USD exchange rate today 11/7/2024: USD increases sharply after US presidential election

USD exchange rate today in the world

In the US market, the US Dollar Index (DXY), which reflects the change in the value of the USD against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), increased by 1.72% to 105.15.

The US dollar has surged to a four-month high after US presidential candidate Donald Trump declared victory. Mr Trump's policies on immigration, tariffs and trade are expected to boost economic growth in the US.

If Republicans win big, they will be able to make significant legislative changes that could have a big impact on currency markets. Trump's policies such as curbing illegal immigration, raising tariffs and cutting taxes could help the US economy grow while making it harder for the Federal Reserve to cut interest rates.

"This could push inflation higher, forcing the Fed to ease monetary policy more slowly, which would benefit the US dollar," said market expert Nikos Tzabouras at the Tradu exchange.

Countries such as the eurozone, Mexico, China and Canada could face the threat of new tariffs from the US, which could hurt their economic growth. The interest rate differential between the US and these countries could cause their currencies to weaken.

The euro could also struggle due to political instability in Germany. German Chancellor Olaf Scholz fired Finance Minister Christian Lindner on November 6, after a long dispute over the government's economic policy.

The DXY index rose to 105.44 at one point, its highest since July 3. The euro fell 1.78% to $1.0735, and at one point fell to $1.0683, its lowest since June 27.

At the same time, the USD increased by 1.92% to 154.5 Japanese yen, at one point increasing to 154.7, the highest level since July 30.

The Fed is expected to cut interest rates by 25 basis points at its two-day meeting on November 7. Investors are also eyeing the possibility that the Fed will pause rate cuts in December.

While a strong September jobs report led investors to reduce expectations for Fed rate cuts, a weaker-than-expected October economic report cast doubt on that trend. However, the October data could be affected by recent hurricanes and strikes.

There is now a 71% chance the Fed will cut rates in December, down from 77% a day earlier, according to CME Group's Fed tracker.

In addition, the Bank of England is expected to cut interest rates by 25 basis points at its policy meeting today, November 7, while the Swedish Central Bank (Riksbank) may cut by 50 basis points.

USD exchange rate today in the country

In the domestic market, at the beginning of the trading session on November 7, the State Bank announced the central exchange rate of the Vietnamese Dong against the USD decreased by 5 VND, currently at 24,248 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 decreased slightly, currently at: 24,981 VND - 27,610 VND.

EUR exchange rates at commercial banks are as follows:

* The Japanese Yen exchange rate at the State Bank's exchange office for buying and selling has slightly decreased, currently at: 151 VND - 166 VND.