Dollar inches up against dong

By Minh Hieu   January 5, 2025 | 08:43 pm PT
Dollar inches up against dong
An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The U.S. dollar rose slightly against the Vietnamese dong Monday morning while edging down against major peers.

Vietcombank sold the dollar at VND25,553, up 0.01% from the weekend.

The greenback was steady at around VND25,800 on the black market.

The State Bank of Vietnam raised its reference rate by 0.01% to VND24,337.

Globally, the dollar eased a touch on Monday but stayed close to a two-year peak, as traders awaited a raft of U.S. economic data releases this week headlined by December's nonfarm payrolls report, for further clues on the Federal Reserve's rate outlook, Reuters reported.

The dollar has continued to draw strength from expectations of fewer Fed cuts this year, with its climb to a two-year high last week pushing the euro to its weakest level in more than two years.

The common currency last traded 0.05% higher at $1.0314, while the dollar index eased slightly to 108.87.

Sterling rose 0.12% to $1.2439. The yen fell 0.24% to 157.67 per dollar.

Also in focus was the Chinese yuan, which on Friday weakened past the psychological level of 7.3 per dollar in the onshore market for the first time in 14 months, after the People's Bank of China (PBOC) had aggressively defended that key threshold for most of December.

The onshore yuan was last 0.05% lower at 7.3252 per dollar, while its offshore counterpart ticked up 0.15% to 7.3487 per dollar.

 
 
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