USD exchange rate today, October 24, 2024: The US dollar continues its rapid rise.

Today's global USD exchange rate

In the US market, the US Dollar Index (DXY) - which measures the strength of the USD against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF) - rose 0.35%, to 104.42.

The US dollar surpassed the 153 mark against the Japanese yen for the first time in nearly three months, driven by the strength of the US economy and the divergence in the pace of interest rate cuts among major central banks.

The US dollar is on a winning streak, with its 16th gain in 18 sessions and its fourth consecutive weekly increase. Positive economic data from the US has dampened expectations of a sharp Fed interest rate cut, which has pushed US Treasury yields higher.

The yield on 10-year Treasury bonds rose 3.4 basis points to 4.24%, after touching a three-month high of 4.26%.

Investors are awaiting the US presidential election on November 5th. The DXY index briefly reached 104.57, its highest level since July 30th. The euro fell 0.18% to $1.0778, while the British pound declined 0.49% to $1.2919.

Fed officials have recently indicated they will be cautious about cutting interest rates. The "Beige Book," released on October 23, showed the US economy largely unchanged from September to early October, along with growth in employment. The market now expects the Fed to cut interest rates by 25 basis points at its November meeting.

The market is pricing in an 88.9% chance that the Fed will cut interest rates, and an 11.1% chance of keeping them unchanged, according to CME's FedWatch tool.

The US presidential election also impacted the market, as investors expected Republican candidate Donald Trump to win and potentially introduce tariff policies.

The Bank of Canada cut interest rates by 50 basis points to 3.75%. The CAD fell 0.14% against the USD, to 1.38. European Central Bank (ECB) President Christine Lagarde stressed the need for caution when cutting interest rates.

ECB chief economist Philip Lane also said that recent gloomy economic data raises many questions about the outlook for the euro area.

Domestic USD exchange rate today

The central exchange rate announced by the State Bank of Vietnam is 24,250 VND/USD, an increase of 10 dong compared to the previous rate. Commercial banks are allowed to trade at exchange rates ranging from 23,037 to 25,462 VND/USD.

At major banks like Vietcombank, the USD exchange rate is listed at 25,190 - 25,462 VND/USD, an increase compared to yesterday. VietinBank is also listing it at a similar rate of 25,220 - 25,462 VND/USD.

Further surveys of several private joint-stock commercial banks show that at Techcombank, the current buying/selling rates for USD are 25,160 - 25,462 VND/USD respectively.

At Eximbank, the USD/VND exchange rate in this morning's trading session was 25,170 - 25,462 VND/USD.

On the free market, the USD/VND exchange rate this morning was 25,520 - 25,620 VND, higher than the rate at banks. The buying price of USD on the free market was about 360 VND higher than at banks, and the selling price was about 158 ​​VND higher.

ACB Bank believes that the strong increase in foreign currency demand from import businesses and FDI, along with the appreciation of the USD in the global market, is the main reason for the rise in the USD/VND exchange rate in October. However, since the exchange rate is approaching the ceiling set by the State Bank of Vietnam, it is predicted that the exchange rate will gradually decrease as the demand for foreign currency payments decreases towards the end of the year.