Dollar strengthens against dong
The U.S. dollar rose against the Vietnamese dong Friday morning while trading mostly flat against major currencies.
The Vietnamese dong strengthened against the U.S. dollar, according to latest wire reports. The State Bank of Vietnam reduced its reference rate by a minimal 0.02% to VND25,561, while the commercial bank Vietcombank sold the greenback at a higher VND26,270, showing a slight 0.08% increase from the previous day. On the black market, the dong traded around VND25,990.
Globally, the currency market remained generally stable, supported by rising oil prices and Middle East tensions. However, positive U.S. job and inflation data dampened expectations for further U.S. interest rate hikes, as reported by Reuters. Meanwhile, the euro slipped 0.2% to $1.1536, and the British pound remained unchanged at $1.3489.
The Australian dollar stood at $0.7060, and the Japanese yen hovered near the key 160 level, signaling potential for further yen buying from Tokyo following their joint intervention last month that failed to stabilize the currency. The yen has retraced about half of the gains from that intervention, falling roughly 1% this week to 159.43 per dollar.
South Korea's won, also bolstered by official intervention with Japan last month, has steadied compared to the yen but is expected to drop 0.6% against the dollar this week.
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