Foreign exchange price on November 14, 2024: USD reached its highest peak of the year, reaching 106.51

DNVN - On November 14, 2024, the foreign exchange rate recorded the USD increasing sharply to its highest peak in 1 year, reaching a new threshold in the international trading session.

World USD exchange rate

The Dollar Index (DXY), which tracks the USD's performance against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), reached 106.51, up 0.49% from the session on November 13, 2024.

The US dollar rose to a new high against major currencies on Tuesday, buoyed by Trump-related trading activity and US inflation data for October that met expectations, pointing to a Fed rate cut.

The greenback hit its highest level since November 2023, helped by Donald Trump's victory in last week's presidential election, raising expectations of potentially inflationary tariffs from the new administration.

Edison Research forecast on Wednesday that Trump's Republican Party will control both houses of Congress when he takes office in January, giving him room to implement his plans to cut taxes and shrink the size of the federal government.

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.43% to 106.44 after hitting a high of 106.53.

“I’m not sure the inflation data had a huge impact on the way things were going because it was pretty much in line with expectations,” said Brad Bechtel, global head of foreign exchange at Jefferies. “I think it’s just a continuation of the Trump-style trade thinking … which has led to a broad-based dollar strength but also has taken some of the EM [emerging market] longs out.”

The U.S. consumer price index rose 0.2 percent in October for a fourth straight month, in line with economists ' expectations, as housing and rent costs rose, Labor Department data released Wednesday showed. The CPI rose 2.6 percent in the 12 months through October.

U.S. Treasury yields fell after the inflation data, with the yield on the two-year note, which moves in line with interest rate expectations, down 6.5 basis points to 4.279%.

“There was definitely a lot of concern looking at this number because it was just one of the new bricks in this wall of worry; so there was a little bit of a relief bounce and lower yields,” said Marvin Loh, senior market strategist at State Street in Boston.

“This just shows how stressed the market is based on the Fed, based on inflation and certainly based on this obscure Trump trade. The USD seems to be one of the cleanest and easiest ways to play the Trump trade as well as bitcoin.”

Domestic USD exchange rate

On November 14, 2024, the domestic USD exchange rate increased to its highest level in the year, largely thanks to Trump-related transactions and US inflation meeting expectations, showing the possibility of interest rate cuts from the Fed.

In this morning's trading session, the State Bank announced the central exchange rate at 24,288 VND, up 21 VND compared to yesterday. With a 5% margin, commercial banks are allowed to trade USD in the range of 23,073 - 25,502 VND.

Accordingly, commercial banks raised the USD price close to the ceiling, and also exceeded the peak set in mid-year. The current USD price increased about 4.4% compared to the beginning of the year.

Specifically, Vietcombank listed the USD price at 25,150 - 25,502 VND, up 22 VND compared to yesterday. BIDV also adjusted the price to 25,180 - 25,502 VND. At Eximbank, the USD buying and selling price reached 25,140 - 25,502 VND.

Meanwhile, the USD price in the free market decreased slightly and is still far from the peak, with some foreign exchange points maintaining the exchange rate at 25,450 - 25,650 VND.

The EUR exchange rate at the State Bank of Vietnam has slightly decreased, currently buying and selling at: 24,491 VND - 27,070 VND respectively.

The Japanese Yen exchange rate at the State Bank of Vietnam has slightly decreased, currently buying and selling at: 149 VND - 165 VND.

Viet Anh (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-ngoai-te-ngay-14-11-2024-usd-dat-dinh-cao-nhat-trong-nam-can-moc-106-51/20241114083157408