Dollar inches up against dong
The U.S. dollar on Tuesday morning gained little against the Vietnamese dong while staying at the lowest in months against major peers.
The U.S. dollar experienced a slight increase against the Vietnamese dong, reaching VND26,410, according to Vietcombank. Meanwhile, the black market saw the dollar decline by 0.58% to VND25,800. Globally, the U.S. dollar hovered near multi-month lows against other major currencies on Tuesday, as traders revised downward their expectations of near-term monetary tightening.
However, the looming possibility of an escalation in the Middle East conflict kept market sentiment on edge, Reuters reported. The euro traded at $1.1581 in early Asian hours, only slightly below the two-month high of $1.1614 it reached on Monday. Meanwhile, the British pound stood at $1.3548, just missing the three-month peak it hit the previous session.
Inflation has consistently been above the Federal Reserve's target for the past five years, with a 2% annual pace that may be deemed acceptable. Nonetheless, this persistent inflation poses little room for maneuver in a world plagued by ongoing supply shocks, according to Nohshad Shah, head of EMEA fixed income sales at Citadel Securities.
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