The euro rallied against the US dollar for the first time in eight months as concern eased that the 16-nation region’s sovereign-debt crisis will worsen and spread to the global economy.
The US dollar dropped last month against all of its most-traded counterparts before next week’s payrolls report as US Federal Reserve Chairman Ben Bernanke testified last week that “the economic outlook remains unusually uncertain.”
The greenback on Friday slid below ¥86 for the first time this year as a report showed US economic growth slowed in the second quarter.
“European data has been surprisingly robust, while all signs are that the US is heading for slower growth in the second half,” said Vassili Serebriakov, a currency strategist at Wells Fargo & Co in New York. “There have been some hints from Fed policy makers that further easing could be on the table should the economy deteriorate.”
The euro climbed 6.7 percent to US$1.3052 on Friday, from US$1.2238 on June 30, in its first monthly advance since November, when it increased 1.9 percent. The euro rallied 10 percent from a four-year low of US$1.1877 reached on June 7. The euro gained 4.3 percent to ¥112.84, from ¥108.22. The US dollar slid 2.2 percent to ¥86.47, from ¥88.43, in its third monthly decline.
The pound gained for a third consecutive week, strengthening 1.7 percent to US$1.5696.
Sterling was at £0.8309 per euro, from £0.8372 on July 23.
Asian currencies strengthened this week, led by the Philippine peso and Indonesia’s rupiah, as the fastest economic growth in the world and relatively high interest rates attracted funds to the region.
The New Taiwan dollar, peso and rupiah advanced on each of the last five days and the MSCI Asia-Pacific Index of shares had a fourth weekly gain.
The NT dollar rose for a sixth day on Friday, its longest winning streak in more than a month, after Taiwan’s biggest listed company, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), reported record earnings and foreigners added to their holdings of Taiwanese shares.
The NT dollar rose 0.1 percent to close at NT$32.05 against its US counterpart on Friday, according to Taipei Forex Inc. It touched a five-week high of NT$31.85 on Thursday as global funds bought more Taiwanese shares than they sold, as they have on all but one day in the last two weeks. The currency appreciated 0.3 percent this week and 0.7 percent this month.
The peso strengthened 1.7 percent this week to 45.525 per US dollar at the 4pm close in Manila. Indonesia’s rupiah appreciated 1 percent to 8,955, earlier touching a three-year high of 8,933. South Korea’s won climbed 1.4 percent to 1,182.75 and the Indian rupee rose 1 percent to 46.49.
Thailand’s baht slipped 0.1 percent to 32.25 per US dollar this week. Malaysia’s ringgit rose 0.5 percent to 3.1823 and China’s yuan gained 0.1 percent to 6.7735.
The nation’s fastest supercomputer, Nano 4 (晶創26), is scheduled to be launched in the third quarter, and would be used to train large language models in finance and national defense sectors, the National Center for High-Performance Computing (NCHC) said. The supercomputer, which would operate at about 86.05 petaflops, is being tested at a new cloud computing center in the Southern Taiwan Science Park in Tainan. The exterior of the server cabinet features chip circuitry patterns overlaid with a map of Taiwan, highlighting the nation’s central position in the semiconductor industry. The center also houses Taiwania 2, Taiwania 3, Forerunner 1 and
FIRST TRIAL: Ko’s lawyers sought reduced bail and other concessions, as did other defendants, but the bail judge denied their requests, citing the severity of the sentences Former Taipei mayor Ko Wen-je (柯文哲) was yesterday sentenced to 17 years in prison and had his civil rights suspended for six years over corruption, embezzlement and other charges. Taipei prosecutors in December last year asked the Taipei District Court for a combined 28-year, six-month sentence for the four cases against Ko, who founded the Taiwan People’s Party (TPP). The cases were linked to the Core Pacific City (京華城購物中心) redevelopment project and the mismanagement of political donations. Other defendants convicted on separate charges included Chinese Nationalist Party (KMT) Taipei City Councilor Angela Ying (應曉薇), who was handed a 15-year, six-month sentence; Core Pacific
J-6 REMODEL: The converted drones are part of Beijing’s expanding mix of airpower weapons, including bombers with stand-off missiles and UAV swarms, the report said China has stationed obsolete supersonic fighters converted to attack drones at six air bases close to the Taiwan Strait, a report published this month by the Arlington, Virginia-based Mitchell Institute for Aerospace Studies said. Satellite imagery of the airfields from the institute’s “China Airpower Tracker” shows what appear to be lines of stubby, swept-winged aircraft matching the shape of J-6 fighters that first flew with the Chinese People’s Liberation Army (PLA) Air Force in the 1960s. Since their conversion to drones, the aircraft have been identified at five bases in China’s Fujian Province and one in Guangdong Province, the report said. J.
China used fake LinkedIn profiles to harvest sensitive data from NATO and EU institutions by soliciting information from staff, a European security source said on Friday. The operation, allegedly orchestrated by the Chinese Ministry of State Security, targeted dozens of employees at the military alliance or EU organizations through fictitious accounts, the source said, confirming reports in French and Belgian media. Posing as recruiters on the online professional networking platform, Chinese spies would initially request paid reports before later soliciting non-public or even classified information. One particularly active fake profile used the name “Kevin Zhang,” claiming to be the head
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