Dollar dips against dong
The U.S. dollar weakened against the Vietnamese dong Monday morning while trading near a two-month high against some major peers.
The Vietnamese dong experienced a slight decline against the US dollar this weekend, with major banks reporting the greenback selling at VND26,150, a 0.12% decrease from the previous level. Black market transactions saw an even steeper drop, with the dong trading at VND25,950, marking a 0.19% decrease. The State Bank of Vietnam responded by reducing its reference rate by 0.02%, settling at VND25,635.
Globally, the dollar managed to hold near a two-month high on Monday, as geopolitical tensions between the US and Iran continued to fuel oil prices. Investors were also closely watching economic data releases for insights into inflation and central bank policies. The dollar index, which tracks the US currency's performance against a basket of currencies, saw a marginal increase to 101.15 and was on track for a 1.7% gain in September, marking its best month since June.
Meanwhile, the euro and British pound both weakened slightly against the dollar, trading at $1.1379 and $1.3232, respectively, nearing multi-month lows. The Japanese yen also dipped by 0.3% to 157.7 per dollar. FX strategist Sim Moh Siong of OCBC suggested that the dollar's strength could intensify in the short term if energy market tensions persist and inflation concerns linger.
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