Dollar weakens against dong

Vietcombank sold the dollar at VND26,244, down 0.04% from Wednesday.

The State Bank of Vietnam lowered its reference rate by 0.04% to VND24,995.

On the black market the dollar dropped 0.02% to VND26,325.

Globally the dollar softened, stuck near six-week lows after weak U.S. economic data revived fears of slow growth and high inflation, while the euro was steady ahead of an expected interest rate cut from the European Central Bank, Reuters reported.

The dollar was a tad lower against the yen at 142.80, while the euro stood at $1.1424, not far from the six-week high it touched at the start of the week. Sterling last fetched $1.3557.

The dollar index, which measures the U.S. currency against six others, was at 98.749 and has dropped about 9% this year, poised for its weakest yearly performance since 2017.

“May’s payrolls data tomorrow will be important to see if investor concerns are valid or overdone. A soft labour market report is likely to result in outsize falls in the U.S. dollar,” said Mansoor Mohi-uddin, chief economist at Bank of Singapore.

Source: https://e.vnexpress.net/