Dollar strengthens against dong
The U.S. dollar rose against the Vietnamese dong on Wednesday morning while trading mostly firm against major currencies.
The US dollar strengthened against the Vietnamese dong on Wednesday, according to Vietnamese and international sources. Vietcombank sold the greenback at VND26,070, a slight increase from the previous day's rate. The currency rose 0.11% to approximately VND26,080 in unofficial markets. The State Bank of Vietnam reduced the reference rate by 0.02% to VND25,634.
Globally, the dollar faced pressure as Treasury yields and oil prices declined, diminishing its appeal. The US dollar index remained stable at 101.78, after falling 0.2% on Tuesday. The greenback was relatively unchanged against the Japanese yen, euro, and British pound. Investors have been drawn to the dollar as a safe haven amid ongoing Middle East conflict and AI-related market volatility.
However, Carol Kong, an economist at Commonwealth Bank of Australia, predicts that safe haven demand for the USD will diminish once the conflict ends and energy prices stabilize. Nonetheless, she anticipates a modest upward trend for the dollar in the coming months as foreign investments in US markets grow.
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