The New Taiwan dollar traded near a six-week high against the dollar on speculation a global stocks rally buoyed overseas demand for emerging-market assets. Bonds were steady.
The currency edged up less than 0.1 percent, extending a five-day rally, as the TAIEX index advanced 3.3 percent.
A government report released after yesterday’s market close showed the jobless rate climbed to 5.63 percent last month, the highest since records began in 1978.
“You can expect Taiwan’s dollar, along with other Asian currencies, to be a bit volatile even during a general rally,” said Joseph Lau, an economist at Credit Suisse in Hong Kong.
“We still haven’t seen that much upside on the export side and it’s pretty clear that domestic demand will further contract this quarter,” he said.
The NT dollar rose to NT$33.785 at the 4pm close, the strongest level since Feb. 6, according to Taipei Forex Inc.
The benchmark TAIEX touched 5,124.18, its strongest level since Oct. 15. Overseas investors added to their holdings of Taiwanese shares yesterday.
The Ministry of Economic Affairs yesterday reported an 8.2 percent drop in February wholesale, retail and food sales, compared with a 18.8 percent slump in January.
“I doubt the rise in the jobless rate, or any specific data, would trigger any major moves because the trends have been pretty clear in the past few months anyway,” Lau said.
“In general, there would still be capital inflows to Taiwan, but like the case of South Korea, the currencies might be under sustained selling pressure since people suspect the rallies might be bottoming out,” he said.
The government will report February export orders and industrial production figures today after the 4pm market close.
Orders probably fell 29 percent, after a 42 percent drop in January, according to a Bloomberg News survey of economists.
The yield on the 1.375 percent bond maturing March 2019 climbed 1 basis point to 1.53 percent, according to GRETAI Securities Market, the nation’s biggest exchange for bonds.
Its price fell 0.052, or NT$52 per NT$100,000 face amount, to 98.6132.
PLANNED OUT: The government is lifting sale and export restrictions on 60% of the 20 million masks made daily, but people can still make purchases using their NHI cards Twenty thousand boxes of 50 masks each would be on sale at FamilyMart convenience stores starting tomorrow, Taiwan FamilyMart Co Ltd (全家便利商店) said yesterday. A box of 50 masks would cost NT$249 for those with FamilyMart memberships and NT$299 for those without, with no limits placed on how many boxes a person can buy, the company said. Convenience store chain operator Hi-Life International Co Ltd (萊爾富) said that it would also start selling masks from tomorrow. It has yet to announce details about prices and quantity. Hypermarket chain operator Carrefour Taiwan (家樂福) said that it would start selling packs of five
BOOSTING BUYING: A source said that the idea of pre-ordering vouchers online is being considered, but the preliminary plan is for people to buy them at post offices A stimulus voucher program to be rolled out next month to boost consumption would be available not only to Taiwanese, but also foreign nationals and Chinese spouses who hold residency permits, a source familiar with the matter said yesterday. The government is fine-tuning the details of the program, which involves issuing vouchers for in-store purchases to revive buying amid the COVID-19 pandemic. During a radio interview on Monday last week, National Development Council (NDC) Minister Kung Ming-hsin (龔明鑫) said that the plan is to allow anyone, regardless of age or income level, to buy NT$3,000 (US$99.89) worth of vouchers for
Delta Electronics Inc (台達電), the nation’s leading power management solutions provider, has signed an agreement to acquire Canadian software firm Trihedral Engineering Ltd to bolster its smart production efforts, it said on Saturday. Delta said in a statement that it would acquire Trihedral for C$45 million (US$32.68 million) through its 100 percent-owned subsidiary Delta Electronics (Netherlands) BV. Trihedral specializes in supervisory control and data acquisition (SCADA) and industrial Internet of Things software, which would strengthen Delta’s hardware offerings in fast-growing areas such as automation, artificial intelligence and data analytics, it said. “The collection, monitoring and analyzing of data are critical to Delta’s two
‘ONE-STOP SHOP’: A Miaoli official said that the factory in the Jhunan section of the Hsinchu Science Park would create more than 1,000 jobs and boost prosperity A new high-end IC packaging and testing plant planned by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) in Miaoli County is expected to start operations in the middle of next year, Miaoli County Commissioner Hsu Yao-chang (徐耀昌) said. Hsu wrote on Facebook that TSMC, the world’s largest pure wafer foundry operator, would invest NT$303.2 billion (US$10.1 billion) to build the plant, the largest-ever single investment in Taiwan. However, TSMC declined to disclose the financial terms of the deal, while a company board meeting on May 12 approved a spending plan worth NT$168.2 billion as part of its investment plans. Construction of the