Foreign exchange rates on December 23rd: USD Index falls, Japanese Yen rises sharply.
The US Dollar Index (DXY) fell 0.33% to 98.27 points in early trading on December 23. The Japanese Yen appreciated significantly against the USD following signals of intervention from Japanese officials.
Developments in the global foreign exchange market.
During the trading session on December 23rd, the US Dollar Index (DXY), which measures the strength of the greenback against six major currencies, recorded a decrease of 0.33%, falling to 98.27 points. This weakening of the USD created favorable conditions for many other currencies to appreciate.
The Japanese yen (JPY) rose 0.5% against the US dollar, to 156.94 JPY/USD. The yen's rise was driven by warnings from Japanese officials about exchange rate volatility, raising the possibility of intervention in the market. Meanwhile, the US dollar has been under downward pressure since the Federal Reserve cut interest rates by 25 basis points on December 10th. Futures data suggests the market expects the Fed to implement two more interest rate cuts next year.
However, Juan Perez, Director of Trading at Monex USA, believes the yen still faces many challenges. "Overall, the Japanese yen has weakened for reasons beyond the BOJ's interest rate hikes... There is currently very little basis for confidence in the yen," he stated.
Other major currencies also saw positive movements. The Euro (EUR) rose 0.4% against the USD, to 1.1753 USD/EUR, after the European Central Bank (ECB) kept interest rates unchanged. Similarly, the British Pound (GBP) increased 0.6%, reaching 1.3458 USD/GBP, even though the Bank of England (BoE) cut interest rates last week but signaled that there would not be many further cuts.
Domestic foreign exchange rates
In the Vietnamese market, the State Bank of Vietnam announced the central exchange rate of the Vietnamese Dong (VND) against the US Dollar (USD) on the morning of December 23rd at 25,149 dong, an increase of 1 dong compared to the previous session.
Exchange rates at the State Bank of Vietnam's exchange floor:
- USD:Buying price: 23,942 VND - Selling price: 26,356 VND.
- EUR:Buying price: 27,993 VND - Selling price: 30,939 VND.
- Japanese Yen:Buying price: 152 dong - Selling price: 168 dong.
Reference exchange rates at commercial banks:
The USD exchange rates at some commercial banks for buying and selling are as follows:
The EUR exchange rates at several commercial banks for buying and selling are as follows:
The Japanese Yen exchange rates at several commercial banks for buying and selling are as follows:
