The euro rose the most in eight months against the US dollar amid speculation traders who bet on its decline during Europe’s sovereign-debt crisis had to buy back the currency as it strengthened to a one-week high.
Europe’s common currency fell on Wednesday to its weakest level in four years a day after Germany banned naked short sales, adding to concern that the region’s leadership may not be able to contain the crisis. The yen gained against all of its 16 major counterparts as the MSCI World Index of shares traded near the lowest since August and the Reuters/Jefferies CRB Index of 19 raw materials fell for a fourth straight week. The greenback fell versus the yen ahead of a report next week that may show US durable goods orders rose last month.
The euro climbed 1.7 percent, the largest five-day gain since September, to US$1.2570 from US$1.2358 on May 14. It fell to US$1.2144 on Wednesday, the lowest level since April 2006, before rebounding on Friday to as much as US$1.2672, the highest since May 13.
The euro dropped 1.1 percent to ¥113.13, its fourth consecutive decline, from ¥114.38. The greenback decreased 2.7 percent, the largest decline since February, to ¥90, from ¥92.47.
The pound fell against the US dollar for a fourth week after the Bank of England downplayed the threat of inflation.
The pound was 0.5 percent lower on the week as of 5:02pm on Friday at US$1.4466. It fell to US$1.4231 on May 20, its lowest level since March 30 last year.
Sterling has weakened 4 percent this year, according to Bloomberg Correlation-Weighted Indexes. It depreciated 2.1 percent in the week versus the euro, the most since September, to £0.8686.
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
REGIONAL STABILITY: Taipei thanked the Biden administration for authorizing its 16th sale of military goods and services to uphold Taiwan’s defense and safety The US Department of State has approved the sale of US$228 million of military goods and services to Taiwan, the US Department of Defense said on Monday. The state department “made a determination approving a possible Foreign Military Sale” to the Taipei Economic and Cultural Representative Office in the US for “return, repair and reshipment of spare parts and related equipment,” the defense department’s Defense Security Cooperation Agency said in a news release. Taiwan had requested the purchase of items and services which include the “return, repair and reshipment of classified and unclassified spare parts for aircraft and related equipment; US Government
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