On Friday morning, the strength of the U.S. dollar saw a slight decrease against the Vietnamese dong, trading near a five-week low against major currencies. The Vietnamese-based commercial bank, Vietcombank, traded the U.S. dollar at a rate of VND26,408, a marginal decrease of 0.004% from the previous day’s rate. Additionally, on the unofficial black market, the currency showed a 0.05% slip, trading at around VND27,402.
The State Bank of Vietnam adjusted their reference rate down by 0.004% to VND25,151. This rate is the benchmark against which banks in the country can negotiate their exchange rates for the day’s transactions.
Internationally, the U.S. dollar was hovering near a five-week low against its major competitors on Friday. This global performance has been primarily driven by the anticipation of a rate cut by the U.S. Federal Reserve in the following week.
The dollar index, a measure of the U.S. currency against six key global currencies, was static at 99.065 early in Asia. This followed a previous downward shift that saw the index touch a five-week low of 98.765. The overall trend for the week indicates a likely 0.4% decrease in the index.
Cross currency rates remained relatively stable. The U.S. dollar traded at 155.18 yen, while the euro stood steady at $1.1647. The British pound remained firm at $1.3326, after pulling back from a six-week high the previous day.
The Australian dollar held steady at $0.6609, after reaching a two-month high of $0.6624 on Thursday. Meanwhile, the Canadian dollar was trading at C$1.3961 against the U.S. dollar, with the Swiss franc at 0.8035, following a significant pullback from Wednesday’s two-week high of 0.7992.
The U.S. dollar faced further pressure due to speculations surrounding potential changes in the Federal Reserve leadership. The current term of Jerome Powell, the Fed Chair, is set to end in May. Anticipations of White House economic advisor, Kevin Hassett, taking over the role are high, and he is expected to advocate for additional rate cuts.
What was the trading rate of the U.S. dollar at Vietcombank on Friday?
The U.S. dollar was traded at VND26,408 at Vietcombank on Friday.
What changes were observed in the U.S. dollar’s performance against major currencies?
On Friday, the U.S. dollar was trading near a five-week low against major currencies.
Who is expected to succeed Jerome Powell as the Fed Chair, and what is anticipated from his tenure?
White House economic advisor, Kevin Hassett, is expected to succeed Jerome Powell. Hassett is likely to advocate for more rate cuts.
