Dollar gains against dong, weakens globally

By Dat Nguyen August 14, 2024 | 08:59 pm PT

U.S. dollar banknotes are seen in this illustration taken July 17, 2022. Photo by Reuters

The U.S. dollar rose over the Vietnamese dong Thursday morning while remaining close to an eight-month low against major currencies.

Vietcombank sold the greenback at VND25,210, up 0.08% from Wednesday.

The State Bank of Vietnam set its reference rate at VND24,254, down 0.025%.

The dollar was sold at VND25,575 on the black market, down 0.25% from Wednesday.

It has risen 3.15% against the dong since the beginning of the year.

Globally the dollar was on the back foot on Thursday, with the euro perched near an eight-month high after data showed U.S. inflation was slowing, underpinning wagers that the Federal Reserve could lower borrowing costs next month, Reuters reported.

The yen was steady at 147.26 per dollar after data showed Japan's economy expanded by a faster-than-expected annualized 3.1% in April-June, rebounding from the previous quarter due to a solid pickup in consumption.

The euro was steady at $1.10110 in early trading, hovering close to $1.10475, the highest since early January it touched on Wednesday. The single currency is up 0.86% for the week, set for its strongest weekly performance in over a month.

The dollar index, which measures the U.S. unit versus six rivals, was last at 102.6, not far from the eight-month low of 102.15 it touched last week. The index is on course for its fourth straight week in the red, a run it last had in March-April 2023.