Dollar gains on black market

By Dat Nguyen   February 13, 2023 | 08:42 pm PT
Dollar gains on black market
U.S. Dollar banknotes are seen in this illustration taken July 17, 2022. Photo by Reuters/Dado Ruvic
The U.S. dollar rose against the Vietnamese dong on the black market Tuesday morning.

Unofficial exchange points sold the dollar at VND23,680, up 0.21% from Monday.

Vietcombank kept the greenback unchanged at VND23,770.

Eximbank hiked its rate by 0.04% to VND23,760.

The rate at Techcombank was at VND23,788, up 0.01%.

The State Bank of Vietnam pushed the reference rate up 0.01% to VND23,630.

The dollar has gained over the dong by 0.17% since the beginning of the year.

Globally the dollar treaded water on Tuesday as investors braced for an highly anticipated inflation report, while the yen strengthened ahead of the expected announcement of surprise pick Kazuo Ueda as the next Bank of Japan governor, Reuters reported.

The dollar index, which measures the U.S. currency against six major rivals, eased 0.019% to 103.17, having slipped 0.34% overnight. The index is up 1% for the month of February.

"There are tentative signs that U.S. inflation is cooling ... (but) there is a limit on how low underlying inflation can go while services inflation is still very high," said Kristina Clifton, a senior economist at Commonwealth Bank of Australia.

Clifton said services inflation, which is strongly linked to wages growth, has shown no signs of softening, adding that a cooling in the labour market will be required for that to occur.

"While the labour market remains tight and wages growth very strong there is the risk that we receive upside surprises on the underlying inflation figures," she said.

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