USD exchange rate today August 23, 2024: World increases, domestic decreases
The USD exchange rate today, August 23, on the free market continued to decrease sharply compared to the previous session. On the world market, the USD Index (DXY) is currently at 101.52 points - up 0.48%.
USD exchange rate on the world market
The US dollar has gained against the euro after a long period of weakness, just before Fed Chairman Jerome Powell's speech on August 23.
The greenback's recovery was fueled by concerns about the US economic situation and expectations that the Fed will cut interest rates.
There is much speculation whether the Fed will cut rates by 25 or 50 basis points at its September policy meeting, but there is no definitive answer yet.
The July jobs report showed slowing job growth and rising unemployment, putting downward pressure on the dollar.
Traders have been dealing with a lot of carry trades, especially borrowing Japanese yen to invest in US assets, which affected the market after the jobs report.
The probability of the Fed cutting interest rates by 50 basis points next month is now only 25%, down from 38% on August 21, while the possibility of a 25 basis point cut is 75%.
Investors are awaiting comments from Chairman Powell at the Jackson Hole conference to assess the size of the upcoming rate cut and the likelihood of further cuts.
Powell is unlikely to reveal much, however. August jobs and inflation data will be released after his speech, ahead of the Fed meeting on September 17 and 18.
USD exchange rate in the domestic market
On August 22, the State Bank announced the central exchange rate VND/USD at 24,245 VND, down 1 VND compared to the previous day.
The reference USD exchange rate at the State Bank of Vietnam is stable, with the buying rate at 23,400 VND and the selling rate at 25,450 VND.
In the free market, the USD exchange rate dropped sharply, with the buying price being 25,215 VND and the selling price being 25,295 VND, down 47 VND and 37 VND compared to the previous day.
Commercial banks increase USD buying and selling prices:
- Vietcombank: buy 24,750 VND, sell 25,120 VND, increase 20 VND.
- BIDV: buy 24,785 VND, sell 25,125 VND, increase 20 VND.
- Vietinbank: buy 24,680 VND, sell 25,130 VND, increase 30 VND.
- Eximbank: buy 24,760 VND, sell 25,120 VND, increase 10 VND.