On Friday morning, the U.S. dollar edged lower against the Vietnamese dong, simultaneously heading towards a weekly decline against key global currencies.
At Vietcombank, the currency was sold for VND26,241, marking a decrease of 0.01% compared to Thursday’s rate. Meanwhile, the dollar dropped by 0.08%, trading at approximately VND26,305 within the informal exchange market.
The State Bank of Vietnam lowered its reference rate by 0.01% to VND24,992.
Worldwide, the dollar was set to finish the week with a decline on Friday. This downturn was driven by indications of weakness in the United States economy and slow advancements in trade talks between Washington and its trading allies, even with an approaching deadline hanging over their discussions. Reuters reported.
Currencies embarked on a roller-coaster journey during the night, with many showing initial strength against the U.S. dollar due to optimism from an over-one-hour conversation between Trump and Chinese President Xi Jinping. However, they later partially reversed these gains.
The euro received an additional boost due to the European Central Bank’s (ECB) assertive statements after a largely anticipated interest rate reduction. This caused the shared currency to reach a peak of $1.1495, marking a 1-1/2 month high on Thursday. At the time of reporting, it was trading 0.05% above $1.1449.
Most currency pairs were also little changed in the early Asian session on Friday, with sterling up just 0.1% to $1.3583 having scaled a more than three-year top in the previous session. It was set to rise 0.9% for the week. The yen fell 0.1% to 143.74 per dollar.
Against a mix of global currencies, the dollar remained nearly unchanged at 98.72 following its descent to a six-week low on Thursday, and it’s set for a weekly decline of approximately 0.7%.
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