A packet of U.S. five-dollar bills is inspected at the Bureau of Engraving and Printing in Washington March 26, 2015. Photo by Reuters
The U.S. dollar fell against the Vietnamese dong on the black market Wednesday morning.
The dollar declined by 0.04% to VND26,430 at unofficial exchange points.
The State Bank of Vietnam lowered its reference rate by 0.02% to VND24,962.
The U.S. dollar edged lower on Wednesday, extending a two-day slide against major peers, as President Donald Trump failed to convince Republican holdouts to back his sweeping tax bill, Reuters reported.
The dollar declined 0.14% to 144.31 yen early in Asia’s day, and slipped 0.22% to 0.8264 Swiss franc.
The dollar index, which measures the U.S. currency against those four peers and two other rivals, edged down 0.03% to 99.938, following a 1.3% two-day decline.
“Tariff rates are now lower, but not low, and the same can be said about recession risks in the U.S.,” Goldman Sachs analysts wrote in a research note.
“But as recession risks have compressed, risks from higher rates are growing,” they said. “The U.S. still faces the worst growth-inflation mix of the major economies, and as the fiscal bill makes its way through Congress, eroding U.S. exceptionalism is proving – literally – costly at a time of large funding needs.”
This leaves wider paths to a weaker dollar and a steeper U.S. Treasury curve, they added.
