Foreign exchange prices on October 25, 2024: USD stops its upward trend

DNVN - On October 25, 2024, the USD paused its growth streak, after reaching a high of nearly three months earlier.

USD exchange rate on international market

The Dollar Index (DXY), a measure of the strength of the USD against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), is currently at 104.02 points, down 0.39 points from the trading session on October 24, 2024.

The recent session has seen the euro and the yen gain, while the dollar has temporarily stalled after hitting a near three-month high. Fiona Cincotta of Forex.com said economic data from the US is reinforcing the view that the Federal Reserve may cut interest rates more slowly than initially expected.

Data on initial U.S. jobless claims fell to 227,000 last week, below the 242,000 estimate of economists polled by Reuters. Still, the number of continuing claims hit a nearly three-year high, reflecting uncertainty in the U.S. labor market and potentially forcing the Fed to take a closer look at its decision to cut interest rates.

Investors are now awaiting the release of the Purchasing Managers’ Index (PMI), with the US services PMI expected to fall to 55 in October from 55.2 in the previous month. In contrast, the manufacturing PMI is expected to rise slightly from 47.3 to 47.5, indicating a recovery in the manufacturing sector, said Fiona Cincotta.

The dollar has pulled back slightly after hitting a nearly three-month high in the previous session as investors took profits. However, the currency has maintained its strong momentum in October, thanks to expectations of gradual interest rate cuts by the Federal Reserve and uncertainty surrounding the US presidential election in November.

Many financial experts believe that the US labor market situation along with global economic fluctuations will play an important role in deciding the Fed's upcoming interest rate policy. At the same time, investors are still following economic data to have appropriate strategies in the coming time.

Domestic USD exchange rate

On October 25, 2024, the USD exchange rate in Vietnam was quite stable, with the selling price at major commercial banks mainly revolving around the threshold of 25,473 VND.

The State Bank announced the central exchange rate of the Vietnamese Dong to the USD increased by 10 VND in the opening session this morning, currently at 24,260 VND.

Currently, commercial banks are allowed to trade USD exchange rates in the range of 23,400 to 25,450 VND/USD. At the same time, the State Bank of Vietnam has also adjusted the USD buying and selling exchange rate in the range of 23,400 - 25,450 VND/USD.

At Vietcombank , the buying and selling rates of USD are currently fluctuating at 25,203 - 25,473 VND. The buying and selling rates of USD on the market are currently in the range of 24,000 - 25,500 VND/USD.

The EUR exchange rate at the State Bank of Vietnam slightly decreased, currently buying - selling at: 24,855 - 27,471 VND.

The Japanese yen exchange rate at the State Bank of Vietnam also decreased slightly, with the current buying and selling rates being 151 - 167 VND.

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Source: https://doanhnghiepvn.vn/kinh-te/gia-ngoai-te-ngay-25-10-2024-dong-usd-ngung-chuoi-tang-gia/20241025080047243