USD exchange rate today, October 10, 2024: The US dollar rises close to the 103 mark.
Today's USD exchange rate (October 10, 2024): The State Bank of Vietnam announced the central exchange rate of the Vietnamese Dong against the USD at 24,168 VND. The US Dollar Index (DXY) increased by 0.33%, reaching 102.88.
Global USD exchange rate on October 10, 2024
The US Dollar Index (DXY), a measure of the US dollar's volatility against six other major currencies, rose 0.33% to 102.88.
The US dollar edged higher after minutes from the Federal Reserve's September meeting showed strong support for a 50-basis-point interest rate cut.
Investors expect the Fed not to cut interest rates excessively after reviewing positive non-farm payroll data, which has shifted expectations for short-term rate cuts.
Amo Sahota, CEO of Klarity FX, noted that the rise in the DXY index is related to the strong US jobs report.
It appears that Fed Chairman Jerome Powell needs to convince more people about a 25 basis point interest rate cut instead of a 50-basis-point cut.
Lorie Logan, president of the Federal Reserve Bank of Dallas, supported a 50-basis-point interest rate cut last month but hopes for smaller rate cuts in the future due to concerns about inflation and economic uncertainty.
According to the Fed's meeting minutes, traders predict an 83% chance that the Fed will cut interest rates by 25 basis points in November and possibly a further 50 basis points by the end of the year. The probability of predicting that the Fed will keep interest rates unchanged next month is 17%.
The euro fell sharply, hitting a two-month low against the US dollar, dropping 0.36% to $1.094.
The US dollar against the Japanese yen rose 0.72% to 149.26 yen, its highest level since August 15. Since Japanese Prime Minister Shigeru Ishiba took office, the yen has depreciated due to unexpected comments that Japan is not yet ready to raise interest rates.
The Australian dollar fell 0.43% against the US dollar, to $0.6716.
The New Zealand dollar experienced significant volatility after the Reserve Bank of New Zealand cut interest rates by 50 basis points. According to Lenny Jin of HSBC, the New Zealand dollar is facing short-term challenges such as the Fed's monetary policy, geopolitical conditions, and the US presidential election.
The US dollar rose 0.42% against the Swiss franc, to 0.86, its highest level since August 20.
The British pound fell 0.25%, to $1.3071, its lowest level since September 12.
Domestic USD exchange rate on October 10, 2024
The State Bank of Vietnam maintained the central VND/USD exchange rate stable at 24,168 dong.
The State Bank of Vietnam's Exchange Department listed the USD exchange rate at between 23,400 and 25,326 VND/USD, unchanged from the previous session.
The USD exchange rate on the free market today (October 10) increased compared to the previous session. In Hanoi, the USD exchange rate on the free market rose by 10 dong, trading at 25,246 – 25,346 dong/USD.
Vietcombank listed a stable USD exchange rate, with buying and selling rates at 24,635 – 25,025 VND/USD.
BIDV lowered both the buying and selling prices of USD by 15 dong, listing them at 24,650 – 25,010 dong/USD.
Vietinbank lowered both the buying and selling prices of USD by 10 dong, listing them at 24,510 – 25,010 dong/USD.
Eximbank maintained its USD buying and selling rates unchanged, listing them at 24,640 – 25,000 VND/USD.
