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

Today's USD exchange rate worldwide

The US dollar has depreciated against the euro and the British pound, falling to its lowest level in over a year.

This decline comes after reports indicated that fewer new jobs were created than analysts had previously predicted.

This information was released just before the key speech by Federal Reserve Chairman Jerome Powell at the Jackson Hole Economic Conference on August 23rd.

Investors are paying close attention to this event to learn more about Powell's views on the job market and the Fed's future policies.

Chart showing the fluctuations of the DXY index over the past 24 hours. Image: Marketwatch

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

At last month's meeting, some Fed officials were prepared to cut interest rates immediately, according to minutes from the July 30-31 meeting, released on August 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 them by 25 basis points at its upcoming meeting.

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

The August employment and inflation data, to be released after Fed Chairman Powell's speech, could influence the interest rate decision at the Fed's September meeting.

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

The British pound also rose 0.59%, reaching $1.3101, its highest level 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 interest rate hike decision in parliament later this week.

According to a Reuters survey, a majority of economists predict the Bank of Japan will raise interest rates one more time later this year.

Upcoming data is expected to show that consumer inflation in Japan has risen for three consecutive months, up to July.

Today's domestic USD exchange rate

Early morning on August 22, 2024, the State Bank of Vietnam announced that the central exchange rate of the Vietnamese Dong against the US Dollar decreased by 5 dong, currently standing at 24,246 dong.

On the domestic market, at the beginning of the trading session on August 22, the State Bank of Vietnam announced that the central exchange rate of the Vietnamese Dong against the US Dollar decreased by 5 dong, currently at 24,246 dong.

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

The USD exchange rates at commercial banks for buying and selling are as follows:

* The EUR exchange rate at the State Bank of Vietnam's exchange desk has slightly increased, currently standing at: 25,528 VND – 28,215 VND (buying and selling rates).

The EUR exchange rates at commercial banks for buying and selling are as follows:

* The Japanese Yen exchange rate at the State Bank of Vietnam's exchange desk increased slightly for buying and selling, currently standing at 157 VND – 174 VND.