USD exchange rate today October 16, 2024: Slight increase across the board

World USD exchange rate today

The US Dollar Index (DXY), which measures the US dollar's performance against six major currencies, edged up 0.02% to 103.23.

The US dollar rose against most major currencies in recent trading, hitting its highest level in more than two months, driven by expectations that the US Federal Reserve will gradually cut interest rates over the next year or so.

The US dollar fell in most trading sessions in Europe and the US, partly due to information that Israel did not want to attack Iranian oil targets, easing concerns about oil supply disruptions in the Middle East.

Analysts say that despite the decline, the US dollar remains on an upward trend due to geopolitical uncertainties.

Economic data showed the US economy is recovering, and inflation rose less than expected in September, causing investors to reduce expectations that the Fed will cut interest rates more aggressively.

At its last policy meeting in September, the Fed began its monetary easing cycle by cutting interest rates by 50 basis points, but markets now expect a slower pace of rate cuts.

Traders see a high probability of another 25 basis point rate cut by the Fed in November, and a total of 47 basis points this year, along with another 100 basis points in 2025, much lower than the 200 basis point cut expected before the Fed's September meeting.

The US dollar rose as Fed Governor Chris Waller called for caution in cutting interest rates.

The euro fell to its lowest since August 8, hitting $1.0882, ahead of a European Central Bank meeting, where it is expected to cut interest rates.

The EUR/USD index fell 0.2% to close at $1.0887.

The pound rose to $1.3068 after a UK labour market report showed the slowest wage growth in more than two years, which could lead to a Bank of England interest rate cut next month.

The dollar fell 0.4 percent against the Japanese yen to 149.25 yen, after hitting its highest since Aug. 1 at 149.98 yen. The dollar has gained 3.8 percent against the yen in August.

The Australian dollar fell 0.4% to $0.6701 and the New Zealand dollar fell 0.3% to $0.6078.

Domestic USD exchange rate today

The State Bank set the central exchange rate at 24,177 VND per USD, up slightly by 16 VND compared to yesterday.

Commercial banks can trade USD in the range of 22,968 to 25,385 VND, according to the +/-5% margin regulation.

Vietcombank currently lists USD prices from 24,735 to 25,125 VND, 105 VND higher than this morning.

VietinBank buys USD at 24,615 and sells at 25,115 VND.

Techcombank is currently buying at 24,601 VND and selling at 25,110 VND per USD.

Eximbank listed the buying rate at 24,685 and the selling rate at 25,195 VND/USD.

In the free market, the USD price remained unchanged compared to yesterday, fluctuating from 25,250 to 25,350 VND.

The buying price of USD on the free market is 649 VND higher and the selling price is about 235 VND higher than the bank price.