USD exchange rate today 11/1/2024: Dropped to 103
USD exchange rate today, November 1, 2024: The State Bank announced the central exchange rate of the Vietnamese Dong to the USD decreased by 3 VND, currently at 24,243 VND. The US Dollar Index (DXY) decreased by 0.10%, to 103.89.
USD price today 1/11 in the world plummeted
In the US market, the US Dollar Index (DXY), which measures the value of the USD against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), fell 0.10% to 103.89.
The US dollar fell against the Japanese yen in the last trading session, after the Bank of Japan made less dovish comments, along with data showing that inflationary pressures in the US have eased, creating conditions for the US Federal Reserve (Fed) to cut interest rates by 25 basis points next week.
Data released on October 31 showed US consumer spending rose slightly more than expected in September, suggesting the economy is likely to grow better in the final quarter of 2024.
Inflation, as measured by the Personal Consumption Expenditures index that the Fed tracks, fell to 2.1% in September, down from 2.3% in August, while the Fed's inflation target is 2%.
The Fed is likely to cut interest rates by 25 basis points next week, and traders are betting on a 94.7% chance of that, according to Thierry Wizman, a strategist at Macquarie in New York.
The US dollar was also under pressure from the Japanese yen, as the Bank of Japan took a more hawkish stance than expected.
In contrast, the EUR edged up 0.04% against the USD to $1.0859, helped by higher-than-expected inflation data in the eurozone.
The dollar fell 0.8 percent against the yen to 152.18 yen. Michael Brown, strategist at Pepperstone, said traders may be taking profits after the dollar's recent strong performance.
The DXY index has risen as much as 4.5% from its September low. The market is now awaiting the non-farm payrolls report to be released on November 1 and the US presidential election next week (November 5).
Forecasts from a Reuters poll showed about 113,000 jobs were created in October, but that figure could be affected by recent hurricanes.
The pound also fell 0.8 percent to $1.2857, a day after British Finance Minister Rachel Reeves announced the biggest tax increase since 1993 in her first budget.

USD price today 1/11 in the country: Banks all reduced
The central exchange rate announced by the State Bank is 24,243 VND/USD, down 3 VND compared to the previous session.
According to regulations, the ceiling and floor exchange rates that commercial banks are allowed to trade are from 23,030 to 25,455 VND/USD.
The current reference exchange rate at the State Bank of Vietnam is 23,400 VND for buying and 25,450 VND for selling.
At Vietcombank, the USD exchange rate is listed at 25,060 VND for buying and 25,450 VND for selling, down 18 VND for buying and 8 VND for selling compared to the previous session.
At VietinBank, the USD exchange rate is 24,955 VND for buying and 25,455 VND for selling.
At Techcombank, the USD buying and selling prices are 25,026 VND and 25,455 VND respectively.
Eximbank recorded the USD exchange rate at 25,080 VND for buying and 25,455 VND for selling this morning.
In the free market, the USD exchange rate is currently at 25,660 VND for buying and 25,760 VND for selling, down 10 VND and 20 VND each way compared to the previous session.
Currently, the buying price of USD in the free market is 665 VND higher than that of banks, while the difference in selling price between commercial banks and the free market is about 310 VND.