The New Taiwan dollar on Friday fell against the US dollar, shedding NT$0.076 to close at NT$29.816.
Turnover totaled US$643 million during the trading session.
The greenback opened at NT$29.770, moving between NT$29.752 and NT$29.818 before the close.
That compared with a close of NT$29.864 on June 1, an appreciation of 0.2 percent.
Elsewhere on Friday, the US dollar rose after a four-day losing streak, while the safe-haven yen gained as investors grew cautious over what was expected to be a contentious G7 meeting in Canada.
Despite Friday’s gains, the US dollar posted its largest weekly drop since late March.
Next week’s expected hike in US interest rates by the US Federal Reserve, a European Central Bank policy meeting and a Brexit bill vote all pose risks for currency traders and could inject more volatility in the market.
“America’s isolation on trade policy, which will be on full show at this weekend’s G7 summit in Canada, raises the admittedly still small risks of a worst-case scenario in which the US tears up NAFTA [North American Free Trade Agreement] or launches an all-out trade war with China,” Capital Economics senior US chief economist Michael Pearce said.
The US’ top allies on Friday scrambled to keep the G7 summit from veering off track as US President Donald Trump vowed to deal with “unfair trade practices” by Canada and the EU.
In late trading, the US dollar rose 0.2 percent against a basket of currencies to 93.56.
However, it fell 0.7 percent for the week, its steepest weekly fall in 10 weeks.
Trade disputes between the US and its major partners will be in the spotlight, with specific focus on the Mexican peso and the Canadian dollar.
Meanwhile, high-yielding currencies were a sea of red, with the yen higher on the day. The US dollar was last down 0.2 percent versus the yen at ￥109.45.
The greenback was under pressure this week as the euro bounced back from 10-month lows amid easing Italian political concerns and speculation that the European Central Bank could signal intentions to start unwinding its massive bond purchasing program when it holds its policy meeting on Thursday next week.
The euro fell 0.3 percent to US$1.1766 after rising to a three-week high of US$1.184 overnight as investors took profits into this week’s bounce. It was up 0.9 percent on the week, its biggest weekly gain since mid-February.
While expectations have grown that the European Central Bank will signal its intention to wind down its quantitative easing program, ING Groep NV believes the Italian political situation and the potential of a breakout in trade tensions will keep the central bank from taking action.
Meanwhile, the Fed is widely expected to raise rates next week.
Investors will most likely focus more on clues about interest rate rises for the rest of the year.
PERSISTENT RUMORS: Nvidia’s CEO said the firm is not in talks to sell AI chips to China, but he would welcome a change in US policy barring the activity Nvidia Corp CEO Jensen Huang (黃仁勳) said his company is not in discussions to sell its Blackwell artificial intelligence (AI) chips to Chinese firms, waving off speculation it is trying to engineer a return to the world’s largest semiconductor market. Huang, who arrived in Taiwan yesterday ahead of meetings with longtime partner Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), took the opportunity to clarify recent comments about the US-China AI race. The Nvidia head caused a stir in an interview this week with the Financial Times, in which he was quoted as saying “China will win” the AI race. Huang yesterday said
Japanese technology giant Softbank Group Corp said Tuesday it has sold its stake in Nvidia Corp, raising US$5.8 billion to pour into other investments. It also reported its profit nearly tripled in the first half of this fiscal year from a year earlier. Tokyo-based Softbank said it sold the stake in Silicon Vally-based Nvidia last month, a move that reflects its shift in focus to OpenAI, owner of the artificial intelligence (AI) chatbot ChatGPT. Softbank reported its profit in the April-to-September period soared to about 2.5 trillion yen (about US$13 billion). Its sales for the six month period rose 7.7 percent year-on-year
Nissan Motor Co has agreed to sell its global headquarters in Yokohama for ￥97 billion (US$630 million) to a group sponsored by Taiwanese autoparts maker Minth Group (敏實集團), as the struggling automaker seeks to shore up its financial position. The acquisition is led by a special purchase company managed by KJR Management Ltd, a Japanese real-estate unit of private equity giant KKR & Co, people familiar with the matter said. KJR said it would act as asset manager together with Mizuho Real Estate Management Co. Nissan is undergoing a broad cost-cutting campaign by eliminating jobs and shuttering plants as it grapples
MORE WEIGHT: The national weighting was raised in one index while holding steady in two others, while several companies rose or fell in prominence MSCI Inc, a global index provider, has raised Taiwan’s weighting in one of its major indices and left the country’s weighting unchanged in two other indices after a regular index review. In a statement released on Thursday, MSCI said it has upgraded Taiwan’s weighting in the MSCI All-Country World Index by 0.02 percentage points to 2.25 percent, while maintaining the weighting in the MSCI Emerging Markets Index, the most closely watched by foreign institutional investors, at 20.46 percent. Additionally, the index provider has left Taiwan’s weighting in the MSCI All-Country Asia ex-Japan Index unchanged at 23.15 percent. The latest index adjustments are to
RSS