USD exchange rate today (August 2): USD plunges

USD exchange rate today: Early morning of August 2, the State Bank announced the central exchange rate of the Vietnamese Dong to the USD increased slightly, currently at 25,249 VND.

Meanwhile, in the US market, the US Dollar Index (DXY) measuring the greenback's fluctuations against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF) decreased by 1.28% to 98.69.

DXY Index volatility chart over the past 24 hours. Photo: Marketwatch

USD exchange rate today in the world

The dollar fell sharply on Friday and was headed for its biggest daily decline against the yen since January 2023 after data showed U.S. employers created fewer jobs than expected in July, while the previous month's jobs figure was revised down sharply. Specifically, U.S. employers added just 73,000 jobs in July, far below the 110,000 forecast by economists polled by Reuters, while the unemployment rate rose slightly to 4.2% as expected, from 4.1% in June. The number of new jobs created in June was also revised down to just 14,000 compared to the previously announced 147,000.

“The number is worse than anyone expected, and the highlight is the sharp downward revision to last month’s figure,” said Helen Given, director of trading at Money USA in Washington.

The euro rose 1.37% to $1.1571, heading for its biggest daily gain since April. Earlier, the common currency hit $1.1389, its lowest since June 10.

The US dollar fell 2.23% to 147.37 yen against the Japanese yen. The greenback had earlier hit 150.91 yen, its highest level since March 28.

The Fed said it was in no rush to cut interest rates due to concerns that President Donald Trump's tariff policies could spark a resurgence of inflation in the coming months.

Traders had previously reduced expectations for the number of rate cuts this year after Chairman Jerome Powell gave a policy outlook that did not signal a September cut. But those expectations rose again on Friday after the jobs report. Traders now expect the Fed to cut 63 basis points by year-end, up from 34 basis points on Thursday, with the first cut expected in September.

Whether the Fed cuts rates in September may depend on the August jobs report. “Powell has said we’re going to keep rates steady for longer, but there are two jobs reports before the next Fed meeting. When this first one is clearly negative… the labor market is clearly cooling, that makes the September numbers even more important,” said Helen Given.

August jobs data will be released on September 5, ahead of the Fed meeting scheduled for September 16-17.

The Swiss franc was hit hard as Switzerland faces a 39% tariff. The currency fell against other currencies, hurt by higher tariffs and Trump’s demand that pharmaceutical companies, a major Swiss export, reduce prices for American consumers. The dollar fell 0.9% against the Swiss franc to 0.805, after hitting 0.8171, its highest since June 23.

The US dollar plunged. Photo: Reuters.

Domestic USD exchange rate today

In the domestic market, at the beginning of the trading session on August 2, the State Bank announced the central exchange rate of the Vietnamese Dong against the USD at 25,249 VND.

* The reference USD exchange rate at the State Bank's buying and selling exchange center increased slightly, currently at: 24,037 VND - 26,461 VND.

USD exchange rates at commercial banks are as follows: