Dollar weakens against dong

By Minh Hieu   May 28, 2024 | 08:52 pm PT
Dollar weakens against dong
U.S. one dollar bills are curled and inspected during production at the Bureau of Engraving and Printing in Washington Nov. 14, 2014. Photo by Reuters
The U.S. dollar declined slightly against the Vietnamese dong Wednesday morning.

Vietcombank sold the dollar at VND25,465, down 0.01% from Tuesday.

The greenback also fell at unofficial exchange points, down 0.04% to VND25,830.

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

The dollar has increased by 4.28% in the year to date.

Globally, the dollar was stable on Wednesday on wagers the Federal Reserve is unlikely to cut rates until later this year ahead of crucial inflation readings this week, while the yen drifted to its weakest in four weeks, Reuters reported.

The dollar was also lifted by rising Treasury yields after a lackluster debt auction for sales of two-year and five-year notes that raised doubts about demand for U.S. government debt.

A rate cut in September is a coin toss as still sticky inflation along with pockets of weakness in the world's largest economy amid a strong labor market keep shifting expectations around U.S. rates.

The euro was 0.06% lower at $1.0850 but on course for a 1.7% gain for the month, its first month of gains in 2024.

Against a basket of currencies, the dollar index was little changed at 104.67, inching away from the near two-week low of 104.33 it touched on Tuesday.

Meanwhile, the yen touched a four-week low of 157.41 per dollar early on Wednesday as the currency inches back to levels that led to bouts of suspected interventions from Tokyo at the end of April and early May.

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