Dollar remains steady against dong

Vietcombank maintained its dollar-selling rate at VND25,477. The greenback was also stable at VND25,700 on the black market.

The State Bank of Vietnam’s reference rate was unchanged at VND24,264.

The dollar has increased against the dong by 4.24% since the beginning of the year.

Globally, commodity currencies touched multi-week lows on Wednesday tracking weakness in Chinese demand, while the yen has surged as short-sellers bail out ahead of a central bank meeting, Reuters reported.

The euro held at $1.0848 in Asia trade and sterling, which could rally if purchasing managers’ index figures in Britain surprise to the upside and reduce bets on rate cuts.

Dollar/yen fell nearly 1% to 155.55 overnight and traded nearby at 155.78 early in the Asia session.

At 104.5 the U.S. dollar index was close to a two-week high.

Further ahead traders are waiting on U.S. GDP and core PCE data due later in the week to test expectations for two U.S. rate cuts over the rest of this year.

Next week’s second-quarter inflation data in Australia will be crucial for pricing the risk of another interest rate hike.