The US dollar may see a new decline after the US election

Foreign exchange rates, USD/VND exchange rate today, November 4, recorded that bond yields are continuing to support the USD to maintain its strength.

Foreign exchange rate update table - Vietcombank USD exchange rate today

1. VCB - Updated: 11/04/2024 07:00 - Time of website supply source
Foreign currency		Buy		Sell
Name	Code	Cash	Transfer
AUSTRALIAN DOLLAR	AUD	16,175.04	16,338.42	16,862.69
CANADIAN DOLLAR	CAD	17,693.89	17,872.61	18,446.11
SWISS FRANC	CHF	28,395.84	28,682.66	29,603.03
YUAN RENMINBI	CNY	3,459.46	3,494.40	3,606.53
DANISH KRONE	DKK	-	3,616.27	3,754.78
EURO	EUR	26,771.11	27,041.53	28,239.20
Sterling Pound	GBP	31,800.55	32,121.77	33,152.49
HONGKONG DOLLAR	HKD	3,168.93	3,200.93	3,303.65
INDIAN RUPEE	INR	-	300.09	312.09
YEN	JPY	159.91	161.53	169.21
KOREAN WON	KRW	15.87	17.63	19.13
KUWAITIAN DINAR	KWD	-	82,255.58	85,544.62
MALAYSIAN RINGGIT	MYR	-	5,716.20	5,840.91
NORWEGIAN KRONER	NOK	-	2,251.43	2,347.03
RUSSIAN RUBLE	RUB	-	247.98	274.52
SAUDI RIAL	SAR	-	6,715.37	6,983.88
SWEDISH KRONA	SEK	-	2,317.22	2,415.61
SINGAPORE DOLLAR	SGD	18,614.60	18,802.62	19,405.96
THAILAND	THB	659.61	732.90	760.97
US DOLLAR	USD	25,084.00	25,114.00	25,454.00

Exchange rate developments in the domestic market

In the domestic market, according to TG&VN at 7:50 a.m. on November 4, the State Bank announced the central exchange rate of the Vietnamese Dong to the USD at 24,243 VND, down 3 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: 25,060 - 25,450 VND.

Vietinbank : 25,455 - 25,955 VND.

Foreign exchange rates, USD/VND exchange rate today, November 4: USD may witness a new decline after the US election. (Source: Investing)

Exchange rate developments in the world market

In the US market, the US Dollar Index (DXY) measures the greenback's fluctuations against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF) at 104.32.

The USD remained low throughout the week until the final trading session of the week, the DXY index rebounded strongly from the low of 103.68, regaining the weekly momentum.

Bond yields continue to support the US dollar to maintain its strength.

The DXY index closed the week at 104.32. Meanwhile, the yield on the 10-year US Treasury bond jumped and closed the week at 4.38%.

This week, the market is awaiting many important events that could impact currency fluctuations. First is the US presidential election on November 5.

This will be followed by the results of the US Federal Reserve's policy meeting on November 7. The market is expecting the Fed to cut interest rates by 25 basis points this week.

According to the Fed's recent economic forecasts, it is likely that interest rates will be cut by 50 basis points this year. So it is important to see whether the Fed will cut interest rates by 25 basis points twice this year, or leave rates unchanged and cut them by 50 basis points in December.

The bullish view remains intact on the greenback. The DXY index is likely to test the 105.50-106 level in the short term.

The price action will need to be closely watched thereafter. The area around 106 is a strong resistance level for the index. Therefore, the possibility of the DXY index falling from 106 and falling to the 104-103 area is very high.

The yield on the 10-year US Treasury note is heading towards 4.45%. The 4.45% level is strong resistance.

So the market is expecting the current rally in yields to stop here and reverse lower. As such, the 10-year Treasury yield could fall back to 4.2-4.15% after testing the 4.45% level on the upside.

In summary, it looks like the DXY and the 10-year Treasury yield could rise further from here and then see a fresh decline after the US Presidential election.

Source: https://baoquocte.vn/ty-gia-ngoai-te-ty-gia-usdvnd-hom-nay-411-dong-usd-co-the-chung-kien-dot-giam-moi-sau-bau-cu-my-292455.html