Dollar strengthens against dong

By Minh Hieu   May 26, 2024 | 08:39 pm PT
Dollar strengthens against dong
An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The U.S. dollar increased marginally against the Vietnamese dong Monday morning.

Vietcombank sold the dollar at VND25,481, up 0.02% from the weekend.

The greenback rose 0.27% to VND25,840 on the black market.

The State Bank of Vietnam’s reference rate was stable at VND24,245.

The dollar has increased against the dong by 4.34% since the beginning of the year.

Globally, the dollar made a steady start to the week, as investors were focused on U.S., European and Japanese inflation data to guide the global interest rate outlook, Reuters reported.

The dollar had fallen back after data showed a slowdown in consumer price rises in April and disappointing retail sales, before strengthening last week thanks to better-than-expected PMI survey data.

The euro, which gained 0.9% on the dollar last week, was in the middle of a range it has held for more than a year at $1.0846.

The yen was steady at 156.87 to the dollar on Monday but has won little support from rising Japanese government bond yields as at the ten-year tenor, for example, they remain nearly 350 basis points below U.S. yields.

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