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The Vietnamese dong strengthened against the US dollar unexpectedly in the first two weeks of 2017, with commercial bank dollar rates falling about 1% from VND22,790 to VND22,600. The State Bank of Vietnam raised its reference rate by VND275 on January 9 to slow the dong's gains, a rare intervention.
A stronger dong and central bank intervention signal tighter FX management ahead of Tet, which can affect Vietnam's import costs for feed ingredients priced in dollars. The effect on grain prices is limited.
vietnamnews.vnJan 16, 2017Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
