USD exchange rate today, December 6, 2024: The US dollar falls sharply.

Today's USD exchange rate worldwide

The US dollar depreciated as investors continued to believe that the Federal Reserve would cut interest rates by 25 basis points at its December meeting. This stemmed from weaker-than-expected US economic data. Specifically, economic indicators showed weakness in the US economy, increasing expectations that the Fed would adjust its monetary policy.

On December 4th, Fed Chairman Jerome Powell stated that the central bank might be "more cautious" in its interest rate cuts. However, he affirmed that this does not change market expectations regarding the possibility of a Fed rate cut at its December meeting. This reflects the view that, while the Fed may not be in a hurry, a rate cut remains a very real possibility.

Economic indicators also show weakness in the US economy. Weekly US jobless claims rose by 9,000 to 224,000, the highest in six weeks, exceeding analysts' forecasts. This suggests the labor market is weaker than expected.

Alongside this, activity in the US services sector also declined. The Institute of Supply Management (ISM) services PMI fell to 52.1 in November, after reaching 56.0 in October. Economists had forecast the index to fall to 55.5, indicating a slowdown in the services sector, although it remains above 50, suggesting manufacturing activity is still growing.

San Francisco Fed President Mary Daly emphasized that policymakers need to be more cautious in adjusting monetary policy. She argued that policy must be consistent with the current state of the economy and future growth prospects.

According to the Fedwatch tool, the market is currently betting on a 76% chance that the Fed will cut interest rates by 25 basis points in December. Although earlier this year the market expected the Fed to cut a total of around 150 basis points in 2024, with only one meeting remaining this year, the likelihood of a sharp rate cut has decreased.

Another factor putting pressure on the USD is the appreciation of the EUR, as geopolitical tensions in France eased. The EUR surged after hawkish statements from members of the European Central Bank (ECB), including Bundesbank President Nagel. He emphasized that the ECB should not cut interest rates below neutral, reinforcing confidence that the ECB would maintain its tight monetary policy.

Alongside this, the Japanese yen also rose slightly, mainly due to comments from Bank of Japan (BOJ) Board member Nakamura. He stated he did not oppose the BOJ raising interest rates, sparking expectations that the Bank of Japan might raise rates at its policy meeting on December 19th. However, the yen's gains were somewhat limited by higher US Treasury yields.

Today's domestic USD exchange rate

As of December 5th, the State Bank of Vietnam announced the central exchange rate at 24,266 VND/USD, an increase of 4 dong compared to the previous day. With a 5% margin, the USD exchange rate at commercial banks is allowed to trade within the range of 23,053 VND/USD to 25,479 VND/USD.

The State Bank of Vietnam's exchange rate office continues to maintain the reference buying and selling rates within the range of 23,400 VND/USD (buying) and 25,450 VND/USD (selling).

The USD exchange rate at commercial banks continued to see slight adjustments on December 5th. Specifically, Vietcombank increased its buying price by 4 dong, while BIDV adjusted its buying price up by 17 dong and Eximbank also increased it by 16 dong. These banks also adjusted their selling prices up by 4 dong compared to the previous listed rates.

Vietcombank listed the USD buying and selling rates at 25,146 - 25,479 VND/USD, an increase of 4 VND in both buying and selling rates compared to yesterday.

VietinBank maintained a stable buying rate of 25,186 VND/USD and increased the selling rate by 4 VND, reaching 25,479 VND/USD.

Techcombank listed the buying rate unchanged at 25,207 VND/USD, and increased the selling rate by 4 VND to 25,479 VND/USD.

BIDV adjusted the buying rate up by 17 dong to 25,189 dong/USD, and the selling rate up by 4 dong to 25,479 dong/USD.

Eximbank increased its buying rate by 16 dong to 25,186 dong/USD, and also increased its selling rate by 4 dong to 25,479 dong/USD.

Sacombank maintained a stable buying rate of 25,210 VND/USD, while increasing the selling rate by 4 VND to 25,479 VND/USD.