The U.S. dollar dipped slightly against the Vietnamese dong this Friday morning, positioning itself for a potentially challenging weekly performance against major currencies.
At Vietcombank, the dollar was priced at VND26,241, marking a modest decline of 0.01% from Thursday. In informal trading, the greenback slipped 0.08% to around VND26,305.
In a strategic move, the State Bank of Vietnam lowered its reference rate by 0.01% to VND24,992.
Globally, the dollar was on track for a weekly decline, weighed down by signs of economic fragility in the U.S. and stalled trade negotiations with its partners, including a deadline that looms ever closer, as reported by Reuters.
Overnight, currencies experienced some volatility, initially spiking against the dollar amid optimism from a lengthy phone conversation between Trump and Chinese leader Xi Jinping, although many then retraced some of their gains.
The euro received a boost from the European Central Bank’s hawkish hints, following a widely anticipated rate cut that propelled it to a 1.5-month high of $1.1495 on Thursday. It was last seen trading at $1.1449, a rise of 0.05%.
In early Asian trading on Friday, most currency pairs held steady, with the British pound inching up just 0.1% to $1.3583, after reaching a peak not seen in over three years. It was poised for a 0.9% gain this week. The Japanese yen, on the other hand, dipped slightly by 0.1% to 143.74 per dollar.
Against a basket of currencies, the dollar remained relatively unchanged at 98.72, having recently hit a six-week low on Thursday, and was headed for a weekly loss of 0.7%. It’s a rough week in a game where the dollars often met with unexpected twists!
What was the current exchange rate of the U.S. dollar against the Vietnamese dong?
The U.S. dollar was selling for VND26,241 at Vietcombank, a slight decrease of 0.01% from the previous day.
What factors contributed to the dollar’s decrease?
The dollar’s decline is attributed to signs of economic fragility in the U.S. and stalled trade negotiations with its partners, adding to global uncertainties.
What impact did the European Central Bank’s statements have on the euro?
The ECB’s hawkish rhetoric following a rate cut lifted the euro to a 1.5-month high, reflecting growing confidence in the currency amidst a struggling dollar.
