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May 1, 2017

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US dollar rises to NT$30.381 on Taipei forex in quiet trade

TAIPEI -- The U.S. dollar rose against the New Taiwan dollar Friday, gaining NT$0.029 to close at the day's high of NT$30.381 in a quiet trading session amid raised tensions in Ukraine, dealers said.

Concerns over China's economic growth also prompted traders here to stay on the sidelines after Beijing reported disappointing factory output data for the first two months of this year, the dealers said.

The local central bank stepped in again in the latter part of the trading session to prop up the U.S. dollar, helping the currency recoup its earlier losses at the close, they added.

The greenback opened at NT$30.380 and dropped to a low of NT$30.275 before rebounding. Turnover totaled US$504 million during the trading session.

The U.S. dollar opened higher on a technical rebound from a session earlier but fell into consolidation mode as traders became cautious about the global financial markets amid escalation of the political unease in Ukraine, the dealers said.

Worries over the geopolitical situation have been running deeper following a move by Russian to stage military drills near the Ukrainian border ahead of a referendum scheduled for March 16 by Crimea to decide whether to break away from Ukraine and come under Russia's umbrella, they said.

Traders here have reined themselves in amid fears that should the political tension in Ukraine escalate further, the global financial market will suffer more volatility, they added.

Meanwhile, market sentiment in the local foreign exchange market has been dampened by concerns over China's economic climate after Beijing reported an 8.6 percent year-on-year increase in factory output in the past two months, below an earlier market estimate of a 9.5 percent rise.

The factory output data came after another surprise report showing that China's February exports fell 18.1 percent from a year earlier.

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