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US dollar ends trading day NT$0.017 higher on forex

TAIPEI -- The U.S. dollar rose against the Taiwan dollar yesterday, gaining NT$0.017 to close at NT$29.286 after moving in a narrow range amid cautious sentiment toward global demand, dealers said.

Fears over falling demand in the global market helped dampen market confidence after several American high-tech giants, such as Google Inc. and Advanced Micro Devices Inc., reported disappointing third-quarter earnings, they said.

Slowing demand was the result of the weakness in global economic fundamentals, which encouraged traders to put their money into the U.S. dollar as a safe haven, dealers said.

The quiet trading session also came as many traders were keeping an eye on the eurozone's ongoing debt woes before European Union leaders wrapped up their latest summit later in the day, they said.

The greenback opened at NT$29.280, and fluctuated between NT$29.216 and NT$29.294 before the close. Turnover totaled US$632 million during the trading session.

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