Dollar slips on black market

By Dat Nguyen   March 2, 2023 | 07:49 pm PT
Dollar slips on black market
One hundred dollar notes are seen in this photo illustration at a bank in Seoul January 9, 2013. Photo by Reuters/Lee Jae-Won
The U.S. dollar dropped against the Vietnamese dong Friday morning on the black market.

Unofficial exchange points sold the greenback at VND23,850, down 0.29% from Thursday.

Vietcombank sold the dollar 0.15% higher at VND23,910.

Eximbank maintained the dollar at VND23,860, while at Techcombank the rate stayed unchanged at VND23,890.

The State Bank of Vietnam kept its reference rate stable at VND23,637.

The dollar as appreciated over the dong by 0.76% since the beginning of the year.

The U.S. dollar eased back from a 2-1/2-month high versus the yen on Friday and weakened toward its first weekly loss since January against major peers as traders tried to gauge the path for Federal Reserve policy, Reuters reported.

The yen, which is particularly sensitive to U.S.-Japanese long-term interest rate differentials, threatened to extend a weekly losing streak to seven weeks, even as it gained strength on Friday with 10-year U.S. yields retreating from a nearly four-month high close to 4.1%.

Taking some steam out of the dollar and the breathless advance in U.S. yields were comments from Atlanta Fed President Raphael Bostic overnight that "slow and steady is going to be the appropriate course of action," despite new labour figures adding to the run of strong data of late.

"For this year, the outlook for USD will continue to depend critically on whether bonds and equities can rally together (as appeared to be happening in January) or whether we remain in the bearish/bearish environment that dominated 2022," RBC strategists wrote in a client note.

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