USD exchange rate today 11/12/2024: USD increase causes gold and oil prices to drop sharply

World USD exchange rate today

International currency market situation: USD strengthens, EUR weakens

In the US currency market, the US Dollar Index (DXY), which measures the strength of the USD against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), rose 0.50% to 105.50. The USD strengthened in the first trading session of the week, while the EUR fell to its lowest level in nearly 7 months against the USD. The main reason was investors' concerns about the possibility of the US government imposing tariffs and their impact on the eurozone economy.

The euro has been falling since Donald Trump won the US presidential election last week, raising concerns about the possibility of tariffs when he takes office. “The current volatility is just a continuation of what happened after the US presidential election,” said Eugene Epstein, head of trading at Moneycorp in New Jersey.

Specifically, the EUR fell 0.61% to $1.0654. At one point, the currency fell to $1.0629, its lowest level since mid-April this year.

DXY Index and the Impact of the US Presidential Election

The DXY index has surpassed its post-election high as markets await clearer signals on future US policy. The index reached 105.70, its highest level since July last year. Last week, the DXY index rose more than 1.5% to 105.44, after Republican candidate Donald Trump declared victory in the US presidential election on November 5 (local time).

A comprehensive Republican victory would open the door to major legislative changes that would have a significant impact on currency markets. President-elect Donald Trump’s expected policy measures, including tariffs and tax cuts, could create inflationary pressures, push up bond yields and limit the Federal Reserve’s ability to ease interest rates, thereby supporting the dollar.

The Japanese Yen Situation and Japan's Monetary Policy

The dollar also strengthened against the Japanese yen, rising 0.69 percent to 153.69 yen, after falling from 154.70 yen last week on concerns about possible Japanese government intervention in the market. The dollar hit 154.68 yen on Nov. 6, its highest since July.

Additionally, a summary from the Bank of Japan's October policy meeting showed uncertainty over the timing of a Japanese interest rate hike, which could weigh on the yen in the near term.

Impact on gold and oil prices plummeting

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,635.29 USD/Ounce. Today's gold price decreased by 48.45 USD/Ounce compared to yesterday.

World gold prices fell due to the strong US dollar and increased investor risk appetite. The reason is that the market expects the US Federal Reserve (Fed) to have a cautious policy under the new administration of President-elect Donald Trump.

“Gold prices fell mainly due to a stronger US dollar, rising government bond yields, and a higher risk appetite in financial markets – a trend that has become more evident since Trump’s election,” said Ricardo Evangelista, senior analyst at ActivTrades.

This is the second consecutive session of sharp decline in crude oil prices, mainly due to the impact of US policy after the election. Specifically, the slight increase in the value of the USD has made crude oil more expensive for users of other currencies, causing downward pressure on prices.

The price of WTI crude oil for immediate delivery in the US market is currently at 68.17 USD/barrel, down more than 2.2 USD compared to November 11, equivalent to a decrease of 3.14% during the day.

Similarly, Brent oil price fell to 71.9 USD/barrel, down more than 1.9 USD compared to yesterday, equivalent to a decrease of 2.63%.

Cryptocurrency prices surge

Bitcoin price surged to a record $89,000, up 13.95%, as investors expect cryptocurrencies to thrive in a favorable regulatory environment, especially after Donald Trump was elected president and pro-crypto candidates entered Congress.

Along with that, Ethereum price also increased by 14.27%, reaching 3,363.80 USD.

Domestic USD exchange rate today

This morning, the State Bank announced the central exchange rate of the Vietnamese Dong (VND) to the USD increased by 15 VND compared to yesterday, currently reaching 24,263 VND/USD.

The permitted exchange rate of commercial banks ranges from 23,400 to 25,450 VND/USD. The State Bank of Vietnam also adjusts the USD buying and selling rate within this range.

USD exchange rate at banks

Vietcombank: The USD exchange rate at this bank is currently fluctuating at 25,086 - 25,476 VND/USD, up 1 VND in buying and 21 VND in selling compared to the previous session.

BIDV: The USD exchange rate at BIDV increased by 17 VND in buying and remained unchanged in selling, currently at 25,133 - 25,476 VND/USD.

Techcombank: The USD exchange rate at Techcombank increased by 40 VND in the buying direction, currently listed at 25,066 - 25,476 VND/USD, keeping the selling price unchanged.

Eximbank: The USD exchange rate at Eximbank recorded an increase of 42 VND for buying and 10 VND for selling, currently 23,678 - 25,475 VND/USD.

ACB: Exchange rate at ACB increased by 20 VND for buying and 25 VND for selling, currently listed at 24,100 - 25,475 VND/USD.

USD exchange rate on the free market

On the free market, the USD exchange rate is currently trading at 25,570 - 25,670 VND/USD, up 50 VND in both directions compared to yesterday.