USD exchange rate today October 14, 2024: Continuing a strong week of increase
USD exchange rate today October 14, 2024: The State Bank announced the central exchange rate of the Vietnamese Dong to the USD at 24,175 VND. The USD Index (DXY) is at 102.92.
World USD exchange rate today
The USD Index (DXY), a measure of the US dollar's performance against six major currencies, was at 102.92.
The DXY index held steady last week, supported by rising US Treasury yields. The 10-year bond yield rose to 4.1%.
Inflation in the US was higher than expected, with the Consumer Price Index (CPI) rising 2.41% in September, compared to the forecast of 2.3%. This reduced expectations that the US Federal Reserve (Fed) will cut interest rates by 50 basis points next month.
However, the current inflation rate is still lower than last month's 2.59%, indicating a trend of disinflation in the US. The Fed may cut interest rates but not as quickly as before.
The DXY index continues its uptrend with support levels at 102.25 and the 102-101.75 area. The index is expected to rise to 103.50-104 as previously predicted.
If this trend continues, the DXY index could reach the target of 105-106 in the medium term, as analyzed last week.
The US 10-year bond yield rose above 4% last week and could continue to rise, reaching the resistance level of 4.15-4.20% this week.
If the yield breaks above 4.2%, it could rise to 4.3% or more. If not, it could fall to 4-3.9%, continuing the downtrend.
The euro fell to 1.09 last week and then recovered slightly. Current resistance for EUR/USD is at 1.0980.
The euro needs to break above this level to ease the bearish pressure and have a chance to rise to 1.1050-1.1100. If it fails to break above 1.0980, the euro could fall below 1.09, even to 1.0850-1.08.
This week's ECB meeting will be market-moving and should be closely watched.
Domestic USD exchange rate today
The USD exchange rate on the free market today increased sharply, with buying and selling prices higher than the previous session.
The State Bank kept the central VND/USD exchange rate unchanged at 24,175 VND, unchanged from the previous session.
The reference USD exchange rate at the State Bank of Vietnam remains unchanged, at 23,400 - 25,333 VND/USD for both buying and selling.
On the free market in Hanoi, the USD price increased by 114 VND, trading at 25,256 - 25,356 VND/USD at 6:40 a.m.
Commercial banks such as Vietcombank, BIDV, Vietinbank and Eximbank kept their USD buying and selling prices unchanged from the previous session, with exchange rates ranging from VND24,490 to VND25,000/USD.
