The New Taiwan dollar had its biggest loss in a week, declining in line with yen after dealers found no clear directions in President Chen Shui-bian's (
The NT dollar therefore was under pressure such as rising oil prices which may repress Asian economic growth and a continued capital outflow by foreign investors from Asia, they added.
"President Chen carefully balanced his speech to please all parties, though the content is blurred with too many aspects, making it hard to fully understand and difficult to make any side completely satisfied," said Mike Shiao (
The NT dollar yesterday fell 0.3 percent to close at NT$33.617 against its US counterpart on the Taipei foreign exchange market, its largest decline since May 13. It had dropped as much as 0.6 percent.
On the Tokyo foreign exchange market, the yen was trading at ?113.47 against the greenback yesterday, down ?0.64 from on Wednesday.
The NT dollar also fell as stocks declined, said analysts such as Suresh Kumar, a Singapore-based currency strategist at Forecast Ltd.
``If I was a foreign investor, I'd wait for China's reaction before investing in Taiwan,'' Kumar said.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s biggest contract chipmaker, booked its first-ever profit from its Arizona subsidiary in the first half of this year, four years after operations began, a company financial statement showed. Wholly owned by TSMC, the Arizona unit contributed NT$4.52 billion (US$150.1 million) in net profit, compared with a loss of NT$4.34 billion a year earlier, the statement showed. The company attributed the turnaround to strong market demand and high factory utilization. The Arizona unit counts Apple Inc, Nvidia Corp and Advanced Micro Devices Inc among its major customers. The firm’s first fab in Arizona began high-volume production
VOTE OF CONFIDENCE: The Japanese company is adding Intel to an investment portfolio that includes artificial intelligence linchpins Nvidia Corp and TSMC Softbank Group Corp agreed to buy US$2 billion of Intel Corp stock, a surprise deal to shore up a struggling US name while boosting its own chip ambitions. The Japanese company, which is adding Intel to an investment portfolio that includes artificial intelligence (AI) linchpins Nvidia Corp and Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), is to pay US$23 a share — a small discount to Intel’s last close. Shares of the US chipmaker, which would issue new stock to Softbank, surged more than 5 percent in after-hours trading. Softbank’s stock fell as much as 5.4 percent on Tuesday in Tokyo, its
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DOLLAR SIGNS: The central bank rejected claims that the NT dollar had appreciated 10 percentage points more than the yen or the won against the greenback The New Taiwan dollar yesterday fell for a sixth day to its weakest level in three months, driven by equity-related outflows and reactions to an economics official’s exchange rate remarks. The NT dollar slid NT$0.197, or 0.65 percent, to close at NT$30.505 per US dollar, central bank data showed. The local currency has depreciated 1.97 percent so far this month, ranking as the weakest performer among Asian currencies. Dealers attributed the retreat to foreign investors wiring capital gains and dividends abroad after taking profit in local shares. They also pointed to reports that Washington might consider taking equity stakes in chipmakers, including Taiwan Semiconductor
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