Foreign exchange rate update table - Vietcombank USD exchange rate today

Exchange rate developments in the domestic market

In the domestic market, according to TG&VN at 7:30 a.m. on August 6, the State Bank announced the central exchange rate of the Vietnamese Dong to the USD at 24,241 VND, down 1 VND.

The reference USD exchange rate at the State Bank of Vietnam is listed at: 23,400 VND - 25,450 VND.

USD exchange rates at commercial banks are as follows:

Vietcombank: 24,900 VND - 25,270 VND.

Vietinbank: 24,780 VND - 25,230 VND.

Foreign exchange rates, USD/VND exchange rate today, August 6: USD plummets, Japanese Yen rises to 7-month high. (Source: Getty Images)

Exchange rate developments in the world market

The Dollar Index (DXY), which measures the USD against six major currencies (Euro, JPY, GBP, CAD, SEK, CHF), stopped at 102.67, down 0.52%.

The dollar continued to fall sharply, as the yen surged to a seven-month high, as a slew of economic data last week raised the prospect of a US recession and the prospect of more interest rate cuts from the Federal Reserve.

Against the Yen, the USD fell 2.04% to 143.5, near its lowest level of the year.

Elsewhere, the EUR rose 0.37% to $1.095, after rising to $1.1009, its highest since January 2.

Weaker-than-expected US jobs data, along with dismal earnings reports from major tech companies and growing concerns about China’s economy, sparked a global sell-off in stocks, oil and high-yielding currencies over the past week, as investors sought the safe-haven appeal of cash.

The sell-off continued on August 5, with US Treasury yields continuing to fall, stock indexes falling and the US dollar losing value.

“Looking at the big picture, whenever there is a crisis in the markets, there is obviously too much leverage and everyone is rushing into the same type of trade,” said Adam Button, chief currency analyst at ForexLive.

Treasury yields have fallen sharply since last week, after the Fed kept its policy rate unchanged in its current range of 5.25-5.50%, amid Fed Chairman Jerome Powell hinting at a possible rate cut in September.

“The non-farm payrolls report late last week shocked traders and raised concerns about the prospect of a recession in the US economy,” said Helen Given, a foreign exchange trader at Monex USA in Washington.

Meanwhile, the Japanese Yen surged as traders aggressively unwinded interest rate carry trades.

As of August 5, Fed funds futures reflected a near 100% probability of a 50 basis point rate cut at the central bank's September meeting, according to the CME FedWatch tool.

“The sell-off in Japanese stocks in Asian trading has spooked markets, coupled with the yen’s recovery, and we may be seeing the so-called ‘panic spiral’ that many fear,” said Given.