Dollar tiptoes up against dong

By Minh Hieu   May 7, 2024 | 11:26 pm PT
Dollar tiptoes 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 marginally against the Vietnamese dong Wednesday morning.

Vietcombank sold the dollar at VND25,461, up 0.02% from Tuesday.

The greenback was steady at VND25,770 on the black market.

The State Bank of Vietnam kept its reference rate stable at VND24,245.

Since the beginning of the year, the dollar has increased against the dong by 4.26% .

Globally, the dollar was back on the front foot on Wednesday, making modest gains after earlier losses from renewed bets on Federal Reserve rate cuts this year, while the yen eased towards the 155 per dollar level and kept intervention risks from Tokyo high, Reuters reported.

The yen was last little changed at 154.75 per dollar, edging away from its peak of 151.86 hit last week on the back of suspected intervention from Japanese authorities to prop up the sliding currency.

The euro and New Zealand dollar edged 0.02% lower each to $1.0752 and $0.6000, respectively.

Against a basket of currencies, the greenback was steady at 105.41 , some distance away from a roughly one-month low it hit last week.

Investors continue to be focused on the pace and timing of Fed rate cuts that will likely drive currency moves, with the latest weaker-than-expected U.S. jobs data and an easing bias from the U.S. central bank cementing expectations that rates will likely be lower by the end of the year.

Analysts expect the central bank to leave the door open to lower interest rates as early as June.

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