Dollar dives to five-week low

By Dat Nguyen   November 19, 2023 | 08:49 pm PT
Dollar dives to five-week low
An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The U.S. dollar fell against the Vietnamese dong Monday morning to the lowest since Sept. 13.

Vietcombank sold the dollar at VND24,360, down 0.23% from Sunday.

The State Bank of Vietnam lowered its reference rate by 0.08% to VND23,954.

The dollar was stable at VND24,600 on the black market.

It has increased by 2.65% since the beginning of the year.

Globally the dollar languished near an over two-month low against its major peers on Monday, struggling to make headway on the view that U.S. rates have peaked, with attention now on how soon the Federal Reserve could begin easing monetary conditions, Reuters reported.

A key rate decision from China meanwhile took centre stage in Asia, where expectations are for Beijing to leave lending benchmark rates unchanged at a monthly fixing on Monday.

Against the dollar, the euro stood near a more than two-month high hit on Friday and last bought $1.0900, holding steady ahead of flash PMI readings in the euro zone due later this week.

"(The) euro zone PMI surveys will be watched closely for further signs the region is on the cusp of, or already in, recession," said economists at Wells Fargo in a note.

"In our view, the chances of at least a mild euro zone recession beginning in the latter part of 2023 are now becoming increasingly likely."

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