DNVN - On November 21, 2024, the USD continued its upward trend after the US presidential election results, ending a series of 3 consecutive price declines.
USD exchange rate on international market
The Dollar Index (DXY), which measures the value of the USD against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), reached 106.66, up 48 points from the level recorded on November 20, 2024.
The greenback rose as investors continued to look for details on the Federal Reserve's interest rate cut plan and President-elect Donald Trump's fiscal policy, after three previous sessions of decline.
Safe-haven currencies such as the Japanese yen, Swiss franc and US dollar initially rose sharply in the last trading session, but then eased slightly.
Despite a recent three-session decline, the DXY index has still risen about 3% since the US election, thanks to expectations that the Fed may delay cutting interest rates due to concerns about the risk of inflation from Donald Trump's policies.
Currently, the DXY index is up 0.44% to 106.65, while the EUR is down 0.5% to $1.0542.
Rate cut expectations have declined in recent weeks. Markets now price in a 52% chance of a 25 basis point cut in December, down from 82.5% last week, according to data from the CME FedWatch tool.
A Reuters poll found that a majority of economists still expect the Fed to cut rates at its December meeting, but the cuts in 2025 could be smaller than previously forecast, given the impact of Mr. Trump’s policies. Meanwhile, Fed officials, including Chairman Jerome Powell, have emphasized caution in their rate-cutting strategy.
On November 20, two Fed governors, Michelle Bowman and Lisa Cook, gave contrasting views on the direction of monetary policy. One was concerned about persistent inflation, while the other was confident that price pressures would ease.
Against the Japanese yen, the USD rose 0.43% to 155.31.
The dollar has gained 9% against the yen since early October, hitting a peak of 156.74 last week, its highest since July. The move has raised the possibility that Japan will intervene to protect the value of its currency.
Investors are now waiting for President-elect Donald Trump to name a Treasury Secretary who will be responsible for overseeing key economic and financial policies.
Domestic USD exchange rate
The domestic USD exchange rate today, November 21, 2024, increased again, with the USD Index reaching 106.70 points.
The State Bank of Vietnam kept the USD/VND exchange rate unchanged at 24,285 VND/USD. The USD selling rate at commercial banks is commonly around 25,499 VND/USD.
At Vietcombank, the USD exchange rate remained unchanged, listed at 25,170 - 25,499 VND/USD (buy - sell).
BIDV Bank adjusted the buying price up by 40 VND, keeping the selling price unchanged at 25,215 - 25,499 VND/USD. Similarly, Techcombank increased the buying price by 20 VND, maintaining the selling price at 25,165 - 25,499 VND/USD.
Eximbank raised the USD buying price to 23,769 VND, up 29 VND compared to the previous session, but the selling price remained at 25,499 VND/USD. ACB Bank listed the USD/VND exchange rate at 24,200 - 25,499 VND/USD, up 10 VND for buying and unchanged for selling.
The EUR exchange rate at the State Bank of Vietnam increased slightly, fluctuating between VND 24,470 - VND 27,046.
The Japanese yen exchange rate at the State Bank of Vietnam Exchange slightly decreased, recorded at 149 VND - 165 VND.
In the free market, the USD/VND exchange rate increased by 30 VND for selling and 40 VND for buying, trading around 25,733 - 25,843 VND/USD.
Viet Anh (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-ngoai-te-ngay-21-11-2024-usd-tang-manh-cham-dut-chuoi-3-phien-giam-lien-tiep/20241121083228190
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