Dollar inches up against dong

By Minh Hieu   June 25, 2024 | 11:34 pm PT
Dollar inches up against dong
U.S dollar bills. Photo by Reuters
The U.S. dollar rose against the Vietnamese dong Wednesday morning.

Vietcombank sold the dollar at VND25,470, up 0.02% from Tuesday.

The greenback rose 0.04% to VND25,960 on the black market.

The State Bank of Vietnam (SBV) raised its reference rate by 0.02% to VND24,258.

The dollar has increased against the dong by 4.3% since the beginning of the year.

Globally, the dollar was firm on Wednesday and trading on the precipice of the 160 yen barrier as investors turned cautious and counted down to the release of U.S. price data at the end of the week, Reuters reported.

At 159.78 per dollar, the yen's level has markets on alert for intervention since that is only a whisker shy of where Japanese authorities likely stepped in to buy yen in April.

The dollar index, which measures the U.S. unit against six peers, was steady at 105.64, while the euro was at $1.0715.

Markets are banking that Friday's U.S. data shows annual growth in the Federal Reserve's favored core personal consumption expenditure index slowed to 2.6% in May, the lowest in more than three years and opening the way to rate cuts.

Policymakers, however, continue to signal they are in no rush, with Fed Governors Lisa Cook and particularly Michelle Bowman stressing that decisions will depend on data.

"Inflation in the U.S. remains elevated, and I still see a number of upside inflation risks that affect my outlook," Bowman said.

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