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October, 1, 2016

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Greenback closes lower on forex as traders await US manufacturing data

TAIPEI--The U.S. dollar fell against the New Taiwan dollar Friday, gaining NT$0.070 to close at NT$31.330 after moving in a quiet session without fresh indication for traders, dealers said.

The U.S. dollar traded in a narrow range against the New Taiwan dollar, but saw some selling toward the end of the session as traders here took cues from foreign institutional buying in local equities, the dealers said.

The greenback opened at NT$31.400 and moved between NT$31.310 and NT$31.437 before the close.

Turnover totaled US$526 million during the trading session.

The U.S. dollar opened flat against the New Taiwan dollar and continued within a small trading range, as many currency traders stayed on the sidelines for more clues on how to map out their investment strategies, the dealers said.

After a plunge seen earlier this week, the U.S. dollar became more stable Friday, as traders calmed down following a decision by the U.S. Federal Reserve to leave its key interest rates unchanged, they said.

Even before the Fed's decision, foreign investors had started to move funds into the region to boost the New Taiwan dollar and other regional currencies, the dealers said.

Currency traders need more incentives to trade as they wait for more economic data from the United States, they said.

Washington was scheduled to report manufacturing activity later in the day.

The New Taiwan dollar got a boost from continued foreign institutional buying in equities to close higher against the U.S. dollar, the dealers said.

According to the Taiwan Stock Exchange, foreign institutional investors bought a net NT$4.77 billion-worth of shares on the main board Friday.

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