DNVN - As of October 31, 2024, the central exchange rate of the Vietnamese Dong against the USD has decreased by 6 VND, currently at 24,246 VND. The decline of the USD against other major currencies occurred after the US employment data was released stronger than expected.
In the world market, the Dollar Index (DXY) reached 104.10 points, up 0.18 points compared to October 30, 2024. The USD fell against other major currencies due to stronger-than-expected US employment data and UK budget information causing market volatility. The USD Index rose to 104.43 but fell 0.17% to 104.06.
On the employment front, ADP's national report showed U.S. private payroll growth jumped in October despite concerns about disruptions from hurricanes and strikes. The data showed the U.S. economy grew 2.8% in the third quarter, below the 3% forecast.
“Apart from sterling, I think today is about positioning ahead of Friday’s data. The two big uncertainties are Friday’s U.S. jobs data and the U.S. election,” said Marc Chandler, strategist at Bannockburn Global Forex. Mixed U.S. data showed the labor market easing but consumers remaining confident, sending the dollar lower along with Treasury yields.
Recent economic data has shown a recovery in the labor market and economy, leading to a decline in expectations for a rate cut. Uto Shinohara of Mesirow Currency Management said the market has priced in a 25 basis point cut for the Fed’s November meeting, but another cut in December remains uncertain.
“With more focus on employment data, a strong nonfarm payrolls print would provide ammunition for the Fed to pause in December,” Shinohara said. “While the election outcome could have major consequences for interest rates during the next presidential term, the near-term impact will depend on employment and growth.”
Both the dollar and US bond yields have been supported recently by growing speculation about the victory of Donald Trump in the November 5 presidential election, whose controversial tariff and immigration policies have raised eyebrows.
In the domestic market, the USD exchange rate today also decreased compared to other major currencies. The State Bank announced the central exchange rate decreased by 6 VND, currently at 24,246 VND.
Commercial banks (CBs) have exchange rates ranging from 23,400 to 25,450 VND/USD. The USD exchange rate at Vietcombank is currently at 25,088 - 25,458 VND, down 30 VND compared to yesterday. The USD buying and selling prices are in the range of 24,000 - 25,500 VND/USD.
The EUR and Japanese Yen exchange rates at the State Bank of Vietnam are 24,924 - 27,547 VND and 150 - 166 VND, respectively.
Viet Anh (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-ngoai-te-ngay-31-10-2024-usd-giam-manh-sau-thong-tin-moi-tai-my/20241031085215295
![[Photo] National Assembly Chairman attends the seminar "Building and operating an international financial center and recommendations for Vietnam"](https://vphoto.vietnam.vn/thumb/1200x675/vietnam/resource/IMAGE/2025/7/28/76393436936e457db31ec84433289f72)
Comment (0)