USD exchange rate today August 22, 2024: Continues to weaken

USD exchange rate today in the world

The US dollar has fallen against the euro and the pound, to its lowest level in more than a year.

The decline came after the report showed fewer new jobs were created than analysts had previously predicted.

The news came ahead of a keynote speech by Federal Reserve Chairman Jerome Powell at the Jackson Hole Economic Conference on August 23.

Investors are watching the event to learn more about Mr. Powell's views on the job market and the Fed's next policies.

DXY Index volatility chart over the past 24 hours. Photo: Marketwatch

The market is waiting for specific information on how the Federal Reserve (Fed) will cut interest rates at its meeting on September 17-18, and whether interest rates will continue to decrease in subsequent meetings.

At last month's meeting, some Fed officials were ready to cut interest rates immediately, according to minutes from the July 30-31 meeting, released on Aug. 21.

CME Group's FedWatch tool shows that as of August 21, there is a 38% chance that the Fed will cut interest rates by 50 basis points and a 62% chance of cutting by 25 basis points at the upcoming meeting.

Adam Button, an analyst at ForexLive, said the Fed is unlikely to cut rates by 50 basis points as current economic data does not support such a drastic move.

August jobs and inflation data, due after Fed Chairman Powell's speech, could influence the Fed's interest rate decision at its September meeting.

The euro (EUR) rose 0.27% to $1.116, its highest since July 2023.

The British pound also rose 0.59% to $1.3101, its highest since July 2023.

The US dollar (USD) fell 0.34% to 144.74 Japanese yen, its lowest level since August 7.

Bank of Japan Governor Kazuo Ueda is expected to discuss last month's rate hike decision in parliament later this week.

A majority of economists predict the Bank of Japan will raise interest rates again later this year, according to a Reuters survey.

Upcoming data is expected to show that Japan's consumer inflation rate rose for three consecutive months in July.

USD exchange rate today in the country

On the morning of August 22, 2024, the State Bank announced the central exchange rate of the Vietnamese Dong against the USD decreased by 5 VND, currently at 24,246 VND.

In the domestic market, at the beginning of the trading session on August 22, the State Bank announced the central exchange rate of the Vietnamese Dong against the USD decreased by 5 VND, currently at 24,246 VND.

* The reference exchange rate at the State Bank's transaction office remains unchanged, currently at: 23,400 VND - 25,450 VND.

USD exchange rates at commercial banks are as follows:

* The EUR exchange rate at the State Bank's buying and selling exchange center increased slightly, currently at: 25,528 VND - 28,215 VND.

EUR exchange rates at commercial banks are as follows:

* The Japanese Yen exchange rate at the State Bank's exchange office has increased slightly, currently at: 157 VND - 174 VND.