The dollar fell against most of its major counterparts as a report showed European nations emerged from their worst recession since World War II, encouraging investors to buy higher-yielding assets.
The euro advanced for a second week against the dollar and approached its highest level since August last year before stalling just short of US$1.5050, a level strategists identified as a threshold for further gains.
The US dollar slid 0.4 percent to US$1.4903 per euro this week, from US$1.4847 last Friday. It touched US$1.5048 on on Wednesday, within a fifth of a cent of the 15-month low reached on Oct. 26.
The greenback dropped for a third week against the yen, falling 0.2 percent to ¥89.66, from ¥89.88. The euro gained 0.1 percent to ¥133.63, from ¥133.45.
The British pound rose for a third week against the greenback on signs the recovery is taking hold, even after Bank of England Governor Mervyn King said a weaker currency may help boost the economy.
The pound climbed 0.5 percent in the week to US$1.6689 as of 5:20pm in London on Friday. Sterling was little changed in the five days to £0.8938 per euro.
The pound has advanced 14 percent against the dollar this year and 7 percent against the euro currency.
Asian currencies rose this week, led by the Philippine peso and Indonesia’s rupiah, as signs the global economy is recovering from a slump brightened the outlook for exports and bolstered demand for emerging-market assets.
The peso gained 1.1 percent this week to 46.71 per dollar in Manila, the rupiah climbed 1 percent to 9,366 and the Indian rupee strengthened 1.0 percent to 46.335, according to data compiled by Bloomberg. The Asia Dollar Index advanced 0.6 percent and the MSCI Asia-Pacific Index of regional equities gained 1.6 percent.
The New Taiwan dollar rose 0.5 percent in the week to NT$32.339 against the greenback.
Elsewhere, the ringgit advanced 0.8 percent this week to 3.3785 per dollar, Thailand’s baht climbed 0.3 percent to 33.28 and the Singapore dollar appreciated 0.4 percent to S$1.3870.
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
CHINA POLICY: At the seventh US-EU Dialogue on China, the two sides issued strong support for Taiwan and condemned China’s actions in the South China Sea The US and EU issued a joint statement on Wednesday supporting Taiwan’s international participation, notably omitting the “one China” policy in a departure from previous similar statements, following high-level talks on China and the Indo-Pacific region. The statement also urged China to show restraint in the Taiwan Strait. US Deputy Secretary of State Kurt Campbell and European External Action Service Secretary-General Stefano Sannino cochaired the seventh US-EU Dialogue on China and the sixth US-EU Indo-Pacific Consultations from Monday to Tuesday. Since the Indo-Pacific consultations were launched in 2021, references to the “one China” policy have appeared in every statement apart from the
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from