Asian currencies climbed for a fourth month last month, paced by the Malaysian ringgit and Singapore dollar, as improving earnings and economic data led foreign investors to pour money into emerging markets.
The Bloomberg-JPMorgan Asia Dollar Index rose 1 percent last month, while reports in South Korea and Singapore showed rebounding factory production.
The South Korean won appreciated 2 percent last month to 1,108.30 per US dollar in Seoul, according to data compiled by Bloomberg. The Singapore dollar climbed 2.4 percent to S$1.3669 and Malaysia’s ringgit strengthened 2.4 percent to 3.1850.
Thailand’s baht dropped 0.4 percent this week to 32.35, according to data compiled by Bloomberg.
The New Taiwan dollar had its biggest monthly gain since September on speculation a possible yuan appreciation and a planned trade accord with China will help attract funds to the island’s assets.
The NT dollar advanced 0.1 percent to NT$31.418 against its US counterpart as of the 4pm close on Friday, according to Taipei Forex Inc. It reached NT$31.269 on Tuesday, the highest level since August 2008 and climbed 1.3 percent this month.
The Philippine peso gained 1.6 percent this month to 44.455 per US dollar, a third monthly rally. Indonesia’s rupiah rose 0.9 percent to 9,013.
The euro dropped for a fifth month versus the US dollar in the longest stretch of losses since November 2008 as Europe’s deficit crisis spread and officials negotiated a potential US$159 billion rescue for Greece.
The US dollar rose on Friday to a three-week high versus the yen after the Federal Reserve said the labor market is “beginning to improve” before next week’s payrolls report. The franc was the only currency to drop last month versus the euro among its most-traded counterparts as the Swiss National Bank cited measures to limit appreciation.
The euro fell 1.6 percent to US$1.3294 on Friday, from US$1.3510 on March 31. The euro dropped 1.2 percent to ¥124.78, from ¥126.27. The US dollar rose 0.4 percent to ¥93.85, from ¥93.47, after reaching ¥94.58 on Friday, the highest level since April 5.
The pound rose last month for the first time since October, increasing 0.6 percent to US$1.5274 as evidence of a recovering economy overshadowed political turmoil before the election on Thursday.
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
CHINA REACTS: The patrol and reconnaissance plane ‘transited the Taiwan Strait in international airspace,’ the 7th Fleet said, while Taipei said it saw nothing unusual The US 7th Fleet yesterday said that a US Navy P-8A Poseidon flew through the Taiwan Strait, a day after US and Chinese defense heads held their first talks since November 2022 in an effort to reduce regional tensions. The patrol and reconnaissance plane “transited the Taiwan Strait in international airspace,” the 7th Fleet said in a news release. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations.” In a separate statement, the Ministry of National Defense said that it monitored nearby waters and airspace as the aircraft
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source