Dollar drops marginally against dong

By Dat Nguyen   May 7, 2024 | 02:00 am PT
Dollar drops marginally 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 slightly over the Vietnamese dong Tuesday morning.

Vietcombank sold the dollar at VND25,455, down 0.01% from Monday.

The State Bank of Vietnam kept its reference rate stable at VND24,245.

The dollar fell 0.08% to VND25,770 on the black market.

It has increased against the dong by 4.24% since the beginning of the year.

Globally the dollar index gained 0.17% to 105.23.

Headwinds from persistent inflation that remains uncomfortably high, as stated by Federal Reserve chairman Jerome Powell, hold the U.S. dollar steady, according to financial data platform FXStreet.

That being said, the weak jobs report released last Friday gave clues that the U.S. economy might be signaling that the cooling down the Fed needs to start cutting rates has begun. This may trigger further downside for the greenback.

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