Dollar steps up over dong
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The U.S. dollar rose against the Vietnamese dong Wednesday morning.
Vietcombank sold the dollar at VND24,570, up 0.16% from Tuesday.
It fell 0.40% to VND24,850 on the black market.
The greenback has increased by 0.61% against the dong since the beginning of the year.
Globally the dollar remained under pressure on Wednesday after retreating from a nearly three-month high against the euro in the previous session with a decline in U.S. bond yields adding to the drag.
Analysts pointed to technical factors for the dollar’s pullback, following a two-day rally of as much as 1.4% against the euro after unexpectedly strong U.S. jobs data and more hawkish rhetoric from Federal Reserve Chair Jerome Powell scuppered bets for an early interest rate cut.
The U.S. dollar index – which measures the currency against six major peers, including the euro – was flat at 104.14 after Tuesday’s 0.29% slide. On Monday, it had reached its highest since Nov. 14 at 104.60.
Questions & Answers
Q.What was the official selling price of the U.S. Dollar against the Vietnamese dong at Vietcombank?
What was the official selling price of the U.S. Dollar against the Vietnamese dong at Vietcombank?
Vietcombank sold the U.S. Dollar at VND24,570. This represented a 0.16% increase from the previous day, Tuesday.
Q.How did the U.S. Dollar perform on the black market compared to the official exchange rate?
How did the U.S. Dollar perform on the black market compared to the official exchange rate?
On the black market, the dollar fell by 0.40% to VND24,850. This indicates a different movement compared to its rise at Vietcombank.
Q.What factors contributed to the global pressure on the U.S. Dollar on Wednesday?
What factors contributed to the global pressure on the U.S. Dollar on Wednesday?
The dollar was under pressure after retreating from a nearly three-month high against the euro. A decline in U.S. Bond yields also added to this downward drag.
Q.What caused the dollar's recent pullback against the euro, according to analysts?
What caused the dollar's recent pullback against the euro, according to analysts?
Analysts attributed the dollar's pullback to technical factors. This followed a rally after strong U.S. Jobs data and hawkish rhetoric from Federal Reserve Chair Jerome Powell, which reduced expectations for an early interest rate cut.
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