Friday , June 2 2023

Dollar surges to 4-week high

The U.S. dollar shot up against the Vietnamese dong Tuesday morning to the highest in four weeks.

Vietcombank sold the dollar at VND23,700, up 0.17% from Monday. The rate has now climbed back to the level on March 21.

Eximbank sold the greenback at VND23,660, up 0.08%. Techcombank raised its rate by 0.05% to VND23,680.

The State Bank of Vietnam hiked its reference rate by 0.16% to VND23,615.

Unofficial exchange points raised the greenback up 0.26% to VND23,520.

The dollar has dropped against the dong by 0.13% since the beginning of the year.

Globally the dollar eased on Tuesday after rallying overnight as strong U.S. economic data reinforced expectations that the Federal reserve will hike interest rates again in May, while China’s economic recovery gathered pace in the first quarter, Reuters reported.

The dollar index, which measures the currency against six major rivals, fell 0.108% at 101.99, after rising 0.5% overnight. The index is down 0.5% for the month.

“The dollar can remain sensitive to the strength, or not, of the economic data as the Fed likely nears the end of their tightening cycle,” said Kristina Clifton, an economist at Commonwealth Bank of Australia (CBA).

The euro up 0.04% to $1.09320, easing away from the one-year high of $1.10755 it touched last week, with traders expecting the region’s central back to stick to its monetary tightening path.

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