USD exchange rate today October 31, 2024: USD decreases across the board

USD exchange rate on the world market

In the US market, the US Dollar Index (DXY), which measures the strength of the USD against six major currencies, fell 0.22% to 104.10. This came after better-than-expected economic data from the US, but there was chaos due to the UK's budget announcement.

The ADP employment report showed that the number of private sector jobs in the US increased sharply in October, despite concerns about hurricanes and strikes. Other data showed that the US economy grew 2.8% in the third quarter, slightly below the forecast of 3%. The DXY index rose to 104.43 at one point, but then fell 0.17% to 104.06. This is the first time the index has reached its high since July 30, when it reached 104.63 on October 29.

Marc Chandler, a strategist at Bannockburn Global Forex, said it was time for a correction ahead of the release of jobs data on November 1. He stressed that the two big factors influencing the market today are jobs data and the upcoming US presidential election.

Meanwhile, recent economic data has pointed to a recovering labor market, prompting traders to scale back expectations for a rate cut. Uto Shinohara of Mesirow Currency Management said the market is expecting a 25 basis point rate cut from the Fed in November, but that remains uncertain for December.

The pound fell as British finance minister Rachel Reeves unveiled the Labour government's first budget, closing down 0.34% at $1.2971. UK government bond yields initially fell but then rose as Reeves and Prime Minister Keir Starmer stressed the need for tough fiscal measures.

The euro, on the other hand, rose 0.36% to $1.0857. Stronger-than-expected growth and inflation in Germany prompted traders to reduce bets on a rate cut from the European Central Bank. The eurozone economy also grew 0.4% in the third quarter, beating expectations of 0.2%.

Finally, the AUD fell to its lowest level since early August, at $0.6537, as data showed inflation slowed to its lowest level in more than three years. All of these developments are creating a volatile picture for the currency market at the moment.

Domestic USD exchange rate today

The US dollar fell against many other currencies today after the US released better-than-expected jobs data.

At the opening of the trading session, the State Bank announced the central exchange rate of the Vietnamese Dong to the USD, down 6 VND compared to yesterday, currently at 24,246 VND.

The exchange rate allowed by commercial banks to trade ranges from 23,400 to 25,450 VND/USD. The State Bank's exchange has also adjusted the buying and selling rates within this same range.

At Vietcombank, the buying and selling rates for USD are currently 25,088 - 25,458 VND, down 30 VND compared to yesterday. The buying and selling prices for USD are currently between 24,000 and 25,500 VND/USD.

The EUR exchange rate at the State Bank of Vietnam increased slightly, currently at 24,924 - 27,547 VND.

The Japanese yen exchange rate remains unchanged, currently at 150 - 166 VND.

Foreign currency exchange rates at commercial banks today