A U.S. dollar bill. Photo by Unsplash/alexandratimis
The U.S. dollar jumps on the black market Saturday morning despite a drop against major peers.
Unofficial exchange points sold the greenback 0.64% higher at VND26,720.
Vietcombank kept its rate steady at VND26,502.
The dollar has risen 3.72% over the dong since the beginning of the year.
Globally the dollar weakened against the euro and Swiss franc on Friday, on course for a 2% decline in August against a basket of currencies, as traders prepared for a U.S. interest rate cut by the Federal Reserve next month, Reuters reported.
The dollar, which initially firmed after U.S. inflation data came in as expected, later gave up gains, failing to break a three-day losing streak.
The dollar index, which measures the greenback against a basket of currencies, was down 0.09% at 97.803 in afternoon trading.
“FX markets remain range bound as investors await the next U.S. labor market report on Sept. 5,” said Dan Tobon, head of G10 FX strategy at Citi.
Weak consumer sentiment continues to hang over an anxious market, which is rebalancing and hedging portfolios at month’s end after U.S. equities rallied throughout August, said Uto Shinohara, senior investment strategist at Mesirow Currency Management.
