Dollar Strengthens Against Vietnamese Dong Amid Global Decline
The US dollar has seen an increase against the Vietnamese dong on the black market. Unofficial exchange points are selling the greenback at VND26,000, a rise of 0.27% from Friday's rate. The state-owned bank Vietcombank is keeping its rate unchanged at VND26,170.
Despite the dollar's rise against the dong, it has experienced a decline globally due to eased oil prices. However, experts believe the dollar will continue to advance as rate hike bets grow. Eugene Epstein, head of trading and structured products at Moneycorp in Stamford, Connecticut, stated that 'maybe it's a little stretched, just taking a little breather.'
Epstein attributes the dollar's strength to a combination of factors, including increased odds of another rate hike before the year-end and rising bond yields. He emphasizes that this is not a significant weakening of the dollar but rather a slight adjustment.