The US dollar advanced to a seven-week high against the yen and gained versus the euro for the first week in almost a month as US employers eliminated fewer jobs last month than economists forecast.
The yen dropped against all of its major counterparts this week and fell to the lowest level against the euro since June as the Labor Department’s payroll report encouraged Japanese investors to buy higher-yielding assets overseas. Treasury 10-year yields posted their biggest weekly increase since 2003, making US assets more attractive to international investors.
“The recovery is setting in relatively quickly,” said Ulrich Leuchtmann, head of currency strategy at Commerzbank AG in Frankfurt. “It’s positive for the dollar in the long term because when the economy recovers it’ll be clear that the US is coming out of the crisis better.”
The dollar climbed 3.1 percent to ¥97.57, from ¥94.68 on July 31. It touched ¥97.79 on Friday, the highest level since June 16.
The US currency appreciated 0.5 percent to US$1.4183 per euro, the first weekly advance since the five-day period ended July 10. The euro appreciated 2.5 percent to ¥138.41, from ¥134.99 a week earlier. It reached ¥138.72 on Friday, the highest level since June 5.
The pound dropped 0.2 percent to US$1.6684 this week as the Bank of England increased its asset-purchase plan by £50 billion (US$84 billion) on concern the recession is deeper than previously anticipated. Sterling reached US$1.7043 on Wednesday, the highest level since Oct. 21.
The yen declined 5.5 percent this week to ¥53.52 versus the Brazilian real and weakened 5 percent to ¥7.54 versus the Mexican peso on speculation investors will buy assets sensitive to global growth. Japan’s 0.1 percent target lending rate compares with 8.75 percent in Brazil and 4.5 percent in Mexico.
Asian currencies rose this week, led by the Malaysian ringgit and the Philippine peso, as signs a global economic recovery is gathering pace bolstered demand for emerging-market assets.
The ringgit reached a two-month high against the dollar and the peso had its best week since May after reports showed manufacturing picked up last month in the US, Europe and China.
Indonesia’s rupiah climbed to its strongest level in nine months before paring gains amid concern the central bank will combat appreciation to support exporters.
The ringgit climbed 0.3 percent this week to 3.5065 per dollar in Kuala Lumpur, according to data compiled by Bloomberg.
The Malaysian currency reached 3.4840 on Wednesday, the highest since June 3.
The peso advanced 0.7 percent to 47.755 and the rupiah was little changed at 9,965. The Indonesian currency reached 9,850 on Tuesday, its strongest level since October.
The New Taiwan dollar gained 0.1 percent this week to NT$32.792 versus the greenback, while the won rose 0.3 percent to 1,224.90 and the Singapore dollar rose 0.2 percent to S$1.4373. The Thai baht traded at 33.94 compared with 34.01 last Friday.
The government is aiming to recruit 1,096 foreign English teachers and teaching assistants this year, the Ministry of Education said yesterday. The foreign teachers would work closely with elementary and junior-high instructors to create and teach courses, ministry official Tsai Yi-ching (蔡宜靜) said. Together, they would create an immersive language environment, helping to motivate students while enhancing the skills of local teachers, she said. The ministry has since 2021 been recruiting foreign teachers through the Taiwan Foreign English Teacher Program, which offers placement, salary, housing and other benefits to eligible foreign teachers. Two centers serving northern and southern Taiwan assist in recruiting and training
WIDE NET: Health officials said they are considering all possibilities, such as bongkrekic acid, while the city mayor said they have not ruled out the possibility of a malicious act of poisoning Two people who dined at a restaurant in Taipei’s Far Eastern Department Store Xinyi A13 last week have died, while four are in intensive care, the Taipei Department of Health said yesterday. All of the outlets of Malaysian vegetarian restaurant franchise Polam Kopitiam have been ordered to close pending an investigation after 11 people became ill due to suspected food poisoning, city officials told a news conference in Taipei. The first fatality, a 39-year-old man who ate at the restaurant on Friday last week, died of kidney failure two days later at the city’s Mackay Memorial Hospital. A 66-year-old man who dined
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