USD exchange rate today September 19, 2024: USD decreased after FED cut interest rate by 50 points

USD exchange rate today in the world

The US Dollar Index (DXY), which measures the value of the US dollar against six other major currencies, edged up 0.04% to 100.93.

The US Federal Reserve (Fed) cut interest rates by 50 basis points at its policy meeting on September 18, with expectations that inflation will fall to its 2% annual target.

Interest rates have been cut to 4.75% - 5.00%, and are expected to be cut by another 50 basis points later this year, 100 basis points in 2025, and a final 50 basis points in 2026, until rates stabilize at 2.75% - 3.00%.

The US dollar initially fell after the Fed's announcement but recovered some ground after Chairman Jerome Powell's press conference. The DXY index fell to its lowest level since July 2023 at 100.21.

Vassili Serebriakov, a strategist at UBS in New York, said the rate cut was not too drastic. Chairman Powell said there was no sign that the US economy was in or would soon be in recession, with steady economic growth, falling inflation and a tight labor market.

Federal funds rate futures have reflected expectations of further rate cuts, with about 70 basis points cut this year.

The euro edged down 0.01% to $1.111275. The Japanese yen was unchanged against the dollar at 142.370 yen. The British pound, the best-performing G10 currency this year, rose 0.28% to $1.3200.

China's yuan also appreciated against the US dollar, with the exchange rate at 7.0780 CNY/USD.

Financial markets have stabilized after the Federal Reserve (Fed) announced its new interest rate policy, according to Brad Bechtel, head of FX at Jefferies in New York.

Mr. Bechtel also emphasized that the Fed is working to prevent a decline in the US economy and the market has reacted calmly to the Fed's decision to cut interest rates by 50 basis points.

USD exchange rate in the country today

The State Bank of Vietnam announced the central VND/USD exchange rate for September 19 at 24,151 VND, a slight increase of 10 VND compared to the previous day.

The reference USD exchange rate at the State Bank of Vietnam is stable at 23,400 VND for buying and 10 VND higher at 25,308 VND/USD for selling.

In the free market, the USD price increased sharply, with the transaction price in Hanoi at 6:32 am being 24,813 - 25,043 VND/USD, an increase of 120 VND for buying and 144 VND for selling compared to the previous day.

Vietcombank increased the buying and selling prices of USD to 24,440 - 24,810 VND/USD, each way increasing by 40 VND.

BIDV also increased the USD buying and selling prices, listed at 24,470 - 24,810 VND/USD, an increase of 40 VND for both directions.

Vietinbank reduced the buying and selling prices of USD to 24,270 - 24,770 VND/USD, down 30 VND for both directions.

Eximbank increased the USD buying and selling prices to 24,440 - 24,800 VND/USD, an increase of 20 VND for both directions compared to the previous session.