The New Taiwan dollar could rise 3.2 percent next year should the currency climb beyond the NT$32 level against the greenback, which would be a “bullish” signal, technical analysis by Forecast Singapore Pte said.
The NT dollar could strengthen to NT$31.02 on a break of NT$32, a threshold the central bank has been preventing the currency from advancing through, said Pak Lai Ng, a Singapore-based analyst at Forecast. It has only broken that level once this year on Oct. 1, when the currency reached NT$31.995 before retreating.
The NT$32 level is a 61.8 percent retracement of the US currency’s advance from a low in March last year of NT$29.95 to a high of NT$35.297 in March this year, Ng said, referring to a series of numbers known as the Fibonacci sequence.
“Provided the Taiwan dollar breaks NT$32, it will be bullish for the currency,” Ng said in an interview. The NT dollar will first target NT$31.40, a point on a trend line that links this year’s high for the greenback with the low in October, before rising to NT$31.02, he said.
The NT dollar climbed 0.1 percent to close at NT$32.281 versus the greenback on turnover of US$405 million, Taipei Forex Inc said. It has appreciated 1.7 percent this year as a planned accord with China that will boost investment and trade lured overseas investors.
In technical analysis, investors and analysts study charts of trading patterns and prices to forecast changes in a security, commodity, currency or index. Fibonacci levels are used to determine highs and lows for a currency and predict direction. They are 23.6, 38.2, 50, 61.8 and 76.4. A break past one of these signals a currency may test the next level, while failure indicates a gain or drop may stall.
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Intel Corp has named Tasha Chuang (莊蓓瑜) to lead Intel Taiwan in a bid to reinforce relations between the company and its Taiwanese partners. The appointment of Chuang as general manager for Intel Taiwan takes effect on Thursday, the firm said in a statement yesterday. Chuang is to lead her team in Taiwan to pursue product development and sales growth in an effort to reinforce the company’s ties with its partners and clients, Intel said. Chuang was previously in charge of managing Intel’s ties with leading Taiwanese PC brand Asustek Computer Inc (華碩), which included helping Asustek strengthen its global businesses, the company
Taiwanese suppliers to Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) are expected to follow the contract chipmaker’s step to invest in the US, but their relocation may be seven to eight years away, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. When asked by opposition Chinese Nationalist Party (KMT) Legislator Niu Hsu-ting (牛煦庭) in the legislature about growing concerns that TSMC’s huge investments in the US will prompt its suppliers to follow suit, Kuo said based on the chipmaker’s current limited production volume, it is unlikely to lead its supply chain to go there for now. “Unless TSMC completes its planned six
TikTok abounds with viral videos accusing prestigious brands of secretly manufacturing luxury goods in China so they can be sold at cut prices. However, while these “revelations” are spurious, behind them lurks a well-oiled machine for selling counterfeit goods that is making the most of the confusion surrounding trade tariffs. Chinese content creators who portray themselves as workers or subcontractors in the luxury goods business claim that Beijing has lifted confidentiality clauses on local subcontractors as a way to respond to the huge hike in customs duties imposed on China by US President Donald Trump. They say this Chinese decision, of which Agence
RSS