The US dollar posted its biggest five-day gain versus the yen in two weeks as fewer Americans lost jobs last month than economists forecast, increasing the likelihood that the US economic recovery remains on track.
The euro gained against the Japan’s currency as Greece’s prime minister prepares to meet with leaders in Paris and Washington to discuss resolving its debt crisis. The yen fell versus South Africa’s rand and Canada’s dollar after the US employment report spurred demand for riskier assets.
“The payrolls number was big from a psychological point of view,” said Sebastien Galy, a currency strategist at BNP Paribas SA in New York. “It’s the end of the double dip scenarios. ”
The US dollar rose 1.5 percent this week to ¥90.28, from ¥88.97 on Feb. 26. The euro traded at US$1.3626, compared with US$1.3631, and gained 1.7 percent to ¥123, from ¥121.26.
Japan’s currency this week fell 5.7 percent, the biggest drop since the five days ended April 3, to 12.1812 per rand. Against Canada’s dollar the yen fell 3.8 percent, the biggest decline since the five days ended Dec. 4.
The euro gained 1.4 percent against the yen this week as Greece’s parliament on Friday gave final approval to the government’s 4.8 billion euros (US$6.5 billion) of additional cuts to the EU’s biggest budget deficit.
The pound tumbled to a 10-month low against the US dollar after opinion polls showed the UK may elect its first minority government since 1974, hampering efforts to curb the nation’s record budget deficit.
The pound fell 0.8 percent against the US dollar in the week to reach US$1.5113 as of 5:30pm in London on Friday. It slid to US$1.4784 on Monday, the lowest level since May 1. It weakened 0.6 percent to £0.8996 per euro.
Asian currencies advanced this week, led by South Korea’s won and Thailand’s baht, as Greece took steps to cut its budget deficit and signs regional central banks will gradually raise interest rates prompted investors to buy higher-yielding assets.
The won climbed 1.7 percent from the end of last week to 1,140.3 per US dollar as of the 3pm close in Seoul, the strongest level since Jan. 21, according to data compiled by Bloomberg. Thailand’s baht rose 1.2 percent to 32.64 and Malaysia’s ringgit climbed 1.1 percent to 3.3635.
The New Taiwan dollar fell 0.1 percent on Friday to NT$32.02 against the greenback as of the 4pm close, reversing an earlier advance of as much as 0.3 percent, according to Taipei Forex Inc.
The NT dollar climbed 0.2 percent for the week.
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