USD exchange rate today, October 22, 2024: The US dollar continues to rise, reaching 104.

Today's global USD exchange rate

The US Dollar Index (DXY), which measures the strength of the USD against six other major currencies (EUR, JPY, GBP, CAD, SEK, CHF), rose 0.47% to 103.96. The USD strengthened due to rising US bond yields and positive economic data, suggesting that the Federal Reserve (Fed) may cut interest rates gradually and cautiously.

Over the past three weeks, the US dollar has consistently risen as positive economic data has dampened expectations of a rapid interest rate cut by the Fed. According to CME's FedWatch tool, the market predicts an 87% probability that the Fed will cut interest rates by 25 basis points in November, and only a 13% probability of keeping rates unchanged.

The yield on 10-year US Treasury bonds rose 10.5 basis points to 4.18%, near its highest level in three months. Additionally, the Atlanta Fed raised its third-quarter GDP growth estimate to 3.4%. The presidents of the Dallas and Minneapolis Feds also indicated that further interest rate cuts are possible in the future.

The DXY index briefly touched 104.01, its highest level since October 4th. Conversely, the EUR fell 0.5% to $1.0811 and the British pound dropped 0.54% to $1.2977. The European Central Bank (ECB) just cut interest rates for the third time this year, with expectations that inflation will return to its target next year. However, the ECB needs more data to be certain of this.

In Japan, the US dollar rose 0.84% ​​against the yen to 150.77, after touching a more than nine-week high of 150.83. Japan is preparing for a general election on October 27. Additionally, investors are also closely watching the US presidential election on November 5.

Domestic USD exchange rate today

In today's trading session, the State Bank of Vietnam (SBV) increased the central exchange rate of the Vietnamese Dong against the US Dollar by 15 dong, currently at 24,228 VND/USD.

Commercial banks are permitted to trade exchange rates within the range of 23,400 to 25,450 VND/USD. At the State Bank of Vietnam's Exchange, the buying and selling rates also fall within this range.

Vietcombank currently lists the USD buying and selling rates at 25,040 – 25,430 VND/USD. USD exchange rates at other banks currently fluctuate between 24,000 - 25,500 VND/USD.

On the free market, the USD exchange rate increased this morning compared to the previous session. In Hanoi, at 5:30 AM, the buying and selling rates for USD were 25,406 - 25,506 VND, an increase of 56 dong in both directions compared to October 21st.