Dollar inches up against dong on black market

Unofficial exchange points sold the greenback at VND25,890, up 0.25% from Friday.

Vietcombank kept the dollar stable at VND25,458.

The State Bank of Vietnam (SBV)’s reference rate was unchanged at VND24,246.

Since the start of the year, the dollar has increased against the dong by 4.25%.

Globally, the U.S. dollar index stayed slightly lower on Friday after data showed U.S. job growth slowed marginally in June while the unemployment rate rose, underscoring the view the Federal Reserve could begin cutting interest rates in September, Reuters reported.

The dollar index, which measures the greenback against a basket of currencies, was last down 0.28% at 104.87 and hit a three-week low early.

Against the Japanese yen, the dollar weakened 0.34% to 160.73. It was near 160.45 just after the U.S. payrolls data.

The euro was last up 0.23% at $1.0835 and on track for its biggest weekly gain of the year against the dollar.

"We see rates coming down across the curve on confirmation of a moderation in U.S. labor markets. The unexpected rise in the unemployment rate, the deceleration in wage gains and revisions in prior months' headline gains all point to a slowing in labor market conditions," said Karl Schamotta, chief market strategist at Corpay in Toronto.

"This is... raising the likelihood that we do see (Fed) Chair Powell put a September rate cut on the table either at the July policy meeting or at the Jackson Hole conference in August."