USD exchange rate today, October 18, 2024: The US dollar continues to surge.

Today's global USD exchange rate

The US Dollar Index (DXY), a measure of the US dollar's volatility against six other major currencies, edged up 0.18% to 103.77 points.

The US dollar reached a new 11-week high after a report showed US retail sales increased in September, raising expectations that the Federal Reserve (Fed) may offer a more moderate interest rate cut in the future given the continued strength of the US economy.

Against the Japanese yen, the US dollar rose above 150 yen for the first time since August 1st, and ended the trading session up 0.4% at 150.24 yen.

The DXY index reached its highest level since August 2nd at 103.87 points. Eugene Epstein from Moneycorp in New York commented that the US dollar is appreciating due to stronger-than-expected economic data, after having depreciated following the Fed's 50-basis-point interest rate cut in September.

A report released on October 17th showed that US retail sales increased by 0.4% last month, surpassing the 0.1% increase in August and the 0.3% increase predicted by economists.

According to a report from the U.S. Department of Labor, initial jobless claims fell by 19,000 to 241,000 after seasonal adjustment, despite the negative impact of natural disasters and the ongoing strike at Boeing.

The euro depreciated after the European Central Bank (ECB) cut interest rates for the third time this year, and the ECB reported that inflation in the euro area is under control while the economic outlook for the region is deteriorating.

In a recent press conference, the President of the European Central Bank (ECB), Christine Lagarde, did not disclose information about future financial plans.

According to Reuters sources, the ECB is likely to cut interest rates for the fourth time in December, unless there are significant changes in economic data or inflation rates.

The value of the Euro (EUR) fell to its lowest level in 11 weeks against the US Dollar (USD), trading at 1.0811 USD and closing the session at 1.0826 USD, down 0.3%.

In October, the euro depreciated by 2.8% against the US dollar, marking its largest decline since May 2023.

In the United States, interest rate futures markets predict a 92% probability that the Federal Reserve (Fed) will cut interest rates by 25 basis points and an 8% probability that the Fed will keep the federal funds rate unchanged at 4.75%-5%.

The market also predicts the Fed will cut interest rates by another 44 basis points in 2024 and 102 basis points the following year.

Fed officials, including Chairman Jerome Powell, have expressed disapproval of a further 50 basis point interest rate cut, following the Fed's unexpected 50 basis point reduction in September.

Currency investors are paying close attention to the upcoming US presidential election.

Domestic USD exchange rate today

The State Bank of Vietnam has listed the central exchange rate at 24,199 VND/USD, 12 dong higher than the previous day.

Commercial banks can trade USD within the range of 22,989 to 25,409 VND/USD, subject to the +/-5% fluctuation margin.

Vietcombank is currently quoting the buying and selling rates for USD at 24,980 and 25,370 VND/USD, an increase of 200 VND compared to this morning.

VietinBank recorded the buying rate at 24,860 VND/USD and the selling rate at 25,360 VND/USD.

Techcombank is currently quoting a buying rate of 24,932 VND/USD and a selling rate of 25,408 VND/USD.

Eximbank listed the buying rate at 24,990 VND/USD and the selling rate at 25,380 VND/USD.

In the free market, the USD/VND exchange rate is currently 25,333 for buying and 25,453 for selling, an increase of 92 and 112 dong respectively compared to October 17th.

The buying price of USD in the free market is currently 473 dong higher than the State Bank's listed price, while the selling price of commercial banks is approaching the free market rate.