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.
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