Dollar inches up on black market

By Minh Hieu   April 9, 2024 | 09:19 pm PT
Dollar inches up on black market
U.S. banknotes seen in an illustration. Photo by Pixabay
The U.S. dollar rose against the Vietnamese dong on the black market on Wednesday morning while remaining steady at banks.

The dollar is sold at VND25,450 on the black market, up 0.12%.

Vietcombank kept its rate unchanged at VND25,130.

The State Bank of Vietnam’s reference rate was stable at VND24,037.

The dollar has increased against the dong by 2.91% since the beginning of the year.

Globally, the dollar consolidated on Wednesday ahead of a key inflation report later in the day, while the yen remained a whisker away from what markets believe to be the line in the sand for Japanese authorities to intervene, Reuters reported.

The main market focus on Wednesday is U.S. consumer price inflation for March, which traders have been eagerly awaiting for hints on the Fed's policy outlook.

A solid CPI number will likely have markets pricing out a June cut, which could see the dollar rising sharply, said Carol Kong, a currency strategist at Commonwealth Bank of Australia.

On the other hand, even if the data comes in below expectations, June bets will probably remain little changed as hurdles remain, meaning the dollar may only dip modestly, she said.

The U.S. dollar index, which measures the greenback against six rivals, held firm at 104.12.

The Japanese currency was mostly flat at 151.74 per dollar.

The euro was steady at $1.0852.

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