Foreign exchange rates on November 5, 2024: USD depreciates before US presidential election

DNVN - On November 5, 2024, the value of the USD recorded a decrease in the context of the tense US presidential election.

USD exchange rate on international market

The Dollar Index (DXY), which tracks the USD's performance against six other major currencies (EUR, JPY, GBP, CAD, SEK, CHF), closed at 103.92, down 0.36 points from its trading level on November 4, 2024.

The decline reflects caution from investors as the US presidential election approaches and expectations that the Federal Reserve (Fed) may cut interest rates.

The dollar fell 0.38% against the euro to $1.087, and 0.5% against the yen to 152.17 JPY/USD. The greenback’s decline against major currencies reflects market expectations about the dollar’s ​​position in this volatile political period.

The upcoming US presidential election is putting pressure on international financial markets. Polls currently show a tight race between Democratic candidate Kamala Harris and Republican Donald Trump. This tension is pushing investors to seek safe-haven assets amid uncertainty about who will win.

“We’re too polarized to make a firm prediction about the outcome of the election,” said Republican pollster Frank Luntz. “The Senate is likely to go Republican, but the presidential race and the House of Representatives are very unpredictable.”

U.S. Treasury yields fell as news emerged that Harris was leading in several key states. The yield on the 10-year note fell 6.8 basis points to 4.2948%, while the yield on the 2-year note fell 3.2 basis points to 4.1723%.

“Tomorrow will determine the direction of the global economy and the geopolitical landscape for the next four years,” Deutsche Bank said. Experts also warned that the election could drag on due to the tight House races and complicated vote-counting process.

Domestic USD exchange rate

On November 5, 2024, the domestic USD exchange rate also decreased due to the tension of the US election.

At the beginning of this morning's trading session, the State Bank of Vietnam announced the central exchange rate of VND to USD increased by 11 VND compared to yesterday, reaching 24,253.42 VND.

The permitted USD transaction rate at commercial banks currently fluctuates between 23,400 - 25,450 VND/USD. Specifically, the State Bank of Vietnam Exchange Center offers USD buying and selling rates in the range of 23,400 to 25,450 VND/USD.

At Vietcombank, the buying and selling price of USD is currently at 25,095 - 25,465 VND, an increase of 11 VND compared to yesterday. The buying and selling price of USD fluctuates from 24,000 - 25,500 VND/USD.

The EUR exchange rate at the State Bank of Vietnam slightly decreased, currently at the buying and selling rates of 25,051 VND and 27,688 VND, respectively.

The Japanese Yen exchange rate at the State Bank of Vietnam's Transaction Office also decreased slightly, currently at 151 VND - 167 VND for buying and selling transactions.

Ganoderma (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-ngoai-te-ngay-5-11-2024-dong-usd-giam-gia-truoc-bau-cu-tong-thong-my/20241105102905704