Dollar heads up on black market

By Dat Nguyen   March 22, 2024 | 10:02 pm PT
Dollar heads up on black market
A person holds U.S. banknotes. Photo by Pexels
The U.S. dollar rose little against the Vietnamese dong on the black market Saturday morning.

Unofficial exchange points sold the greenback at VND25,550, up 0.05% from Friday.

Vietcombank kept its rate stable at VND24,950.

The State Bank of Vietnam kept its reference rate unchanged at VND24,003.

The dollar has increased against the dong by 2.17% since the beginning of the year.

Globally the headed toward a second week of gains on Friday, after a slight rate hike in Japan gave the yen a slight reprieve and a surprise cut in Switzerland highlighted the gap in interest rate policy between the Federal Reserve and other central banks, Reuters reported.

The dollar rose against all G-10 currencies except the yen, as the relatively strong U.S. economy and high interest rates kept the carry trade alive. But the Swiss rate cut, the first by a major central bank in Europe, marked a definitive shift.

"We had a somewhat surprising cut from the SNB this week," said Shaun Osborne, chief FX strategist at Scotiabank in Toronto. "People have been extrapolating, certainly from a signaling point of view, what that might mean for other central banks in Europe."

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