Dollar rises against dong

The U.S. dollar strengthened against the Vietnamese dong Monday morning.

Vietcombank sold the dollar at VND25,474, up 0.06% from the weekend. The greenback is sold at VND25,740 on the black market, down 0.04%.

The State Bank of Vietnam (SBV)’s reference rate rose 0.06% to VND24,261.

The dollar has increased against the dong by 4.32% since the beginning of the year.

Globally, the dollar eased on Monday in the initial reaction to U.S. President Joe Biden’s decision to end his reelection campaign, clearing the way for another Democrat to challenge Donald Trump.

The U.S. currency slipped 0.08% to 157.38 yen early in the Asian day, while the euro gained 0.11% to $1.0895.

Biden announced he was exiting the race on Sunday, and endorsed Vice President Kamala Harris to replace him as the Democratic candidate in the November election.

Commonwealth Bank of Australia strategist Joseph Capurso warned it was too early to read too much in the dollar’s reaction.

“The bottom line is what the polls show this week,” Capurso said, explaining that a decline in odds for a Trump win should see the dollar weaken, and vice versa.