Dollar up against dong
The U.S. dollar strengthened against the Vietnamese dong Monday morning while trading at multi-month lows against major peers.
The Vietnamese dong strengthened against the U.S. dollar on Monday, trading at around VND26,330, a slight increase of 0.08% from the weekend rate. On the black market, the dong rose to approximately VND25,970, marking a 0.19% gain. Meanwhile, the State Bank of Vietnam kept its reference rate steady at VND25,600. Globally, the dollar hovered near multi-month lows on Monday, as investors digested the U.S. Treasury's pledge to repurchase additional long bonds, while they awaited details of Iran sanctions and policy announcements from the U.S. and Japan.
The Canadian dollar slipped 0.2% to C$1.3798 per dollar following the collapse of trade talks with the U.S. and the imposition of 50% tariffs on Canadian goods, which Canada matched. The euro remained above $1.16 at $1.1685, and the Japanese yen stayed firm around 159 per dollar. The Australian and New Zealand currencies approached three-month highs at $0.7171 and $0.5979, respectively.
Sterling held firm at $1.3650 in early trade, and the Chinese yuan edged close to a three-year high at 6.7222 per dollar. U.S. Treasury efforts to suppress long-term bond yields seem to be reigniting the $US debasement trade, according to Shane Oliver, head of investment strategy at AMP, an Australian financial services firm.
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