USD exchange rate today 11/2/2024: USD increases after employment report data

World USD exchange rate today

In the US market, the US Dollar Index (DXY) increased by 0.34% to 104.32, reflecting the fluctuations of the USD against 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF).

The US dollar recovered in recent trading after data showed US job growth slowed significantly in October, hit by the impact of hurricanes and a strike by workers at Boeing.

Nonfarm payrolls rose by just 12,000 in October, after falling by 223,000 in September, according to the Bureau of Labor Statistics. Economists had expected 113,000 new jobs this month. However, the unemployment rate remained steady at 4.1%, suggesting the labor market is holding up.

Hurricane Helene hit the Southeast in late September, and Hurricane Milton hit Florida a week later, along with some 41,400 workers on strike.

Uto Shinohara, an investment strategist at Mesirow in Chicago, said the DXY index has fully recovered since the jobs data was released, and the market is now paying attention to the upcoming US presidential election.

The poor jobs report also boosted the likelihood of the US Federal Reserve cutting interest rates by 25 basis points this month.

Traders are pricing in a roughly 99% chance of the Fed making the move at its meeting on November 7, and the jobs report is seen as key information ahead of the presidential election on November 5. Notably, the Fed will announce its policy decision just two days after the election.

Domestic USD exchange rate today

In the domestic market, at the beginning of the trading session on November 2, the State Bank announced the central exchange rate of the Vietnamese Dong against the USD decreased by 1 VND, currently at 24,242 VND.

* The reference exchange rate at the State Bank's transaction office remains unchanged, currently at: 23,400 VND - 25,450 VND.

USD exchange rates at commercial banks are as follows:

* The EUR exchange rate at the State Bank's buying and selling exchange center increased slightly, currently at: 25,067 VND - 27,706 VND.

EUR exchange rates at commercial banks are as follows:

* The Japanese Yen exchange rate at the State Bank's exchange office has increased slightly, currently at: 152 VND - 167 VND.

MINH ANH

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