USDVND edges higher, overriding global dollar weakness

This week, the SBV returned to net liquidity withdrawal as demand cooled, while the interbank curve steepened with sharp declines in short-term rates and slight increases at the long end, reflecting improved liquidity conditions that kept money market rates broadly stable. On the FX side, USDVND rose 0.19% despite a softer dollar globally, as strong foreign net selling on Vietnam’s stock market outweighed external factors such as Fed cut expectations, U.S.–China trade negotiations, and U.S.–Russia tensions over Ukraine.