The US dollar fell for the first time in three weeks against the euro as calls for a “strong” US currency failed to reassure investors concerned the government and Federal Reserve will accept declines in the greenback.
Traders shifted funds to the Australian dollar, making it the best performer this week among 16 major currencies.
The US dollar fell 1.1 percent to US$1.4732 per euro on Friday in New York, from US$1.4576 last Friday, in the first weekly decline since its 1 percent slide in the five days ended Sept. 18. The US currency was little changed at ¥89.78, compared with ¥89.81, before the Bank of Japan’s meeting next week. The euro climbed 1 percent to ¥132.25.
The Australian dollar rose 4.4 percent to US$0.9036 in the biggest weekly gain since May after the Reserve Bank unexpectedly raised the overnight cash target by a quarter-percentage point to 3.25 percent on Tuesday.
Sterling was the only loser versus the dollar this week among the 16 most-traded currencies. It fell 0.7 percent to US$1.5842 in a fourth weekly drop on speculation the economy remains too weak for the Bank of England to consider raising borrowing costs and stop asset purchases.
India’s rupee led weekly gains in Asian currencies as signs the region is recovering from a global recession attracted investment, overwhelming attempts by central banks to stem appreciation.
The New Taiwan dollar fell for a second day on Friday to NT$32.24 against its US counterpart, according to Taipei Forex Inc. The NT dollar reached NT$31.995 last Thursday, the strongest level since the same date last year.
The NT dollar has gained 1.6 percent in the past month against the greenback as overseas funds bought US$3.4 billion more Taiwanese shares than they sold.
The rupee jumped 2.7 percent this week to 46.475, according to data compiled by Bloomberg. Malaysia’s ringgit rose 2.4 percent to 3.3981, Indonesia’s rupiah climbed 2 percent to 9,455 and South Korea’s won rose 0.9 percent to 1,164.38.
The Philippine peso climbed 1.4 percent this week to 46.46. The Singapore dollar climbed 1.7 percent to close at a 14-month high of S$1.3928.
Taiwan, which accounts for more than half of the global outsourced semiconductor assembly and testing market, is well-positioned to develop copackaged optics (CPO) and manufacture precision silicon photonics chips, the Ministry of Economic Affairs said yesterday. Silicon photonics are emerging as a mainstream optical communications technology and is seen as key to overcoming bottlenecks in AI computing power. The technology is a key project under the government’s New 10 Major AI Infrastructure Projects, with industry, government, academia and research institutions working to overcome critical technological hurdles and build a self-reliant silicon photonics supply chain, the ministry said. Nvidia Corp in March invested US$4
The air force plans to build 26 more hardened aircraft shelters as the number of F-16Vs stationed along Taiwan’s east coast is expected to reach 120 when the final shipment of 66 jets procured from the US arrives. The incoming jets would be stationed at Chihhang Air Base in Taitung County, augmenting the F-16V Block 20s operated by the 5th Tactical Fighter Wing in Hualien County, officials said yesterday. The air force plans to allocate more than NT$6.88 billion (US$218.1 million) from next year to 2031 to build the shelters in Hualien and Taitung as part of the implementation of a “one
Palau’s president yesterday called for a “unified” Pacific response to a missile test by China in July, while Taiwan and its Pacific allies a day earlier at the Pacific Islands Forum (PIF) reaffirmed their commitment to peace, stability and prosperity. China gave only a handful of nations short notice before test-firing an intercontinental ballistic missile in July, sparking condemnation from several Pacific leaders. The 18-member PIF being held in Palau was expected to release a communique after press time last night, with a formal response to the test possibly included. Palau, which invited Taiwan to attend sideline events as an aid partner, urged
NO LIMITS: More legislation expanding Beijing’s control over the movement of people, money and information raises risks for Taiwanese travelers and businesses, officials said China is set to implement several laws in the coming months that expand the definition of national security, creating greater risks for Taiwanese traveling to or doing business in China, Taiwanese officials said yesterday. Beijing’s Ethnic Unity and Progress Promotion Law took effect on July 1, while a draft “Internet Information Service Management Measures” finished its public consultation on Aug. 2, but has yet to be adopted. China’s Regulations of the State Council on Exit and Entry Administration are to take effect on Tuesday next week, while amendments to its National Defense Mobilization Law and the Ministry of Public Security’s Measures
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