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May 30, 2017

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New Taiwan dollar hits fresh high against USD

TAIPEI, Taiwan -- The New Taiwan dollar on Monday climbed NT$0.026 to this year's new high of NT$30.285 against the greenback on the Taipei Foreign Exchange after reports indicated that the U.S. economy lost momentum amid severe winter weather.

The Bloomberg-JPMorgan Asia Dollar Index (ADXY) rose 0.6 percent last week as data showed U.S. retail sales fell in January by the most since June 2013 and factory production declined.

The New Taiwan dollar has depreciated the most this year among Asia's 11 most-traded currencies.

Bloomberg quoted Jonathan Cavenagh, a Singapore-based currency strategist at Westpac Banking Corp, as saying that the New Taiwan dollar is probably "playing catch-up with the broader Asian move."

"The growth outlook should improve, so from that perspective there are going to be a few positives in Taiwan's favor," said Cavenagh.

Other regional currencies, such as the South Korean won and the Japanese yen, also took advantage of the weak sentiment toward the U.S. dollar to move higher, which gave another indication to traders on the Taipei forex to raise their Taiwan dollar holdings, the dealers said.

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