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September 26, 2017

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US dollar ends up at NT$30.406 on Taipei forex ahead of Yellen address

TAIPEI -- The U.S. dollar rose against the Taiwan dollar Tuesday, gaining NT$0.026 to close at the day's high of NT$30.406 after moving in consolidation mode, dealers said.

Many investors sat back and waited for a planned congressional testimony by the new chair of U.S. Federal Reserve, Janet Yellen, later in the day for clues about the next move the U.S. central bank will make about its monetary policy, they said.

Taking advantage of the quiet session, the local central bank jumped onto the trading floor in the late trade to help the U.S. dollar recoup earlier losses and close in positive territory, they added.

The greenback opened at NT$30.380 and moved to a low of NT$30.255 before rebounding. Turnover totaled US$646 million during the trading session.

In early trading, the U.S. dollar opened unchanged but immediately began falling into negative territory as traders found encouragement to buy into the Taiwan dollar from a technical rebound staged by the local bourse, dealers said.

The weighted index of the Taiwan Stock Exchange closed up 38.61 points, or 0.46 percent, at 8,430.56 points. It was the fourth consecutive session that the local equity market posted gains.

In the late trading session, the local central bank followed its recent trend of intervention to step in and push the U.S. dollar back from the day's low to the NT$30.40 level in a bid to strengthen Taiwan's global competitiveness, dealers said.

Despite the central bank's intervention, turnover in the local foreign exchange market remained moderate as many investors continued to stay on the sidelines ahead of Yellen's congressional testimony, they said.

After the Fed announced in late January it would cut its monthly bond buying program by an additional US$10 billion, the market has been searching for further clues as to what will come next, dealers said.

The upcoming testimony by Yellen has been perceived as an important indication about how the Fed will continue to scale back its fund injection efforts, they said.

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