HSBC Taiwan's new service eyes forex rates, automatically exchanges
The China Post news staff
April 3, 2014, 12:00 am TWN
TAIPEI, Taiwan -- HSBC Taiwan recently announced a new order watch service which allows clients to set their own target foreign exchange rate to convert funds automatically within personal banking accounts around the clock.
Steve Chuang (莊懷德), senior vice president of wealth management at HSBC Bank Taiwan, said the HSBC forex order watch service also allows customers to receive alerts when the designated foreign exchange rate is reached.
Chuang indicated that the global foreign exchange trade goes on 24 hours a day in which the turnover and floating range of major currencies around the world vary by different sessions and markets.
The movements of Australian dollars and Japanese yen, for example, are more susceptible to the economic data of Australia, New Zealand, China and Japan on Asian forex markets while euros and British pounds don't register significant upward or downward swings until the afternoon in Taipei when European forex sessions open.
Therefore, Chuang said, the most critical trading hours lie in the small hours in Taipei during which the European Central Bank (ECB) and the U.S. Federal Reserve officials deliver economic news and updates.
He added that HSBC forex order watch service lets customers set their own preferred exchange rate between two currencies, saying that HSBC customers can choose from 10 currencies for the service. The currencies are: U.S. dollars, Canadian dollars, euro, British pound, Hong Kong dollars, Japanese yen, Australian dollars, New Zealand dollars, Swiss francs and Singaporean dollars.