An employee counts U.S. banknotes at a bank in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
The U.S. dollar strengthened against the Vietnamese dong Monday morning while remaining mostly stable against major peers.
Vietcombank sold the currency at VND26,470, up 0.08% from the weekend. The greenback rose 0.17% to around VND26,550 on the black market.
The State Bank of Vietnam raised its reference rate by 0.04% to VND25,249.
Globally, the dollar dithered on Monday ahead of a key meeting between U.S. President Donald Trump and his Ukrainian counterpart Volodymyr Zelenskiy, while investors also looked ahead to the Federal Reserve’s Jackson Hole symposium for more policy clues, according to Reuters.
Wagers on more Fed easing have weighed on the dollar, which dropped 0.4% against a basket of currencies last week to last stand at 97.851.
The dollar was a fraction firmer on the yen at 147.46, while the euro held at $1.1701 after adding 0.5% last week.
“While the data don’t all point in the same direction, the U.S. economy looks to be in okay shape in the third quarter,” said Bill Adams, chief economist at Comerica Bank.
“The Fed is likely to cut interest rates by year-end, either in September, when markets now price in a cut, or a few months later, when Comerica forecasts a cut.”
