USD exchange rate today August 29, 2024: World increases, domestic decreases

USD exchange rate today in the world

The DXY index, which measures the greenback's performance against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), is currently at 101.04 points - up 0.49%.

The US dollar has gained in recent trading sessions due to increased buying demand at the end of the month. Investors are waiting for new economic data to see if the US Federal Reserve will slow down the pace of interest rate hikes.

The foreign exchange market has seen a lot of volatility this month, with concerns about a US recession and the Bank of Japan's monetary policy affecting the value of the dollar.

Investors are also watching earnings from Nvidia, the AI ​​chipmaker that has been a hot topic in the stock market in recent years. The dollar has also reacted strongly to stock market moves this year.

Karl Schamotta, chief market strategist at Corpay in Toronto, Canada, said investors are reducing risk and buying dollars ahead of key economic reports, including Nvidia's earnings report and the upcoming jobs report.

The DXY index, a gauge of the value of the US dollar, had its biggest one-day gain since mid-June.

In August, the dollar fell 2.8% - its biggest monthly drop since November 2023.

The dollar fell to a 13-month low of 100.51 as markets bet the Federal Reserve would cut interest rates. Investors are betting the Fed could start cutting rates next month after Chairman Jerome Powell expressed a less-than-shocking view last week.

There is a debate over whether the Fed will cut rates by 50 basis points or just 25 basis points. The market is pricing in a 37% chance of a 50 basis point cut and is predicting a total of about 105 basis points of rate cuts by the end of the year.

The US gross domestic product (GDP) forecast for the second quarter and the PCE index, a key inflation measure, will be released later this week. If the figures come in lower than expected, the dollar could fall.

The US dollar rose against the Japanese yen, up 0.5% to 144.685 yen.

The euro edged down 0.6 percent to $1.1116, but was still not far from a 13-month high. Investors are looking ahead to the eurozone's August inflation report, due later in the week, for clues on the European Central Bank's next monetary policy.

The pound fell 0.6% to $1.3186, having earlier risen to its highest since March 2022.

The Australian dollar hit a near eight-month high against the US dollar, after data showed Australian inflation eased in July to a four-month low.

USD exchange rate today in the country

Today, August 29, 2024, the central USD/VND exchange rate announced by the State Bank decreased by 12 VND, at 24,212 VND/USD.

Commercial banks have adjusted the USD selling price, with different rates. Vietcombank listed the buying price at 24,650 VND/USD and the selling price at 25,020 VND/USD, down 20 VND for both buying and selling.

BIDV listed the buying and selling prices of USD from 24,683 to 25,023 VND/USD. Techcombank's current prices range from 24,615 to 25,120 VND/USD.

Eximbank traded from 23,256 to 25,090 VND/USD. ACB listed from 24,670 to 25,030 VND/USD.

In the free market, the USD/VND exchange rate increased by 17 VND in both buying and selling compared to August 28, currently trading from 25,159 to 25,219 VND/USD.