Dollar slides against dong

Vietcombank sold the dollar at VND24,140 Wednesday, down 0.17% from Tuesday.

The greenback weakened by 0.06% to VND24,260 at TPBank.

It stayed the same at Eximbank and Vietcombank.

The State Bank of Vietnam (SBV)’s lifted its reference rate up 0.01% to VND23,660.

The dollar is sold at VND24,430 on the black market, down 0.29%.

The dollar has gained over the dong by 5.32% since the beginning of the year.

The U.S. Dollar Index, which measures the greenback’s strength against major currencies, still hovers around a three-month low of 105 points.

Top bankers from JPMorgan Chase & Co, Bank of America and Goldman Sachs said overnight that the banks are bracing for a worsening economy next year, as inflation threatens consumer demand, which means the dollar could gain over major currencies, Reuters reported.

“We’ve been forecasting a recession in the U.S., the UK, the euro zone and Japan … It’s part of our baseline,” said Joseph Capurso, head of international and sustainable economics at Commonwealth Bank of Australia.

“(That) will provide more support to the U.S. dollar, as a safe-haven currency.”