The New Taiwan dollar yesterday declined against its US counterpart, giving back the previous day's gain on a fall in local stock markets and outflows by foreign investors.
The local currency ended NT$0.279 lower to close at NT$31.853 against the greenback on the Taipei foreign exchange market. The NT dollar opened at NT$31.850 and fluctuated between NT$31.801 and NT$31.880 during the session.
The US dollar had gained sharply overnight against the yen and other currencies on stronger-than-expected US inflation data and remarks by French Finance Minister Thierry Breton suggesting the euro's recent gains were unwelcome. But analysts said they were unconvinced that the dollar had found its bottom, since global trade imbalances remain a major concern.
The market's focus now turns to the US Federal Reserve chairman's speech at the Chicago Fed's bank structure and competition conference, and the US Treasury Secretary's testimony to the Senate Banking Committee. Both events were scheduled for later yesterday.
In Taipei, the NT dollar weakened due to a 1.17 percent decline in stocks, after foreign institutional investors offloaded a net NT$19.84 billion (US$621 million) yesterday, according to the Taiwan Stock Exchange's statistics.
Traders said the NT dollar may extend its losses as a government report showed the economy slowed in the first quarter.
GDP rose 4.93 percent in the first quarter from last year after expanding 6.4 percent in the fourth quarter, the Directorate-General of Budget, Accounting and Statistics said yesterday.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday said its materials management head, Vanessa Lee (李文如), had tendered her resignation for personal reasons. The personnel adjustment takes effect tomorrow, TSMC said in a statement. The latest development came one month after Lee reportedly took leave from the middle of last month. Cliff Hou (侯永清), senior vice president and deputy cochief operating officer, is to concurrently take on the role of head of the materials management division, which has been under his supervision, TSMC said. Lee, who joined TSMC in 2022, was appointed senior director of materials management and
Nvidia Corp CEO Jensen Huang (黃仁勳) on Thursday met with US President Donald Trump at the White House, days before a planned trip to China by the head of the world’s most valuable chipmaker, people familiar with the matter said. Details of what the two men discussed were not immediately available, and the people familiar with the meeting declined to elaborate on the agenda. Spokespeople for the White House had no immediate comment. Nvidia declined to comment. Nvidia’s CEO has been vocal about the need for US companies to access the world’s largest semiconductor market and is a frequent visitor to China.
Hypermarket chain Carrefour Taiwan and upscale supermarket chain Mia C’bon on Saturday announced the suspension of their partnership with Jkopay Co (街口支付), one of Taiwan’s largest digital payment providers, amid a lawsuit involving its parent company. Carrefour and Mia C’bon said they would notify customers once Jkopay services are reinstated. The two retailers joined an array of other firms in suspending their partnerships with Jkopay. On Friday night, popular beverage chain TP Tea (茶湯會) also suspended its use of the platform, urging customers to opt for alternative payment methods. Another drinks brand, Guiji (龜記), on Friday said that it is up to individual
READY TO BUY: Shortly after Nvidia announced the approval, Chinese firms scrambled to order the H20 GPUs, which the company must send to the US government for approval Nvidia Corp chief executive officer Jensen Huang (黃仁勳) late on Monday said the technology giant has won approval from US President Donald Trump’s administration to sell its advanced H20 graphics processing units (GPUs) used to develop artificial intelligence (AI) to China. The news came in a company blog post late on Monday and Huang also spoke about the coup on China’s state-run China Global Television Network in remarks shown on X. “The US government has assured Nvidia that licenses will be granted, and Nvidia hopes to start deliveries soon,” the post said. “Today, I’m announcing that the US government has approved for us
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