Dollar weakens against dong
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The U.S. dollar fell slightly against the Vietnamese dong Thursday morning. Vietcombank sold the greenback at VND25,400, down 0.08% from Wednesday.
The State Bank of Vietnam set its reference rate 0.04% lower at VND24,245. Unofficial exchange points sold the greenback at VND25,730, up 0.04%.
Globally the U.S. dollar was soft on Thursday after the Federal Reserve opened the door for an interest rate cut in September, helping keep the yen pinned near its highest since March in the wake of a hawkish pivot from the Bank of Japan.
The dollar index, which measures the U.S. currency against six peers, was little changed at 104.02, having dropped 0.38% on Wednesday. The index fell 1.7% in July, its weakest monthly performance this year.
The euro last fetched $1.0825 after rising 1% in July, while sterling was at $1.2852 ahead of the policy decision from the Bank of England, where the central bank could cut rates but markets and economists remain far from certain.
Questions & Answers
Q.How did the State Bank of Vietnam's reference rate for the dollar change on Thursday?
How did the State Bank of Vietnam's reference rate for the dollar change on Thursday?
The State Bank of Vietnam set its reference rate for the dollar 0.04% lower on Thursday. This brought the rate to VND24,245. This movement occurred on the same day the U.S. Dollar weakened against the Vietnamese dong.
Q.What was the main reason for the global weakening of the US dollar on Thursday?
What was the main reason for the global weakening of the US dollar on Thursday?
The U.S. Dollar was soft globally on Thursday after the Federal Reserve indicated a potential interest rate cut in September. This development influenced currency markets, contributing to the dollar's overall performance against other major currencies.
Q.How did the dollar index perform in July, and how does this compare to its year-to-date performance?
How did the dollar index perform in July, and how does this compare to its year-to-date performance?
The dollar index fell 1.7% in July, marking its weakest monthly performance this year. On Thursday, the index was little changed at 104.02, following a 0.38% drop on Wednesday.
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