DNVN - On November 4, 2024, the US dollar saw a slight increase, reflecting investor caution ahead of the Fed's policy meeting and the results of the upcoming US presidential election.
USD exchange rate in the global market
The Dollar Index (DXY), a measure of the value of the USD against six other major currencies (EUR, JPY, GBP, CAD, SEK, CHF), reached 104.28, up 0.05 points from the trading session on November 3, 2024.
The USD remained stable while the Japanese Yen fell sharply, with the exchange rate dropping to 153.88 JPY/USD. This followed the results of the Japanese election, which showed the ruling coalition no longer holding a majority, raising concerns about the possibility of intervention by the Japanese Ministry of Finance if the USD/JPY exchange rate exceeded 160.
The recovery of the US economy has provided support for the USD. Since the beginning of October, the DXY index has risen 3.6%, recording its largest increase since April 2022, thanks to strong consumer confidence and the possibility that former President Donald Trump could win the election. This has also pushed US Treasury yields higher.
On October 31, 2024, the US dollar weakened slightly after news that third-quarter GDP growth was only 2.8%, lower than expected. This caused the DXY to fall from 104.43 to 104.06. This information also increased the likelihood that the Fed might cut interest rates by 25 basis points due to inflationary pressures.
By November 2, 2024, the USD recovered after the October non-farm payrolls report showed only a 12,000-job increase, while the unemployment rate remained at 4.1%. This data reinforced the likelihood that the Fed would adjust interest rates at its policy meeting on November 7.
This weekend, international financial markets will focus on the US presidential election and the Federal Reserve's interest rate decision. These events are expected to create significant volatility for the USD exchange rate and other major currencies. Investors will be closely monitoring the situation to adjust their investment strategies accordingly.
Domestic USD exchange rate
On November 4, 2024, the domestic USD exchange rate experienced significant fluctuations when compared to other major currencies.
At the start of trading, the State Bank of Vietnam announced that the central exchange rate of the Vietnamese Dong against the US Dollar remained unchanged from the previous day, currently at 24,242 VND.
The USD exchange rate allowed for trading in commercial banks currently ranges from 23,400 to 25,450 VND/USD. The State Bank of Vietnam's exchange trading floor also applies a buying and selling margin within the range of 23,400 to 25,450 VND/USD.
At Vietcombank, the buying and selling rates of USD remain unchanged at 25,084 – 25,454 VND compared to the previous day. The buying and selling prices of USD are currently in the range of 24,000 - 25,500 VND/USD.
The EUR exchange rate at the State Bank of Vietnam's exchange floor recorded a slight increase, with the current buying and selling prices at 25,067 VND and 27,706 VND respectively.
The Japanese yen exchange rate at the State Bank of Vietnam's exchange floor also increased slightly, with the buying and selling rates at 152 dong and 167 dong respectively.
Cao Thong (compiled)
Source: https://doanhnghiepvn.vn/kinh-te/gia-ngoai-te-ngay-4-11-2024-usd-tiep-tuc-xu-huong-di-len-truc-cac-su-kien-lon-sap-dien-ra/20241104083924715
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