Dollar Gains Over Dong on Black Market

In an unexpected turn of events, the Vietnamese dong has seen a slight decline against the US dollar in the black market, with unofficial exchange points selling the dollar at VND25,840, marking a 0.04% increase from Tuesday. In contrast, Vietcombank maintained the greenback at a steady VND25,650.

State Bank of Vietnam Adjusts Reference Rate

The State Bank of Vietnam has made a slight adjustment to its reference rate, reducing it by 0.02% to VND24,758. This move comes amidst global currency fluctuations and the unpredictable trade policies of US President Donald Trump, which have left the US dollar languishing near a five-month low against major currencies.

Global Currency Trends

Globally, the US dollar index, which measures the currency against a basket of six major peers, remained flat at 103.47 in early Asian trade. This follows a 0.46% slide on Tuesday, which took it to a low of 103.21 for the first time since October 16. Meanwhile, the euro hovered close to a five-month peak due to increased optimism for an end to the war in Ukraine, and sterling eased 0.11% to $1.2933 after a 0.53% rally on Tuesday.

Volatility in the Canadian Dollar

The Canadian dollar experienced a volatile session overnight after President Trump initially pledged to double tariffs on steel and aluminium to 50%, only to reverse course just hours later. The greenback was steady at C$1.44325, after fluctuating between gains of 0.5% and losses of 0.4% on Tuesday.