USD skyrockets after US election results

Foreign exchange rates, USD/VND exchange rate today, November 7, recorded the USD soaring to a 4-month high, after Republican candidate Donald Trump declared victory in the US presidential election.

Foreign exchange rate update table - Vietcombank USD exchange rate today

1. VCB - Updated: 11/07/2024 08:00 - Time of website supply source
Foreign currency		Buy		Sell
Name	Code	Cash	Transfer
AUSTRALIAN DOLLAR	AUD	16,157.40	16,320.61	16,844.20
CANADIAN DOLLAR	CAD	17,761.36	17,940.77	18,516.33
SWISS FRANC	CHF	28,338.44	28,624.68	29,543.01
YUAN RENMINBI	CNY	3,452.65	3,487.52	3,599.41
DANISH KRONE	DKK	-	3,582.26	3,719.44
EURO	EUR	26,515.86	26,783.69	27,969.77
Sterling Pound	GBP	31,790.33	32,111.44	33,141.63
HONGKONG DOLLAR	HKD	3,182.24	3,214.39	3,317.51
INDIAN RUPEE	INR	-	300.72	312.75
YEN	JPY	158.99	160.60	168.24
KOREAN WON	KRW	15.71	17.46	18.94
KUWAITIAN DINAR	KWD	-	82,473.49	85,770.70
MALAYSIAN RINGGIT	MYR	-	5,702.34	5,826.71
NORWEGIAN KRONER	NOK	-	2,232.96	2,327.77
RUSSIAN RUBLE	RUB	-	247.31	273.77
SAUDI RIAL	SAR	-	6,740.69	7,010.17
SWEDISH KRONA	SEK	-	2,286.75	2,383.84
SINGAPORE DOLLAR	SGD	18,567.66	18,755.21	19,356.91
THAILAND	THB	657.75	730.83	758.82
US DOLLAR	USD	25,140.00	25,170.00	25,470.00

Exchange rate developments in the domestic market

In the domestic market, according to TG&VN at 7:50 a.m. on November 7, the State Bank announced the central exchange rate of the Vietnamese Dong to the USD at 24,248 VND, down 5 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: 25,140 - 25,470 VND.

Vietinbank : 25,218 - 25,470 VND.

Foreign exchange rates, USD/VND exchange rate today, November 7: USD skyrocketed after the US election results. (Source: CNBC)

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 105.15, up 1.72%.

The US dollar jumped to a four-month high after Republican candidate Donald Trump declared victory in the US presidential election.

A comprehensive Republican victory would allow the party to make larger legislative changes, which would trigger larger moves in the currency.

Mr. Trump's policies on restricting illegal immigration, issuing new tariffs, and cutting taxes could boost growth and restrain the ability of the US Federal Reserve (Fed) to cut interest rates.

“This could push inflation higher and force the Fed to ease policy more slowly, which would benefit the greenback,” said Nikos Tzabouras, senior market strategist at the Tradu exchange.

The euro zone, Mexico, China and Canada are seen as at risk of new tariffs, which could hit economic growth in those regions. That would widen their interest rate differentials with the US and put pressure on their currencies.

The euro could also be hurt by political uncertainty in Germany. The euro fell 1.78% to $1.0735 and hit $1.0683, its lowest since June 27.

Meanwhile, the USD increased by 1.92%, reaching 154.5 Japanese Yen and at one point increased to 154.7, the highest level since July 30.

The Fed is expected to cut interest rates by 25 basis points at the end of its two-day meeting on November 7, and investors will also be watching for any fresh clues on whether the US central bank might pause its cuts in December.

Traders are now pricing in a 71% chance the Fed will also cut rates in December, down from 77% a day earlier, according to CME Group's Fed Tracker Tool.

Source: https://baoquocte.vn/ty-gia-ngoai-te-ty-gia-usdvnd-hom-nay-711-usd-tang-phi-ma-sau-ket-qua-bau-cu-my-292756.html