Dollar's Surge Against Dong

Vietcombank reported selling the greenback at VND26,182, marking a 0.16% increase from Tuesday's high of VND26,120. On the black market, the currency saw a 0.11% rise to VND26,230.

State Bank of Vietnam Adjusts Reference Rate

The State Bank of Vietnam adjusted its reference rate upwards by 0.15% to VND24,936, signaling tighter monetary policy amidst currency fluctuations.

Global Currency Markets React

Globally, the dollar faced pressure against safe-haven currencies like the yen and Swiss franc as U.S. tariffs on China spooked markets, pushing the Chinese yuan to record lows.

President Donald Trump remains firm on imposing 50% tariffs on China, accusing Beijing of yuan manipulation to counter U.S. levies.

Analysts warn of a potential deep recession in the U.S. economy if the tariff hike proceeds, with the dollar reaching an all-time high against the offshore yuan at 7.4288.

Market Sentiment and Future Outlook

Concerns over a U.S. downturn and expectations of Federal Reserve rate cuts are weighing on the dollar, while the euro gains slightly amid easing political tensions in Germany.