USD price today 11/19/2023: The world plummets

On the morning of November 19, the USD price at commercial banks recorded a week of continued decline. Eximbank bought at 24,000 VND and sold at 24,400 VND, down 70 VND compared to the end of last week. Similarly, Vietcombank reduced by 55 VND, bringing the buying price down to 24,045 VND and the selling price down to 24,415 VND...

On the contrary, the euro price at Vietcombank was bought at 25,645 VND and sold at 27,053 VND, an increase of 413 VND; the Japanese yen was bought at 156.55 VND and sold at 165.71 VND, an increase of 0.59 VND...

USD price fell sharply this week

The world USD price continued to plummet when the USD-Index fell below the threshold of 104 points. At the end of the week, the USD-Index was at 103.84 points, down nearly 2 points after a week. This also put pressure on the VND/USD exchange rate to decrease sharply.

Meanwhile, the euro rose slightly against the dollar to 1.0914 USD - the highest level in nearly 3 months. Similarly, the Japanese yen also increased when 1 USD was exchanged for 149.63 yen.

Both the US Federal Reserve (Fed) and the European Central Bank (ECB) are expected to keep interest rates steady in the short term. In the long term, the decision on interest rate cuts will be based on economic data. However, this week, the US consumer price index (CPI) for October was released lower than expected. This shows that inflation in the US has significantly decreased from the previous high. Other data such as the producer price index, employment... also support that the world's largest economy is still healthy, reinforcing market expectations that the Fed will stop raising interest rates. This is the main reason for the sharp fall in the USD price.

Vassili Serebrikov, a foreign exchange strategist at UBS, expects the Fed to ease faster than the market is pricing in, possibly in the first quarter of 2024. However, there are still a number of reasons why the dollar will not weaken quickly, such as the still-weak external growth picture.

Source link: https://thanhnien.vn/gia-usd-hom-nay-19112023-the-gioi-lao-doc-185231119063606152.htm