Dollar tiptoes up against dong

By Minh Hieu   May 30, 2024 | 10:08 pm PT
Dollar tiptoes up against dong
An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The U.S. dollar strengthened slightly against the Vietnamese dong Friday morning.

Vietcombank's dollar selling rate rose 0.02% to VND25,474.

The dollar is sold at VND25,855 on the black market, down 0.04%.

The State Bank of Vietnam (SBV)’s reference rate remained unchanged at VND24,245.

The greenback has increased against the dong by 4.32% since the beginning of the year.

Globally, the dollar was licking wounds against peer currencies on Friday after a downward revision to U.S. GDP for the first quarter suggested room for rate cuts this year, while investors braced for inflation data, Reuters reported.

The dollar index, which measures the currency against six major peers, consolidated around 104.82 after dipping as low as 104.63 overnight.

Against the greenback, the yen held around 156.72, remaining off Wednesday's four-week low of 157.715 per dollar.

Elsewhere, the euro edged down 0.1% to $1.082225 after touching a two-week low of $1.07885 overnight.

Official data showed overnight that the U.S. economy grew at a 1.3% annualized rate from January through March, down from the advance estimate of 1.6% after downward revisions to consumer spending.

The data revisions, as well as comments by New York Fed President John Williams that monetary policy is helping to bring down inflation, have revived hopes for a cut sooner rather than later, said Matt Simpson, senior market analyst at City Index.

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