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Tag: dollars

  • Dollar Takes a Dip: Black Market Trends Reflect Dollar’s Decline Against Vietnamese Dong

    Dollar Takes a Dip: Black Market Trends Reflect Dollar’s Decline Against Vietnamese Dong

    The US dollar experienced a minor decrease against the Vietnamese dong in the informal market this past Saturday. The devaluation, at a modest 0.08%, saw the dollar trading at VND 26,250 at unauthorized exchange locations.

    Vietcombank, a significant player in the Vietnamese financial landscape, held its rate steady for the fourth consecutive day, maintaining a rate of VND 26,160.

    On the global stage, the US dollar remained largely unchanged against its counterparts on Friday. This stability follows an unexpected below-forecast rise in inflation for January, implying the US Federal Reserve may maintain its current rates for the near future.

    The Japanese yen, on the other hand, is on track for its most significant weekly increase in nearly 15 months.

    Statistics released by the US Labor department on Friday revealed a 0.2% increase in the consumer price index for the previous month. This is slightly lower than the 0.3% predicted by economists.

    The euro saw a small rise of 0.02% against the dollar, reaching a rate of $1.1873. If current trends continue, the euro is set to gain 0.5% this week.

    In comparison, the US dollar saw a dip of 0.22% against the Swiss franc, falling to 0.76785. If this tendency holds, it would equate to a weekly loss of 1% for the dollar.

    Analysts at Goldman Sachs, including Alexandra Kanter, attribute the relative weakness of the US dollar to several factors. These include the unpredictable nature of US policymaking in January, a recent reduction in market outperformance due to a sell-off in the software sector, and unique developments in Asia. Of particular note is the ongoing strengthening of the Chinese yuan.

    Questions & Answers

    What was the exchange rate between the US dollar and the Vietnamese dong on the black market this Saturday?
    The US dollar traded at VND 26,250 against the Vietnamese dong in the black market.

    What effect did the lower-than-expected inflation rise have on the Federal Reserve’s decisions?
    The less than expected increase in inflation suggests the Federal Reserve may continue to hold its rates steady in the near term.

    Which factors are contributing to the relative weakness of the US dollar?
    The relative weakness of the US dollar is attributed to unpredictable US policymaking in January, a recent reduction in equity market outperformance due to a software sector sell-off, and unique developments in Asia such as the strengthening Chinese yuan.

  • Hong Kongs’s TNG Wallet launches Merchant Dollars

    Hong Kongs’s TNG Wallet launches Merchant Dollars

    Hong Kong digital wallet provider TNG Wallet has launched Merchant Dollar, a new service allowing merchants to issue designated dollars under their own brands.

    Merchant Dollar will allow TNG Wallet users to purchase multiple types of branded Merchant Dollars in advance to be able to make purchases in designated stores without the need for cash, credit cards or coupons. Merchants will also be able to offer consumers special offers to entice them to purchase Merchant Dollars.

    To promote the launch of the new offering, TNG has teamed up with Crostini to launch an offering allowing every purchase of Crostini Dollars over HK$100 to gain a 10% bonus per Hong Kong dollar spent.

    “TNG Wallet is pleased to have Crostini under our merchant umbrella. With the launch of Merchant Dollar, our merchant partners can enjoy improved business cash flows and wider options in marketing to promote customer loyalty. The advantages of Merchant Dollar opens up a win-win-win business playing field,” TNG Wallet founder and CEO Alex Kong said.

    “Nowadays electronic payment is a significant trend within the financial technology field. With increasingly mature e-wallet functions, the introduction of merchant dollar creates a new payment method, which is expected to lead the paperless payment to a brand new stage.”

    He said TNG Wallet is in active negotiations to introduce Merchant Dollars from other merchants.

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  • Vietnam finishes third in Southeast Asia race for tourist dollars

    Vietnam finishes third in Southeast Asia race for tourist dollars

    Thailand is way ahead of the game, but Vietnam welcomed record tourism revenue in 2016. Tourists arrivals in Vietnam past the 10 million mark last year, and the $18 billion in revenue collected by the sector contributed around 7.5 percent to the country’s economy.

    According to tourism data, Vietnam fell far short of Southeast Asia’s most popular destination,Thailand, which received over 30 million international arrivals and bagged nearly $46 billion from tourists.

    The entire region, excluding Myanmar and Brunei, raked in an estimated $120 billion from tourism. However, the figure was just half that earned by the United States alone.

    On average, each visitor to the U.S. spent approximately $3,000, while in Asia, their spending was three times less.

    However, Vietnam made significant progress by rising eight places in a global tourism competitiveness index compiled by the World Economic Forum. It also said the country could take better advantage of this momentum by focusing more on sustainable environment policies.

    Tourists are mostly lured by Vietnam’s rich natural and cultural resources.

    By 2020, the sector is expected to contribute 10 percent to Vietnam’s gross domestic product and is set to welcome 17-20 million foreign visitors per year.

    By 2030, it is aiming to become the leading destination in Southeast Asia.