interest rate cuts.

The DXY index, a measure of the USD's value against a basket of other currencies, fell 0.52% to 102.67, and even dropped to a low of 102.15, its lowest level since January 12.

Meanwhile, against the yen, the USD depreciated by 2.04%, falling to 143.5 yen, nearing its lowest level this year.

In other developments, the euro (EUR) rose 0.37% to $1.095, and touched a high of $1.1009, its highest level since January 2nd, reflecting the currency's positive momentum.

The disappointing US jobs report and lackluster earnings results from tech companies fueled a global stock sell-off.

Concerns about the Chinese economy, coupled with falling oil prices and high-yielding currencies, have led investors to shift towards cash as a safe haven.

August 5th saw a continuation of the sell-off as US Treasury yields fell, stock indices declined, and the US dollar weakened.

Adam Button from ForexLive observes that whenever the market faces a crisis, the excessive reliance on financial leverage becomes apparent.

US Treasury yields fell sharply after the Fed decided to keep interest rates unchanged, and Fed Chairman Jerome Powell hinted at the possibility of a rate cut in September.

The non-farm payrolls report shocked the market, raising concerns about a potential US economic recession, according to Helen Given from Monex USA.

Fed fund futures suggest a high probability that the Fed will cut interest rates by 50 basis points at its September meeting.

The Japanese yen appreciated as traders liquidated interest rate differentials. The sell-off in Japanese stocks and the yen's recovery may be creating a 'panic spiral' in the market.

The Swiss franc, a currency that funds interest rate differentials, has appreciated and is trading near its highest level in seven months.

Today's domestic USD exchange rate

On the domestic market, at the beginning of trading on August 6th, the State Bank of Vietnam announced that the central exchange rate of the Vietnamese Dong against the US Dollar decreased by 1 dong, currently standing at 24,241 dong.

* The reference exchange rate at the State Bank of Vietnam's exchange floor remains unchanged, currently at: 23,400 VND - 25,450 VND.

The USD exchange rates at commercial banks for buying and selling are as follows:

Vietcombank listed the buying and selling prices of USD at 24,940 – 25,270 VND/USD, a decrease compared to the previous session.

BIDV listed the buying and selling prices of USD at 24,940 – 25,280 VND/USD, also recording a decrease in value.

Both Vietinbank and Eximbank announced lower buying and selling rates for USD, with Vietinbank at 24,780 – 25,230 VND/USD and Eximbank at 24,900 – 25,250 VND/USD.

The exchange rates at Vietcombank for major international currencies yesterday showed a sharp increase in the value of the Japanese yen, while other currencies recorded decreases.

The euro (EUR) is trading at VND 26,794 to VND 28,264 for buying and selling.

The British Pound (GBP) is trading at between 31,289 and 32,620 VND/GBP.

The Swiss Franc (CHF) is quoted at a price ranging from 28,199 to 29,526 VND/CHF.

The Canadian dollar (CAD) is trading at between 17,638 and 18,388 VND/CAD.

The Australian dollar (AUD) is trading at between 15,774 and 16,445 VND/AUD.

The Japanese Yen (JPY) has a buying and selling rate of 171 to 181 VND/JPY.

Hung Cuong