Dollar slips against dong

By Ngan Anh   November 5, 2023 | 07:37 pm PT
Dollar slips against dong
Woman holds U.S. dollar banknotes in this illustration taken May 30, 2022. Photo by Reuters
Lender Vietcombank sold the dollar at VND24,620 Monday, down 0.28% from Sunday.

The State Bank of Vietnam decreased its reference 0.08% to VND24,064.

But, the dollar rose 0.08% to VND24,620 on the black market.

It has increased against the dong by 3.75% since the beginning of the year.

Globally, major global currencies were steady early on Monday with investors preparing for the U.S. dollar to extend declines from late last week after the Federal Reserve dialled down its hawkish rhetoric, according to Reuters.

The dollar index was flat at 105.07, with the euro at $1.0727. The dollar index declined more than 1% last week, its heaviest fall since mid-July and hit a six-week low.

Other indicators such as weakness in U.S. jobs data, softer manufacturing numbers from around the world and a decline in longer dated Treasury yields also hurt the dollar, while stoking rallies in sterling, the Aussie dollar and causing the yen to bounce from the weaker side of 150-per-dollar.

"We always say bad news is good news," said Tina Teng, a market analyst at CMC Markets in Auckland. "So it's good then there is expectation for the Fed and other central banks to end the rate hike cycle sooner."

She expected the dollar to remain on weaker trend through November.

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