USD exchange rate today October 25, 2024: USD depreciates
USD exchange rate today October 25, 2024: US Dollar Index (DXY) decreased by 0.41%, sliding to 104.02. The State Bank announced the USD exchange rate increased by 10 VND, currently at 24,260 VND.
World USD exchange rate on October 25, 2024
In the US market, the US Dollar Index (DXY), which reflects the fluctuations of the USD against 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF), decreased 0.41% to 104.02.
Meanwhile, the euro and the Japanese yen gained, while the dollar paused its gains after hitting a near three-month high.
Initial weekly jobless claims fell to 227,000, below economists' forecast of 242,000. However, continuing claims rose to their highest level in nearly three years.
The US composite PMI, which tracks the manufacturing and services sectors, rose to 54.3 this month from 54.0 in September, S&P Global reported.
The dollar has risen in 16 of the last 18 trading sessions, on track for a fourth straight weekly gain, helped by a slew of positive economic data that has reduced expectations for the size and pace of Fed rate cuts and lifted U.S. Treasury yields.
Joseph Trevisani, an analyst at FXStreet, said he was looking at some profit-taking in the dollar. The yield on the 10-year US Treasury note fell 4.6 basis points to 4.196%, after hitting a three-month high of 4.26%.
The euro rose 0.39% to $1.0823 after hitting a near four-month low of $1.076 on Oct. 23. A survey showed business activity in the euro zone stagnated last month, but the decline in Germany eased from the previous month.
Fed officials have recently commented on the gradual rate cuts, with Cleveland Federal Reserve Bank President Beth Hammack saying inflation pressures have eased but are not yet where they should be.
Markets are pricing in a 95.1% chance the Fed will cut 25 basis points at its November meeting, with a 4.9% chance of leaving rates unchanged.
In contrast, expectations of faster and larger rate cuts by the European Central Bank (ECB) are growing, putting pressure on the euro, as many policymakers warn of the risk of missing the 2% inflation target.
ECB policymaker Robert Holzmann said a 25 basis point rate cut could be possible at its December meeting if data warrants.
The pound rose 0.39% to $1.2971, while the dollar fell 0.6% against the Japanese yen to 151.83 yen. BOJ Governor Kazuo Ueda said the yen's recent decline was partly due to optimism about the U.S. economic outlook.
Domestic USD exchange rate on October 25, 2024
The central exchange rate announced by the State Bank is 24,260 VND/USD, an increase of 10 VND compared to the previous update.
According to regulations, the ceiling and floor exchange rates that commercial banks can trade are from 23,047 to 25,473 VND/USD, with a margin of +/-5%.
The reference exchange rate at the State Bank's Transaction Office is currently 23,400 VND (buy) and 25,450 VND (sell).
At commercial banks, Vietcombank is listing the USD exchange rate at 25,203 - 25,473 VND/USD, reaching the ceiling rate of the State Bank. Meanwhile, VietinBank recorded the USD exchange rate at 25,070 - 25,473 VND/USD.
A survey at some private joint stock banks showed that at Techcombank, the USD buying price was 25,135 VND and the selling price was 25,473 VND. At Eximbank, the USD exchange rate in this morning's trading session was 25,190 - 25,473 VND/USD.
In the free market, the USD exchange rate is currently at 25,700 - 25,800 VND, up 180 VND each way compared to yesterday.
Thus, the USD buying price in the free market is about 630 VND higher than the selling price of commercial banks, while the selling price at banks is only about 327 VND higher than the free market.
