Sharp Rise in Dollar Value

Vietcombank reported selling the greenback at VND26,120, marking a 0.62% increase from the previous day. Meanwhile, on the black market, the currency saw a 0.19% rise to VND26,200.

Central Bank Adjustments

The State Bank of Vietnam adjusted its reference rate upwards by 0.05% to VND24,898, signaling subtle shifts in monetary policy amidst fluctuating market conditions.

Global Currency Markets React

Amid growing recession fears triggered by President Donald Trump's tariffs, the yen and Swiss franc hovered near six-month highs, while the U.S. dollar faced broad losses. The currency markets remained fragile yet calm in Asian trade, recovering from a volatile period marked by significant fluctuations against safe-haven currencies.

Dollar's Safe-Haven Status Under Scrutiny

Traditionally seen as a safe-haven asset, the dollar's reliability is being questioned as tariff uncertainties and concerns over U.S. growth intensify. The euro and sterling showed resilience, with the euro climbing 0.58% to $1.0967 and sterling up 0.44% at $1.27795.

Dollar Index Declines

The dollar index, measuring the U.S. currency against six peers, fell 0.44%, continuing its downward trend since the tariff announcements last week.