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Dollar gains NT$0.023 to close at NT$30.326 ahead of US manufacturing data

TAIPEI, Taiwan -- The U.S. dollar rose against the New Taiwan dollar Wednesday, gaining NT$0.023 to close at the day's high of NT$30.326 after moving in a narrow range ahead of the release of manufacturing activity data in the United States, dealers said.

The cautious sentiment seen during the trading session also reflected concerns over China's economy after HSBC Holdings and Markit Economics reported a fourth straight month of contraction in China's purchasing managers' index (PMI), they said.

The local central bank took advantage of the small swing in the value of the U.S. dollar against the New Taiwan dollar to pick up the U.S. currency, helping the unit end in positive territory at the close, dealers added.

The greenback opened at NT$30.320, and moved to a low of NT$30.255 before rebounding. Turnover totaled US$647 million during the trading session.

The U.S. dollar opened higher on follow-through buying from a session earlier amid increasing optimism over U.S. fundamentals on recent economic data pointed to a stable economic recovery, dealers said.

If Washington reports an improvement in its PMI for April, it will further fuel investor expectations that the U.S. Federal Reserve will accelerate the speed with which it winds down its bond-buying program, dealers said.

The weakness in other regional currencies added downward pressure on the New Taiwan dollar in the early morning session, they added.

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