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May 26, 2017

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US dollar closes at NT$30.045 on Taipei forex

TAIPEI--The U.S. dollar fell against the Taiwan dollar Thursday, shedding NT$0.020 to close at NT$30.045 as the strength of other regional currencies encouraged traders in Taiwan to pick up the local unit throughout the session, dealers said.

The losses stopped the U.S. dollar's two-session winning streak as traders' appetite for non-U.S. dollar assets expanded, they said.

However, the U.S. dollar's downturn was limited by the local central bank's efforts to boost the currency in a bid to assuage the impact a stronger Taiwanese dollar would have on local exporters, they added.

The greenback opened at the day's high of NT$30.065 and moved to a low of NT$29.992 before rebounding. Turnover totaled US$621 million during the trading session.

The U.S. dollar opened flat but fell to negative territory in the wake of gains posted by other regional currencies, including the South Korean won, the Malaysian ringgit and the Thai baht, dealers said.

The won rose to a two-week high at one point after the Bank of Korea met market expectations and cut key interest rates to stimulate the economy, a move which has reinforced confidence in the regional economic fundamentals, they said.

The strength of the ringgit and the baht also reflected optimism toward an economic recovery in the region to prompt traders to pick up regional currencies, including the Taiwan dollar, they added.

July retail data from Washington stayed little changed from a year earlier, failing to meet market expectations of a 0.2 percent year-on-year rise and leading many traders to think that weaker consumer spending could keep the U.S. Federal Reserve from raising interest rates soon, dealers said.

Hopes that the Fed will continue to maintain market liquidity at highs made traders speculate that spill-over effects from ample funds in the U.S. will lift the value of currencies in Asia, they said.

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