Dollar remains steady against dong

By Minh Hieu   May 14, 2024 | 11:43 pm PT
Dollar remains steady against dong
An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The dollar was stable against the dong at both banks and unofficial exchange points Wednesday morning.

Vietcombank sold the dollar at VND25,482, unchanged from Tuesday.

The greenback was also steady at VND25,820 on the black market.

The State Bank of Vietnam (SBV) kept its reference rate stable at VND24,245.

The dollar has increased against the dong by 4.35% since the beginning of the year.

Globally, the dollar traded near a one-month low versus the euro on Wednesday amid lower Treasury yields as traders braced for a key U.S. inflation report later in the day that could dictate the path of Federal Reserve policy, Reuters reported.

The dollar added 0.06% to 156.535 yen on Wednesday, after pushing as high as 156.80 overnight.

The euro edged down 0.04% to $1.0814 in early Asian trading hours, but remained close to the overnight high of $1.09255, a level last seen on April 10.

The U.S. dollar index - which measures the currency against six top rivals, but is heavily weighted towards the euro - was flat at 105.04 after a drop to a 1 1/2-week low of 104.95 on Tuesday.

Wednesday's report on core consumer prices is expected to show CPI rose 0.3% month-on-month in April, down from a 0.4% growth the previous month, according to a Reuters poll.

Fed Chair Jerome Powell gave a bullish assessment on Tuesday of where the U.S. economy stands, with an outlook for continued above-trend growth and confidence in falling inflation that, while eroded by recent data, remains largely intact.

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