Yen exchange rate climbs to record high, USD price recovers

How much is 1 USD in VND today?

State Bank USD exchange rate is at 23,956 VND.

Vietcombank USD exchange rate is currently at 24,200 VND - 24,570 VND (buy - sell).

Euro exchange rate is currently at 25,508 VND - 27,086 VND (buy - sell).

The current Japanese Yen exchange rate is 159.44 VND - 169.87 VND (buy - sell).

The current British Pound exchange rate is 29,925 VND - 31,405 VND (buy - sell).

Today's Yuan exchange rate is at 3,310 VND - 3,475 VND (buy - sell).

USD price today

The US Dollar Index (DXY) measures the greenback's fluctuations against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), recording at 104.16 points.

The dollar rose after U.S. jobless claims data again showed the labor market remains strong, reinforcing the Federal Reserve's message that interest rates are unlikely to be cut anytime soon.

According to the US Department of Labor, the number of applications for unemployment benefits decreased by 9,000 to 218,000 in the week ended February 3. This is lower than the forecast of 220,000 by economists polled by Reuters.

Thierry Wizman, global FX expert at Macquarie, said the recent data was bullish for the USD.

“The issue here is to get the positive surprises in the US economy to continue to come in. If the dollar weakens, the strong US data has to weaken, while Europe has to improve. It is very, very difficult to say when that will happen,” he said.

The next important US data release is the January Consumer Price Index (CPI) inflation reading on February 13.

The US Federal Reserve is expected to cut interest rates by 115 basis points (bps) by the end of 2024. This expectation was originally at 140 bps. The probability of a Fed cut in March is only half of what it was last week, at 18.5%.

The USD Index increased by 0.14%.

The euro recovered 0.02%. EUR/USD was at 1.0773.

Higher Treasury yields have also supported the dollar, especially against lower-yielding currencies, such as the yen.

The Yen fell about 0.82%. The Yen exchange rate increased again, at 149.380 JPY/USD. This exchange rate during the session reached 149.46 JPY/USD - the weakest level since November 27.

Bank of Japan Deputy Governor Shinichi Uchida said the BOJ is unlikely to raise interest rates aggressively, even after exiting its negative interest rate policy.

The British pound fell 0.11%. GBP/USD was at 1.2613.

Source