Dollar weakens against the dong and major currencies

Vietcombank sold the dollar at VND25,200, down 0.12% from the weekend.

The greenback slid 0.04% to VND25,380 at unofficial exchange points.

The State Bank of Vietnam increased its reference rate by 0.03% to VND24,261.

Since the beginning of the year, the dollar has increased against the dong by 3.19%.

Globally, the U.S. dollar declined broadly on Monday and slid against the yen in particular as investors bet on a dovish tone emerging in the Federal Reserve’s July policy meeting minutes and Chair Jerome Powell’s upcoming speech at Jackson Hole, Reuters reported.

The minutes, due on Wednesday, and Powell’s speech on Friday are likely to be the main drivers of currency movement for the week, which will also see inflation data from Canada and Japan alongside Purchasing Managers’ Index readings across the U.S., euro zone and UK.

Against the yen, the greenback fell more than 0.8% to 146.37 , retreating from a two-week high of 149.40 yen hit last week, though analysts said the sharp move lower was largely due to broad dollar weakness.

Elsewhere, the euro last bought $1.1039, edging towards an over seven-month high of $1.10475 hit last week. Sterling rose to a one-month high of $1.2960 earlier in the session and was last at $1.2957.

Against a basket of currencies, the dollar lost 0.24% to 102.21, not far from a seven-month low of 102.15.