USD exchange rate today October 18, 2024: USD continues to accelerate
USD exchange rate today October 18, 2024: The State Bank announced the central exchange rate of the Vietnamese Dong against the USD increased by 12 VND, at 24,199 VND. The US Dollar Index (DXY) increased by 0.18%, to 103.77 points.
World USD exchange rate today
The US Dollar Index (DXY), which measures the US dollar's performance against six other major currencies, edged up 0.18% to 103.77.
The US dollar hit a fresh 11-week high after a report showed US retail sales rose in September, raising expectations that the Federal Reserve (Fed) may cut interest rates gently in the future as the US economy remains strong.
Against the Japanese yen, the US dollar rose to 150 yen for the first time since August 1, and ended the session up 0.4% at 150.24 yen.
The DXY index hit its highest level since August 2 at 103.87. Eugene Epstein of Moneycorp in New York commented that the US dollar is gaining on stronger-than-expected economic data, after falling when the Fed cut interest rates by 50 basis points in September.
A report on October 17 showed that US retail sales increased 0.4% last month, surpassing August's 0.1% increase and economists' forecast of a 0.3% increase.
Initial jobless claims fell 19,000 to a seasonally adjusted 241,000 last week, despite the negative impact of natural disasters and a prolonged strike at Boeing, the US Labor Department reported.
The euro fell after the European Central Bank (ECB) cut interest rates for the third time this year, and the ECB reported that inflation in the eurozone was under control while the region's economic outlook was deteriorating.
In a recent press conference, European Central Bank (ECB) President Christine Lagarde did not reveal information about future financial plans.
The ECB is likely to cut interest rates for a fourth time in December, unless there are significant changes in economic data or inflation rates, Reuters reported.
The value of the Euro (EUR) fell to an 11-week low against the US Dollar (USD), with the exchange rate at 1.0811 USD and ended the trading session at 1.0826 USD, down 0.3%.
The euro fell 2.8% against the US dollar in October, marking its biggest drop since May 2023.
In the United States, interest rate futures markets predict a 92% chance that the Federal Reserve (Fed) will cut interest rates by 25 basis points and an 8% chance that the Fed will leave the federal funds rate unchanged at 4.75%-5%.
The market also predicts the Fed will cut interest rates by another 44 basis points in 2024 and 102 basis points next year.
Fed officials, including Chairman Jerome Powell, have expressed opposition to another 50 basis point rate cut, after the Fed unexpectedly cut 50 basis points in September.
Currency investors are keeping an eye on the upcoming US presidential election.
Domestic USD exchange rate today
The State Bank listed the central exchange rate at 24,199 VND/USD, 12 VND higher than the previous day.
Commercial banks can trade USD in the range of 22,989 to 25,409 VND/USD, according to the +/-5% margin regulation.
Vietcombank is currently listing the USD buying and selling prices at 24,980 and 25,370 VND/USD, up 200 VND compared to this morning.
VietinBank recorded the buying rate at 24,860 VND/USD and the selling rate at 25,360 VND/USD.
Techcombank's buying price is 24,932 VND/USD and selling price is 25,408 VND/USD.
Eximbank listed the buying rate at 24,990 VND/USD and the selling rate at 25,380 VND/USD.
In the free market, the USD/VND exchange rate is currently 25,333 for buying and 25,453 for selling, up 92 and 112 VND respectively compared to October 17.
The buying price of USD on the free market is currently 473 VND higher than the listed price of the State Bank, while the selling price of commercial banks is approaching the free market.