Dollar weakens against dong

By Minh Hieu   June 4, 2024 | 09:05 pm PT
Dollar weakens against dong
An employee of a bank counts US dollar notes at a branch in Hanoi, Vietnam May 16, 2016. Photo by Reuters
The U.S. dollar declined against the Vietnamese dong Wednesday morning.

Vietcombank sold the dollar at VND25,453, down 0.02% from Tuesday. At unofficial exchange points, the dollar fell 0.60% to VND25,700.

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

The greenback has increased against the dong by 4.23% since the beginning of the year.

Globally, the dollar steadied on Wednesday as traders pared back on riskier bets in emerging markets while waiting on an interest rate decision in Canada and on U.S. services data, Reuters reported.

The euro was steady in the Asia session at $1.0878 and sterling bought $1.2770, both a little softer than they had been a day earlier.

The yen eased 0.2% to 155.27.

Markets are pricing a 75% chance of a 25 basis point rate cut, which would be the first among G7 nations in this cycle, and traders will be looking for signals that further cuts are coming. U.S. services ISM and partial jobs data are also due.

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