Dollar slips against dong

By Dat Nguyen   January 21, 2024 | 09:01 pm PT
Dollar slips against dong
U.S. dollar bills. Photo by Pexels
The U.S. dollar dropped against the Vietnamese dong Monday morning.

Vietcombank sold the dollar at VND24,700 Monday, down 0.06% from Sunday.

The State Bank of Vietnam’s reference rate was stable at VND24,031.

The greenback went up 0.80% to VND25,080 on the black market.

It has gained over the dong by 1.15% since the beginning of the year.

Globally the U.S. dollar struggled to keep gains in early Asian trade on Monday as looming central bank decisions in Japan and Europe forced a pause in its data-spurred rally late last week, Reuters reported.

Japan's yen was the notable mover in otherwise quiet trading, as it tiptoed away from Friday's one-month low of 148.80. The currency has been the worst hit against the dollar this year, tumbling about 5% in a swift reversal of December's bounce to five-month peaks near 140.

The Bank of Japan's two-day meeting begins on Monday. Wagers for an exit from negative rates at this meeting have been wound down in the wake of the New Year's Day earthquake on Japan's west coast alongside dovish BOJ commentary.

The dollar's trade-weighted index was down 0.07% at 103.19 and flat against the euro at $1.0898.

Its rally so far this year has been tentative and fickle as investors try to make up their minds about when the Federal Reserve will start cutting rates. Data late last week showing U.S. economic activity remains resilient despite interest rates at their highest level in decades caused markets to scale back expectations of rate cuts beginning as soon as in March.

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