Foreign exchange prices on November 8, 2024: USD falls after Fed adjusts interest rates

DNVN - Foreign exchange prices on November 8, 2024 showed that the USD reversed and decreased after the US Federal Reserve (Fed) decided to lower interest rates.

USD exchange rate on the world market

The Dollar Index (DXY), a measure of the strength of the USD against six major currencies including EUR, JPY, GBP, CAD, SEK, CHF, stopped at 104.36, down 0.77 points compared to the trading session on November 7, 2024.

The recent trading session saw the USD fall as Fed Chairman Jerome Powell gave no indication that the US central bank plans to pause interest rate cuts in the near term, following a 25 basis point cut at the recent policy meeting.

Fed policymakers continued to closely monitor the labor market, noting that inflation remained close to the US central bank's 2% target.

A better-than-expected September jobs report has raised the possibility that the Fed could slow the pace of rate cuts, despite weaker October jobs data. Analysts said the October jobs numbers were affected by factors such as hurricanes and strikes.

Regarding Mr. Powell's comments, Adam Button, senior currency analyst at ForexLive in Toronto, Canada, said: "There is no indication that the Fed is considering pausing rate cuts amid solid economic data."

Powell also stressed that the Fed's policies would not be affected in the short term by the election, adding that the central bank would not analyze in depth the impact of policies on the Fed's goals.

Investors now price in a 75% chance of another rate cut by the Fed in December, up from 69% the day before. The DXY index hit a four-month high of 105.44 on Nov. 6 as investors reacted to the policies of U.S. President-elect Donald Trump.

Mr. Trump is expected to take steps such as tightening illegal immigration, imposing new tariffs on trade, maintaining or expanding tax cuts and loosening business regulations — policies that analysts say could boost growth and inflation. Republicans have a majority in the Senate, giving them room to push through major legislative changes. They also have a lead in the House of Representatives.

However, the USD still weakened in recent trading sessions after the Fed's decision.

Domestic USD exchange rate

On November 8, 2024, the USD exchange rate decreased after the Fed Chairman did not provide further signals about the possibility of stopping the US central bank from lowering interest rates.

In today's opening session, the State Bank raised the central exchange rate between the Vietnamese Dong and the USD by 25 VND compared to yesterday, reaching 24,283 VND.

Currently, the USD trading range of commercial banks is between 23,400 - 25,450 VND/USD. The USD exchange rate is also listed by the State Bank of Vietnam in the buying and selling range from 23,400 to 25,450 VND/USD.

At Vietcombank , the USD buying and selling rates are at 25,167 - 25,497 VND, up 27 VND compared to yesterday. The USD buying and selling rates currently fluctuate between 24,000 - 25,500 VND/USD.

The EUR exchange rate at the State Bank of Vietnam decreased slightly, listed at: 24,742 VND - 27,347 VND.

The Japanese yen exchange rate at the State Bank of Vietnam also decreased slightly, currently at: 149 VND - 165 VND.

Viet Anh (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-ngoai-te-ngay-8-11-2024-usd-giam-sau-khi-fed-dieu-chinh-lai-suat/20241108091908561