The euro rose against all its major counterparts as speculation increased that European policy makers will craft a long-term approach to handle the region’s -sovereign-debt crisis.
The NT dollar rose 0.6 percent this week to NT$29.42 against the greenback, according to data compiled by Bloomberg.
The 17-nation euro advanced the most against the currencies of -commodity-exporting countries, such as the South African rand and New Zealand dollar, on concern China will take more measures to cool economic growth, curbing appetite for raw materials. Canada’s dollar weakened, touching parity with its US counterpart, after the nation’s central bank held interest rates unchanged. The US dollar fell against the euro before a Federal Reserve policy meeting next week.
“There’s still a degree of optimism that the leaders will deliver something on the European Financial Stability Facility fund,” said Alan Ruskin, global head of G10 foreign exchange strategy at Deutsche Bank AG in New York.
The euro rose 1.7 percent to US$1.3621, from US$1.3388 on Jan. 14. It touched US$1.3626 on Friday, the highest since Nov. 23. The 17--nation currency climbed 1.4 percent to ￥112.48, from ￥110.94 last week. The dollar fell 0.4 percent to ￥82.57, from ￥82.87.
CHINA GROWTH
China’s economic growth quickened to an annual rate of 9.8 percent in the fourth quarter, up from 9.6 percent in the prior three months, the statistics bureau said in Beijing. Consumer prices rose 4.6 percent in last month from a year earlier, compared with 5.1 percent the previous month.
“The market remains cautious on the outlook for commodity currencies,” said Omer Esiner, chief market analyst in Washington at Commonwealth Foreign Exchange Inc, a currency brokerage. “There’s a pretty strong concern around the outlook for China to continue tightening monetary and credit conditions in order to keep a lid on inflation pressures. That raises the risk of a potential hard landing for a key engine of the global recovery.”
South Africa’s rand, the worst performer against the euro this week, lost 3.6 percent to 9.6124 per euro, from 9.2821 on Jan. 14. The New Zealand dollar dropped 2.7 percent to 1.7943 per euro.
The loonie, as Canada’s currency is also known, weakened 0.2 percent to C$0.9931 after touching C$0.9838 on Tuesday, the strongest level since May 2008. It reached C$1.0031 on Thursday, the weakest level since Jan. 4.
The Swiss franc dropped 1.2 percent to 1.3055 per euro, from 1.2899 on Jan. 14.
The Dollar Index, which tracks the greenback against the currencies of six major US trading partners including the euro, yen and pound, fell 1.3 percent to 78.124, from 79.162 on Jan. 14.
Asian currencies fell this week, led by South Korea’s won and the Philippine peso, on speculation overseas funds are shifting money from the region as inflation gathers pace.
The won declined 0.9 percent this week to 1,124.10 per US dollar and the peso weakened 0.6 percent to 44.485, according to data compiled by Bloomberg. Thailand’s baht dropped 0.7 percent to 30.69 and Indonesia’s rupiah was little changed at 9,063 after falling to more than a one-week low of 9,105. China’s yuan strengthened 0.1 percent to 6.5833.
Elsewhere, Singapore’s dollar climbed 0.3 percent to S$1.2850 and Malaysia’s ringgit was little changed at 3.0600.
BIG BUCKS: Chairman Wei is expected to receive NT$34.12 million on a proposed NT$5 cash dividend plan, while the National Development Fund would get NT$8.27 billion Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday announced that its board of directors approved US$15.25 billion in capital appropriations for long-term expansion to meet growing demand. The funds are to be used for installing advanced technology and packaging capacity, expanding mature and specialty technology, and constructing fabs with facility systems, TSMC said in a statement. The board also approved a proposal to distribute a NT$5 cash dividend per share, based on first-quarter earnings per share of NT$13.94, it said. That surpasses the NT$4.50 dividend for the fourth quarter of last year. TSMC has said that while it is eager
‘IMMENSE SWAY’: The top 50 companies, based on market cap, shape everything from technology to consumer trends, advisory firm Visual Capitalist said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) was ranked the 10th-most valuable company globally this year, market information advisory firm Visual Capitalist said. TSMC sat on a market cap of about US$915 billion as of Monday last week, making it the 10th-most valuable company in the world and No. 1 in Asia, the publisher said in its “50 Most Valuable Companies in the World” list. Visual Capitalist described TSMC as the world’s largest dedicated semiconductor foundry operator that rolls out chips for major tech names such as US consumer electronics brand Apple Inc, and artificial intelligence (AI) chip designers Nvidia Corp and Advanced
Saudi Arabian Oil Co (Aramco), the Saudi state-owned oil giant, yesterday posted first-quarter profits of US$26 billion, down 4.6 percent from the prior year as falling global oil prices undermine the kingdom’s multitrillion-dollar development plans. Aramco had revenues of US$108.1 billion over the quarter, the company reported in a filing on Riyadh’s Tadawul stock exchange. The company saw US$107.2 billion in revenues and profits of US$27.2 billion for the same period last year. Saudi Arabia has promised to invest US$600 billion in the US over the course of US President Donald Trump’s second term. Trump, who is set to touch
SKEPTICAL: An economist said it is possible US and Chinese officials would walk away from the meeting saying talks were productive, without reducing tariffs at all US President Donald Trump hailed a “total reset” in US-China trade relations, ahead of a second day of talks yesterday between top officials from Washington and Beijing aimed at de-escalating trade tensions sparked by his aggressive tariff rollout. In a Truth Social post early yesterday, Trump praised the “very good” discussions and deemed them “a total reset negotiated in a friendly, but constructive, manner.” The second day of closed-door meetings between US Secretary of the Treasury Scott Bessent, US Trade Representative Jamieson Greer and Chinese Vice Premier He Lifeng (何立峰) were due to restart yesterday morning, said a person familiar
RSS