The New Taiwan dollar on Friday fell against the US dollar, shedding NT$0.020 to close at NT$30.731.
Turnover totaled US$719 million during the trading session.
Trading opened at NT$30.743, moving between NT$30.674 and NT$30.744 before the close.
That compared with a close of NT$30.783 on Aug. 24.
Elsewhere on Friday, the US dollar climbed for a second straight session as investors sought the safety of the US currency after reports that the US and Canada ended trade negotiations without any deal.
The greenback ended last month on a positive note, up about 0.6 percent amid trade tensions. It has advanced in four of the past five months, gaining nearly 9 percent in that period.
“The trade-positive news in the beginning of the week with the US-Mexico deal has turned, and has become trade-negative,” Oanda Corp currency strategist Alfonso Esparza said in Toronto.
“Now we’re seeing resistance on the Canada front with respect to NAFTA [North American Free Trade Agreement],” he said.
“Negotiations have concluded, but nothing has been decided, so there’s a little bit of uncertainty. That has created a risk-averse environment, which has benefited the [US] dollar,” he added.
US and Canadian officials on Friday concluded a round of talks on NAFTA, a Canadian official said.
The Wall Street Journal reported that US President Donald Trump would tell US Congress of plans to proceed with just the US-Mexico trade deal.
Trump said that Canada had taken advantage of the US on trade, as talks between the two countries, which are seeking to revamp the trade agreement, soured sharply.
“I love Canada, but they’ve taken advantage of our country for many years,” Trump said during a speech in North Carolina.
Concerns about a deal with Canada grew after Canadian Minister of Foreign Affairs Chrystia Freeland earlier on Friday said that Canada is looking for a “good deal, not just any deal.”
However, Trump said any trade deal with Canada would be “totally on our terms,” confirming an earlier report from the Toronto Star.
Trump’s remarks ignited more US dollar buying.
In late afternoon trading, the US dollar index was up 0.4 percent at 95.106.
The Canadian dollar fell 0.7 percent versus the US dollar to US$0.7649.
The greenback had late on Thursday rallied in a safe-haven move after Bloomberg News reported that Trump wanted to move ahead with a plan to impose tariffs on US$200 billion of Chinese imports next week.
The euro was also hit by Trump saying that an EU proposal to eliminate tariffs on cars was “not good enough.”
Investors were fearful about Europe’s outlook as Trump has threatened to impose tariffs on cars assembled by German automakers.
The single currency was last down 0.6 percent at US$1.1601, after losing about 0.3 percent overnight, pressured by a rise in Italian government bond yields.
Emerging-market currencies also fell. The Argentine peso, the world’s worst-performing currency this year, was down about 1 percent against the US dollar, which last traded at 38 pesos.
On Thursday, the Argentine peso tumbled 10 percent, bringing month-to-date losses to 27 percent.
The Argentine Central Bank on Thursday voted unanimously at an emergency meeting to raise its benchmark rate from 45 percent to 60 percent.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
ELECTRIC FARMLAND: TSMC’s proposal to clear 230 hectares of reforested land for what would become Taiwan’s largest photovoltaic solar farm has generated concerns New rules curbing solar farms built on agricultural land sparked fierce debate at a packed public hearing at the Legislative Yuan yesterday, with industry representatives saying that the new restrictions would endanger President Tsai Ing-wen’s (蔡英文) green energy goals, while agricultural officials emphasized the importance of protecting farmers and the environment. The Tsai administration has set a target to generate 20 percent of the nation’s power from renewable sources by 2025, by which time it also aims to install 20 gigawatts (GW) of solar power, including 6GW from rooftop solar systems and 14GW from ground-mounted solar farms. Although rooftop solar systems are
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday posted monthly revenue that suggested second-quarter sales surpassed analysts’ estimates, underscoring how its technological lead is helping the chipmaker weather the COVID-19 pandemic and US sanctions on its second-biggest customer Huawei Technologies Co (華為). Apple Inc’s main iPhone chipmaker posted sales of NT$120.88 billion (US$4.08 billion) for last month, up 40.8 percent year-on-year and bringing its revenue for the second quarter to NT$310.7 billion, beating the NT$308.8 billion analysts expected on average. TSMC, a barometer for the industry thanks to its heft in the global supply chain, had previously lowered its revenue outlook for this
‘SENSITIVE MARKETS’: The previously unannounced project would involve the company handing over control of data to a third party to sidestep privacy concerns Google has abandoned plans to offer a major new cloud service in China and other politically sensitive countries due in part to concerns over geopolitical tensions and the COVID-19 pandemic, two employees familiar with the matter said, revealing the challenges for US tech giants to secure business in those markets. In May, the search giant shut down the initiative, known as “Isolated Region” and which sought to address nations’ desires to control data within their borders, the employees said. The action was considered a “massive strategy shift,” said one of the employees, who added that Isolated Region had involved hundreds of employees