Foreign exchange prices on November 4, 2024: USD continues its upward trend ahead of upcoming major events

DNVN - On November 4, 2024, the USD increased slightly, reflecting investor caution before the Fed's policy meeting and the results of the upcoming US presidential election.

USD exchange rate on the world market

The Dollar Index (DXY), which measures the value of the USD against six other major currencies (EUR, JPY, GBP, CAD, SEK, CHF), hit 104.28, up 0.05 points from the trading session on November 3, 2024.

The USD held steady while the Japanese Yen fell sharply, with the exchange rate falling to 153.88 JPY/USD. This came after the Japanese election results showed that the ruling coalition no longer holds a majority, raising concerns about the possibility of intervention by the Japanese Ministry of Finance if the USD/JPY exchange rate breaks above 160.

The recovery in the US economy has provided support for the USD. The DXY index has risen 3.6% since the beginning of October, its biggest gain since April 2022, thanks to strong consumer confidence and the possibility of a re-election of former President Donald Trump. This has also pushed up US Treasury yields.

On October 31, 2024, the USD fell slightly after the news of GDP growth in the third quarter was only 2.8%, lower than expected. This caused the DXY to fall from 104.43 to 104.06. This information also increased the possibility that the Fed could 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 12,000 jobs added, while the unemployment rate remained at 4.1%. This data reinforced the possibility that the Fed will adjust interest rates at its policy meeting on November 7.

This weekend, the international financial market will turn its attention to the US presidential election and the Fed's interest rate decision. These events are expected to create large fluctuations in the exchange rate of USD and other important currencies. Investors will closely monitor to adjust their investment strategies accordingly.

Domestic USD exchange rate

On November 4, 2024, the domestic USD exchange rate fluctuated a lot when compared to other major currencies.

At the beginning of the trading session, the State Bank announced the central exchange rate of the Vietnamese Dong against the USD unchanged from the previous day, currently at 24,242 VND.

The USD exchange rate allowed for trading in commercial banks is currently in the range of 23,400 - 25,450 VND/USD. The State Bank of Vietnam also applies a buying and selling margin in the range of 23,400 - 25,450 VND/USD.

At Vietcombank, the buying and selling rates of USD are currently stable 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 recorded a slight increase, with the current buying and selling prices being VND 25,067 - VND 27,706.

The Japanese yen exchange rate at the State Bank of Vietnam also increased slightly, with the buying and selling rates at 152 VND - 167 VND.

Cao Thong (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-ngoai-te-ngay-4-11-2024-usd-tiep-tuc-xu-huong-di-len-truoc-cac-su-kien-lon-sap-dien-ra/20241104083924715