USD exchange rate today August 20, 2024: USD drops sharply waiting for Jackson Hole meeting
USD exchange rate today August 21, 2024: VCB USD exchange rate decreased by 80 VND, meanwhile, the world USD exchange rate hit its lowest level in seven months.
On August 21, the central VND/USD exchange rate announced by the State Bank was 24,251 VND/USD, a slight decrease of 10 VND compared to August 20.
Commercial banks can trade USD in the range of 23,400 to 25,450 VND/USD.
The State Bank of Vietnam also applies this exchange rate for USD buying and selling transactions.
At Vietcombank, the USD buying price decreased by 80 VND to 24,710 VND/USD and the selling price remained unchanged at 25,080 VND/USD compared to August 20. Currently, the USD buying and selling prices on the market fluctuate between 24,000 and 25,500 VND/USD.
The value of the US dollar (USD) has decreased since the beginning of the third quarter. The exchange rate of the Vietnamese dong (VND) against the USD is expected to remain stable in the last months of the year.
Deputy Governor of the State Bank of Vietnam, Mr. Dao Minh Tu, affirmed that the current exchange rate is very stable and the foreign exchange market is operating smoothly.
Mr. Tu also emphasized that, thanks to the flexible management of the State Bank, the exchange rate and foreign exchange market are not only stable but also meet the legitimate foreign currency needs of enterprises and import-export activities. This also contributes to ensuring the overall balance of foreign currency and maintaining a positive financial situation for commercial banks.
Meanwhile, in the US market, the US Dollar Index (DXY) measuring the greenback's fluctuations against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF) decreased by 0.51% to 101.38.
The US dollar has been on a tear for the past seven months, and investors are eyeing upcoming remarks from Fed Chairman Jerome Powell for more clarity on the US monetary policy plan.
Experts predict that the Fed will likely cut interest rates by 50 to 75 basis points, or even more than 150 basis points this year.
The Jackson Hole conference will be an opportunity for the Fed to rule out a 50 basis point cut at the remaining three meetings of the year.
A deterioration in the jobs market could lead to the Fed easing monetary policy more quickly, while growth in retail sales could change these expectations.
The US economy is at risk of recession if it encounters financial shocks, according to Thierry Wizman, a strategist at Macquarie.
The market currently expects the Fed to cut interest rates a total of 94 basis points this year.
A majority of economists surveyed by Reuters expect the Fed to cut rates by 25 basis points at each of its remaining three meetings this year.
The US presidential election results are also putting pressure on the dollar, with predictions that if Donald Trump is re-elected, the dollar will rise due to higher tariffs and fiscal spending.
