USD exchange rate today, October 17, 2024: Continuing its strong upward trend.

Today's global USD exchange rate

The US Dollar Index (DXY), a measure of the US dollar's volatility against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), rose slightly by 0.26% to 103.52.

The US dollar has strengthened significantly in recent trading, reaching its highest level in 11 weeks, as investors do not expect the Federal Reserve (Fed) to significantly cut interest rates at its upcoming policy meeting.

The British pound fell to its lowest level in two months, reflecting lower-than-expected inflation data, which could prompt the Bank of England to cut interest rates more aggressively.

The euro (EUR) also fell, hitting its lowest level in 11 weeks ahead of the European Central Bank (ECB) meeting.

Financial markets are paying close attention to the upcoming US presidential election and the Fed's interest rate policy.

Policies proposed by former US President Donald Trump, including tax cuts, deregulation of the financial sector, and increased tariffs, are seen as beneficial to the US dollar. High tariffs can reduce economic growth in exporting countries in Asia and Europe, forcing their central banks to lower interest rates, thereby weakening their currencies and supporting the value of the US dollar.

Amo Sahota, CEO of Klarity FX, believes that major central banks may cut interest rates more aggressively than the US Federal Reserve (Fed) due to the rapidly slowing global economy, which supports the value of the US dollar.

In a recent interview, former US President Donald Trump expressed a tough stance on imposing high tariffs on trading partners, which could impact economic decisions.

The US dollar hit an 11-week high of 103.60, while the euro fell 0.4% to $1.0855, its lowest level since early August.

The British pound fell sharply, losing 0.7% of its value against the US dollar to $1.2982, marking the first time it has dropped below $1.30 since August 20.

Inflation in the UK fell to 1.7% in September, lower than expected, increasing the likelihood that the Bank of England will cut interest rates next month.

The euro appreciated against the British pound, closing at 83.62.

In the US, the market predicts a 97% probability that the Fed will cut interest rates by 25 basis points at its next policy meeting.

The US dollar rose 0.4% against the Japanese yen, reaching 149.765 yen, close to its weekly high of 149.98 yen.

Domestic USD exchange rate today

The central exchange rate announced by the State Bank of Vietnam is currently 24,187 VND/USD, a slight increase of 10 dong compared to the previous day.

Commercial banks can trade USD within the range of 22,977 to 25,396 VND/USD, subject to the +/-5% fluctuation margin.

Vietcombank is currently quoting the USD exchange rate at 24,780 to 25,170 VND/USD, 45 dong higher than the previous morning.

VietinBank is currently quoting a buying rate of 24,650 VND/USD and a selling rate of 25,150 VND/USD.

Techcombank is currently quoting USD buying and selling rates of 24,724 and 25,246 VND/USD respectively.

Eximbank listed the USD/VND exchange rate for this morning's trading session at 24,780 - 25,170 VND/USD.

In the free market, the USD/VND exchange rate remains unchanged from yesterday, at 25,260 - 25,360 VND/USD.

The buying price of USD in the free market is up to 610 dong higher, and the selling price is about 210 dong higher, than the listed prices of banks.