Dollar declines against dong

By Dat Nguyen   July 11, 2023 | 08:39 pm PT
Dollar declines against dong
An employee counts U.S. banknotes at a bank in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
The U.S. dollar fell against the Vietnamese dong Wednesday morning.

Vietcombank sold the dollar at VND23,840, down 0.08% from Tuesday.

Techcombank raised its rate by 0.2% to VND23,880.

The State Bank of Vietnam lowered its reference rate by 0.06% to VND23,772.

The dollar was sold at VND23,690 on the black market, down 0.04%. It has gained over the dong by 0.46% since the beginning of the year.

Globally the dollar sank to a two-month low against its major peers on Wednesday in the lead-up to a key U.S. inflation reading, while sterling scaled a 15-month top on expectations the Bank of England (BoE) has further to go in raising rates, Reuters reported.

The greenback tumbled as much as 0.7% against the Japanese yen to a one-month low of 139.37 yen, while the euro touched a two-month peak of $1.1033.

"We're already seeing markets move in anticipation of a softer U.S. inflation report," said City Index's Simpson. "That runs the risk of a 'buy the rumour, sell the fact' reaction if the figures come in around expectations."

Sterling peaked at a 15-month high of $1.2970 in Asia trade, bolstered by bets the BoE will have to tighten monetary policy further to tame British inflation that is running at the highest rate of any major economy.

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