The US dollar posted its first monthly gain since June versus the currencies of major US trading partners as the US Federal Reserve moved closer to withdrawing stimulus measures that helped cause the greenback to fall 4.2 percent for the year.
The dollar advanced to a three-month high against the yen and rallied versus the euro after the Fed said at the conclusion of its Dec. 16 meeting that job losses are “abating.” The greenback pared its annual decrease against the Australian dollar and Norwegian krone as a surge in Treasury yields made the US currency less attractive as a funding vehicle for the purchase of higher-yielding assets.
The dollar appreciated 4.8 percent to US$1.4321 per euro on Thursday, from US$1.5005 at the end of November, paring its loss for last year to 2.5 percent. The US currency advanced 7.7 percent to ¥93.02, from ¥86.41, and gained 2.6 percent for the year. It touched ¥93.15 on Thursday, the highest level since Sept. 7. The euro increased 2.7 percent to ¥133.20 last month and advanced 5.1 percent last year.
The pound posted its first annual gain against both the dollar and the euro since 2006 last year and gilts had their first loss in a decade as evidence mounted that the UK is emerging from its longest recession on record.
The UK currency rose 1.1 percent against the US dollar in the holiday-shortened week to US$1.6138 as of 3:30pm on Thursday in London, extending its gain for the year to 11 percent. At the end of 1999, the pound traded at US$1.6182. The pound climbed 1.7 percent since last week to £0.8873 per euro, appreciating 7.9 percent in the 12 months.
Asian currencies strengthened this year, led by Indonesia’s rupiah and South Korea’s won, as regional economies led the recovery from a global slump.
The New Taiwan dollar strengthened 2.6 percent to NT$32.03 versus the greenback, the best annual performance since 2004. It reached a 15-month high of NT$31.948 on Thursday.
Elsewhere, India’s rupee gained 4.4 percent this year to 46.64 per dollar, Thailand’s baht rose 4.1 percent to 33.33, Singapore’s dollar climbed 3.1 percent to S$1.4014, and the Philippine peso advanced 2.8 percent to 46.225. China’s yuan and Hong Kong’s dollar were little changed at 6.8270 and 7.7551, respectively.
Beijing’s continued provocations in the Taiwan Strait reveal its intention to unilaterally change the “status quo” in the area, the US Department of State said on Saturday, calling for a peaceful resolution to cross-strait issues. The Coast Guard Administration (CGA) reported that four China Coast Guard patrol vessels entered restricted and prohibited waters near Kinmen County on Friday and again on Saturday. A State Department spokesperson said that Washington was aware of the incidents, and urged all parties to exercise restraint and refrain from unilaterally changing the “status quo.” “Maintaining peace and stability across the Taiwan Strait is in line with our [the
EXTENDED RANGE: Hsiung Sheng missiles, 100 of which might be deployed by the end of the year, could reach Chinese command posts and airport runways, a source said A NT$16.9 billion (US$534.93 million) project to upgrade the military’s missile defense systems would be completed this year, allowing the deployment of at least 100 long-range Hsiung Sheng missiles and providing more deterrence against China, military sources said on Saturday. Hsiung Sheng missiles are an extended-range version of the Hsiung Feng IIE (HF-2E) surface-to-surface cruise missile, and are believed to have a range of up to 1,200km, which would allow them to hit targets well inside China. They went into mass production in 2022, the sources said. The project is part of a special budget for the Ministry of National Defense aimed at
READY TO WORK: Taiwan is eager to cooperate and is hopeful that like-minded states will continue to advocate for its inclusion in regional organizations, Lai said Maintaining the “status quo” in the Taiwan Strait, and peace and stability in the Indo-Pacific region must be a top priority, president-elect William Lai (賴清德) said yesterday after meeting with a delegation of US academics. Leaders of the G7, US President Joe Biden and other international heads of state have voiced concerns about the situation in the Strait, as stability in the region is necessary for a safe, peaceful and prosperous world, Lai said. The vice president, who is to be inaugurated in May, welcomed the delegation and thanked them for their support for Taiwan and issues concerning the Strait. The international community
COOPERATION: Two crewmembers from a Chinese fishing boat that sank off Kinmen were rescued, two were found dead and another two were still missing at press time The Coast Guard Administration (CGA) was yesterday working with Chinese rescuers to find two missing crewmembers from a Chinese fishing boat that sank southwest of Kinmen County yesterday, killing two crew. The joint operation managed to rescue two of the boat’s six crewmembers, but two were already dead when they were pulled from the water, the agency said in a statement. Rescuers are still searching for two others from the Min Long Yu 61222, a boat registered in China’s Fujian Province that capsized and sank 1.03 nautical miles (1.9km) southwest of Dongding Island (東碇), it added. CGA Director-General Chou Mei-wu (周美伍) told a