USD exchange rate today November 8, 2024: USD turns to decrease

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 major currencies (EUR, JPY, GBP, CAD, SEK, CHF), fell 0.76% to 104.33.

The US dollar retreated in recent trading sessions after Federal Reserve Chairman Jerome Powell gave no indication that the Fed would pause interest rate cuts in the near future, despite the Fed recently cutting interest rates by 25 basis points. Fed officials have been paying attention to the labor market situation, while inflation is approaching the Fed's 2% target.

A stronger-than-expected September jobs report had many expecting the Fed to cut rates less. However, October data was less encouraging, with job growth affected by hurricanes and strikes. Powell said in his remarks that there was no sign the Fed would pause rate cuts, as current economic data remained solid, according to Adam Button, an analyst at ForexLive.

Mr. Powell also emphasized that the upcoming election will not affect Fed policy in the short term, and the Fed will not analyze too deeply the impact of policies on its goals.

Traders now see a 75% chance of another rate cut by the Fed in December, up from 69%. The DXY index hit a four-month high of 105.44 on November 6 as investors bet on President-elect Donald Trump's policies. Trump is expected to crack down on illegal immigration, impose new tariffs, maintain or cut taxes and ease business regulations, which analysts say could boost growth and inflation. Republicans also won a majority in the Senate, giving them room to make major legislative changes, and are leading in the House of Representatives.

However, the USD has weakened in recent trading sessions following the Fed's decision.

In contrast, the pound rose 0.78% to $1.2979 after the Bank of England cut interest rates by 25 basis points but forecast stronger-than-expected UK inflation and growth. The euro also rose 0.62% to $1.0794, while the dollar fell 1.05% to 153.01 yen.

The yen could be hit by the large interest rate differential between Japan and the US, especially after Mr Trump’s victory. This could put further pressure on the Bank of Japan to raise interest rates in December to prevent the yen from depreciating further.

Meanwhile, the Swedish Central Bank (Riksbank) cut interest rates by 50 basis points, as expected, while the Norwegian Central Bank (Norges) decided to keep interest rates unchanged at its recent policy meeting.

USD exchange rate in the country today

In the domestic market, at the beginning of the trading session on November 8, the State Bank announced the central exchange rate of the Vietnamese Dong against the USD increased by 25 VND, currently at 24,283 VND.

* The reference exchange rate at the State Bank's buying and selling exchange center remains unchanged, currently at: 23,400 VND - 25,450 VND.

USD exchange rates at commercial banks for buying and selling are as follows:

* The EUR exchange rate at the State Bank's buying and selling exchange center decreased slightly, currently at: 24,742 VND - 27,347 VND.

EUR exchange rates at commercial banks for buying and selling are as follows:

* The buying and selling rates of Japanese Yen at the State Bank's Exchange slightly decreased, currently at: 149 VND - 165 VND.