Dollar hits another historic peak

By Minh Hieu   April 18, 2024 | 08:36 pm PT
Dollar hits another historic peak
An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The U.S. dollar rose against the Vietnamese dong on Friday morning to a new all-time high after reaching a historic peak Wednesday.

Vietcombank sold the dollar at VND25,473, up 0.13% from the previous day.

The greenback went up 0.27% to VND25,670 on the black market.

The State Bank of Vietnam raised its reference rate by 0.12% to VND24,260.

It has increased against the dong by 4.31% in the year to date.

Globally, the dollar rose on Thursday as a mixed batch of U.S. data did little to shake views that the economy is still on solid ground, suggesting the Federal Reserve will likely delay the timing of its first interest rate cut since 2020 to later this year, Reuters reported.

Comments from New York Fed President John Williams saying there is no urgent need to cut interest rates right now given the strength of the economy, also helped lift the dollar. The New York Fed president is always a voter on the central bank's policy-setting committee.

"It's really hard to fight dollar strength right now. U.S. data continues to suggest that the Fed is not going to be cutting any time soon," said Vassili Serebriakov, FX strategist, at UBS in New York.

The Japanese yen slipped against the dollar, pushing the greenback up 0.1% to 154.580 yen, not far from the yen's 34-year low of 154.79 hit on Tuesday.

The euro slid 0.3% against the dollar to $1.0643.

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