Foreign exchange price on November 2, 2024: USD increased to 104.32 points

DNVN - On November 2, 2024, the USD increased again after the employment reports declined and investors' attention focused on the US election.

USD exchange rate on international market

The Dollar Index (DXY), which measures the strength of the USD against six other major currencies (EUR, JPY, GBP, CAD, SEK, CHF), is currently at 104.32 points, up 0.34% from its trading level on November 1, 2024.

The dollar recovered in the latest trading session, after a report showed that US job growth slowed sharply in October, due to the impact of hurricanes and Boeing workers' strikes on the West Coast.

Nonfarm payrolls increased by 12,000 jobs last week, the Bureau of Labor Statistics said, after September's figure was revised down to 223,000. Economists had expected October payrolls to increase by 113,000, according to a Reuters poll.

However, the US unemployment rate remained at 4.1%, indicating that the labor market remains stable.

Hurricane Helene wreaked havoc in the southeastern United States in late September, while Hurricane Milton hit Florida a week later. In total, some 41,400 new workers went on strike.

“The DXY has fully recovered since the data was released this morning, shifting focus to the upcoming US presidential election,” said Uto Shinohara, senior investment strategist at Mesirow in Chicago.

In addition, the weak jobs report has contributed to boosting the possibility of the Fed cutting interest rates by another 25 basis points this month.

Futures traders are now pricing in a 99% chance that the Fed will cut interest rates by 25 basis points at its policy meeting scheduled for November 7. The jobs report is one of the key economic data points ahead of the US presidential election on November 5. Notably, the Fed will announce its policy decision two days after the election.

Meanwhile, the EUR fell 0.40% against the USD, currently at 1.084 USD.

The USD is also on track to end a three-session losing streak against the Japanese yen, up 0.60% to 152.94 ahead of a three-day holiday in Japan.

Less dovish comments from Bank of Japan Governor Kazuo Ueda following the central bank's decision to keep interest rates unchanged on October 31 sent the yen soaring earlier this week.

“We believe the likelihood of a December rate hike has increased somewhat following Governor Ueda’s press conference,” Morgan Stanley MUFG economists Takeshi Yamaguchi and Masayuki Inui said in a note on Oct. 31. The BOJ is expected to raise rates again to 0.5% in January 2025.

The pound rose 0.26% to $1.29632 in the latest session, set to snap a five-week losing streak against the dollar. The UK government’s short-term interest rate is set to rise by the most in more than a year on December 1, as the Labour Party’s tax and spending policies boost inflation expectations.

Domestic USD exchange rate

In the domestic market, the USD exchange rate today, November 2, 2024, decreased compared to the Japanese Yen after the Bank of Japan made less dovish statements and the Fed is expected to cut interest rates by 25 basis points next week.

In the opening session, the State Bank announced the central exchange rate of the Vietnamese Dong to the USD decreased by 3 VND compared to the previous day, currently at 24,243 VND.

Currently, the USD exchange rate at commercial banks fluctuates from 23,400 - 25,450 VND/USD. The State Bank of Vietnam also adjusted the USD buying and selling rates to the range of 23,400 - 25,450 VND/USD.

At Vietcombank, the buying and selling price of USD is currently 25,060 - 25,450 VND, down 8 VND compared to yesterday. The buying and selling price of USD is currently in the range of 24,000 - 25,500 VND/USD.

The EUR exchange rate at the State Bank of Vietnam also increased slightly, currently at 25,067 - 27,706 VND.

The Japanese Yen exchange rate at the State Bank of Vietnam's buying and selling center increased slightly, currently at 152 - 167 VND.

Viet Anh (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-ngoai-te-ngay-2-11-2024-usd-tang-len-moc-104-32-diem/20241102075749962