USD exchange rate today November 15, 2024: USD continues to increase "exponentially"

USD exchange rate today in the world

In the US market, the US Dollar Index (DXY), which measures the strength of the USD against six other major currencies (EUR, JPY, GBP, CAD, SEK, CHF), increased by 0.39% to 106.87.

Markets are betting that Donald Trump’s administration will adopt new trade policies such as higher tariffs and tighter immigration, which are expected to push up inflation. Edison Research predicted on November 13 that the Republican Party, Trump’s party, will control both the Senate and the House of Representatives when he takes office in January.

The dollar rose to 156.38 yen per dollar, its highest since July, ending the session up 0.56%. Meanwhile, the euro (EUR) fell to its lowest since November 2023, ending the session down 0.45% at $1.05165. The British pound (GBP) also fell 0.44%, hitting a four-month low against the dollar at $1.2651.

The U.S. Labor Department said on November 14 that U.S. producer prices rose in October, although consumer inflation data was largely unchanged. The number of people filing new claims for unemployment benefits also fell, suggesting the labor market remains strong. However, the data did not affect the view that the Federal Reserve will cut interest rates for a third time next month.

On the contrary, Fed Chairman Jerome Powell said on November 14 that there was no need to rush to cut interest rates because the US economy was still strong. This opinion was also agreed by Fed Governor Adriana Kugler and Richmond Fed President Thomas Barkin.

The DXY index during the trading session reached 107.07 at one point, the highest since early November 2023. The yield on 10-year US bonds decreased by 3.7 basis points to 4.414%.

The Swiss franc was under pressure against the USD, while the Australian dollar (AUD) fell to a three-month low of just 0.6453 USD, due to poor jobs data.

“This price action was expected given the election results and market expectations for tariffs and immigration,” said Daragh Maher, head of FX strategy at HSBC in New York. “We expect the dollar to continue to strengthen, and the moves are in line with our and the market’s expectations,” he added.

USD exchange rate today in the country

The State Bank opened the week with the central exchange rate at 24,290 VND/USD, up 2 VND compared to early yesterday morning.

Commercial banks are allowed to trade within a margin of +/-5%, meaning the maximum trading exchange rate is from 23,075 to 25,504 VND/USD.

At the State Bank of Vietnam, the reference exchange rate is currently at 23,400 VND for buying and 25,450 VND for selling.

Some commercial banks such as Vietcombank are listing the USD price at 25,154 VND for buying and 25,504 VND for selling, up 4 VND and 2 VND respectively compared to yesterday morning. At VietinBank, the buying and selling prices are 25,190 - 25,504 VND/USD. Techcombank also listed the buying/selling rates at 25,145 - 25,504 VND/USD respectively. Meanwhile, Eximbank recorded the USD/VND exchange rate this morning at 25,160 - 25,504 VND/USD.

In the free market, the USD/VND exchange rate this morning increased to 25,620 VND for buying and 25,720 VND for selling, an increase of 80 VND (buying) and 70 VND (selling) compared to yesterday morning.

Thus, the buying price of USD on the free market is currently a maximum of 475 VND higher than that of banks, while the selling price on the free market is only at least 216 VND higher than that of commercial banks.

Not only affected by international fluctuations, the USD/VND exchange rate is also under great pressure from the high domestic demand for foreign currency due to seasonal factors. In addition, the recent demand for foreign currency from the State Treasury has also contributed to pushing the USD/VND exchange rate up.

According to Rong Viet Securities, the USD/VND exchange rate is often under increasing pressure at the end of the third quarter and the beginning of the fourth quarter due to the strong increase in foreign currency demand for international debt repayment, raw material import, and transfer of profits abroad by FDI enterprises, causing an imbalance in foreign currency supply and demand.

In the trading session on November 14, the State Bank continued to intervene by bidding VND19,999.91 billion for a 7-day term at an interest rate of 4% per year on the open market, and the entire amount was won. In addition, the State Bank also issued 28-day treasury bills at an interest rate of 4%, with a winning volume of VND1,450 billion.