Dollar slides against dong on black market

At unofficial exchange points, the dollar slipped 0.08% from the weekend to VND25,820. Vietcombank sold the greenback at the same rate of VND25,690.

The State Bank of Vietnam reduced its reference rate by 0.03% to VND24,730.

Globally, the dollar began Monday on a weak note after significant losses last week due to a potentially weakening U.S. labor market, while concerns over a global trade war led investors to safe havens, lifting the yen and the Swiss franc, Reuters reported.

Markets have been fixated on simmering trade tensions across the world as U.S. President Donald Trump slapped tariffs on top trading partners only to delay some of them for a month amid growing signs and fears of the U.S. economy slowing down.

That left the dollar index, which measures the U.S. currency against six others, at 103.59 on Monday, stuck near a four-month low touched last week.

Risk-averse investors have sought the Japanese yen and Swiss franc instead sending both currencies to multi-month highs. On Monday, the yen was 0.5% firmer at 147.27 per dollar, just shy of the five-month high it touched on Friday.

The Swiss franc hit a three-month high of $0.87665 in early trading. The euro was 0.3% higher at $1.086725 after clocking its best weekly performance since 2009 last week boosted by Germany's game-changing fiscal reforms. Sterling rose 0.16% to $1.2941.

The dollar fell more than 3% last week against major rivals, clocking its weakest weekly performance since November 2022 as investors fret about tariffs and its impact on the economy.