Dollar inches up against dong

By Dat Nguyen   June 12, 2023 | 08:53 pm PT
Dollar inches up 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 rose slightly against the Vietnamese dong Tuesday morning.

Vietcombank sold the dollar at VND23,660, up 0.08% from Monday.

Techcombank raised the greenback by 0.03% to VND23,667.

Eximbank maintained its rate at VND23,620.

The State Bank of Vietnam’s reference rate was stable at VND23,699.

The greenback was unchanged on the black market at VND23,550.

The dollar has fallen against the dong by 0.29% since the beginning of the year.

The dollar edged broadly lower on Tuesday but traded in a narrow range, as investors remained cautious ahead of key U.S. inflation data due later in the day just as the Federal Reserve kicks off its two-day monetary policy meeting, Reuters reported.

The Aussie was last 0.04% higher at $0.6753, after hitting a one-month top of $0.6774 in the previous session.

The kiwi steadied at $0.6123, not far from Monday’s peak of $0.6153, its highest since May 24.

"If inflation is above the consensus, then I think the market could put in a greater chance of a Fed rate hike this week," said Joseph Capurso, head of international and sustainable economics at Commonwealth Bank of Australia.

Elsewhere, sterling rose 0.07% to $1.2520, after scaling a one-month peak of $1.2600 on Monday on hawkish comments by Bank of England policymakers, who said interest rates may have further to rise as inflation remains sticky.

The euro gained 0.04% to $1.0760, with traders also focused on Thursday’s interest rate decision from the European Central Bank, following its policy meeting.

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