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.
PROTECTIONISM: China hopes to help domestic chipmakers gain more market share while preparing local tech companies for the possibility of more US sanctions Beijing is stepping up pressure on Chinese companies to buy locally produced artificial intelligence (AI) chips instead of Nvidia Corp products, part of the nation’s effort to expand its semiconductor industry and counter US sanctions. Chinese regulators have been discouraging companies from purchasing Nvidia’s H20 chips, which are used to develop and run AI models, sources familiar with the matter said. The policy has taken the form of guidance rather than an outright ban, as Beijing wants to avoid handicapping its own AI start-ups and escalating tensions with the US, said the sources, who asked not to be identified because the
Taipei is today suspending its US$2.5 trillion stock market as Super Typhoon Krathon approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed-income trading, statements from its stock and currency exchanges said. Yesterday, schools and offices were closed in several cities and counties in southern and eastern Taiwan, including in the key industrial port city of Kaohsiung. Taiwan, which started canceling flights, ship sailings and some train services earlier this week, has wind and rain advisories in place for much of the island. It regularly experiences typhoons, and in July shut offices and schools as
FALLING BEHIND: Samsung shares have declined more than 20 percent this year, as the world’s largest chipmaker struggles in key markets and plays catch-up to rival SK Hynix Samsung Electronics Co is laying off workers in Southeast Asia, Australia and New Zealand as part of a plan to reduce its global headcount by thousands of jobs, sources familiar with the situation said. The layoffs could affect about 10 percent of its workforces in those markets, although the numbers for each subsidiary might vary, said one of the sources, who asked not to be named because the matter is private. Job cuts are planned for other overseas subsidiaries and could reach 10 percent in certain markets, the source said. The South Korean company has about 147,000 in staff overseas, more than half
Her white-gloved, waistcoated uniform impeccable, 22-year-old Hazuki Okuno boards a bullet train replica to rehearse the strict protocols behind the smooth operation of a Japanese institution turning 60 Tuesday. High-speed Shinkansen trains began running between Tokyo and Osaka on Oct. 1, 1964, heralding a new era for rail travel as Japan grew into an economic superpower after World War II. The service remains integral to the nation’s economy and way of life — so keeping it dazzlingly clean, punctual and accident-free is a serious job. At a 10-story, state-of-the-art staff training center, Okuno shouted from the window and signaled to imaginary colleagues, keeping
RSS