The New Taiwan dollar on Friday rose against the US dollar, gaining NT$0.070 to close at NT$30.236, an increase of 0.2 percent from NT$30.302 a week earlier.
Turnover totaled US$987 million during the trading session.
The greenback opened at the day’s high of NT$30.250 and moved to a low of NT$30.170 before rebounding.
Elsewhere on Friday, the US dollar edged higher, but remained on track for its biggest weekly decline in four years, as trillions of US dollars of stimulus efforts by governments and central banks amid the COVID-19 pandemic helped temper a rout in global markets.
The US dollar has this month surged amid a drive for US dollars by investors trying to get their hands on the world’s most liquid currency.
However, big government spending pledges, including a US$2.2 trillion US package, and coordinated efforts by central banks worldwide to increase the supply of US dollars have supported a rally in other major currencies.
An unprecedented jump in US jobless claims on Thursday underscored the coronavirus’ effects on the economy, further weakening the US dollar.
The greenback on Friday gained 0.49 percent against a basket of currencies. It was on course for an about 2.57 percent fall for the week — its biggest weekly decline since February 2016.
Currency markets have been volatile. Last week, the US dollar index racked up its biggest weekly gain since the 2008 financial crisis.
“What we are seeing is abating stress in the money markets. Action by central banks has been successful so far and a shortage of [US] dollars has been taken of the table,” Commerzbank AG head of foreign exchange and commodity research Ulrich Leuchtmann said.
After this month’s large price swings, investors are likely to be especially active in rebalancing their books for month and quarter-end.
The Global Foreign Exchange Committee on Thursday warned that the coming few sessions could be volatile, as market participants execute larger-than-normal trades as part of this process.
Against the yen, the US dollar on Friday fell 0.71 percent to ￥108.80, as Japanese investors and companies repatriated funds before their fiscal year ends next week.
The euro fell 0.66 percent against the greenback to US$1.0955.
“Now that the surge in demand for [US] dollars overseas has been met by the Fed’s new improved swap lines, economic and medical fundamentals are taking over,” BDSwiss Group head of investment research Marshall Gittler said in a note.
KEEPING UP: The acquisition of a cleanroom in Taiwan would enable Micron to increase production in a market where demand continues to outpace supply, a Micron official said Micron Technology Inc has signed a letter of intent to buy a fabrication site in Taiwan from Powerchip Semiconductor Manufacturing Corp (力積電) for US$1.8 billion to expand its production of memory chips. Micron would take control of the P5 site in Miaoli County’s Tongluo Township (銅鑼) and plans to ramp up DRAM production in phases after the transaction closes in the second quarter, the company said in a statement on Saturday. The acquisition includes an existing 12 inch fab cleanroom of 27,871m2 and would further position Micron to address growing global demand for memory solutions, the company said. Micron expects the transaction to
Nvidia Corp’s GB300 platform is expected to account for 70 to 80 percent of global artificial intelligence (AI) server rack shipments this year, while adoption of its next-generation Vera Rubin 200 platform is to gradually gain momentum after the third quarter of the year, TrendForce Corp (集邦科技) said. Servers based on Nvidia’s GB300 chips entered mass production last quarter and they are expected to become the mainstay models for Taiwanese server manufacturers this year, Trendforce analyst Frank Kung (龔明德) said in an interview. This year is expected to be a breakout year for AI servers based on a variety of chips, as
Global semiconductor stocks advanced yesterday, as comments by Nvidia Corp chief executive officer Jensen Huang (黃仁勳) at Davos, Switzerland, helped reinforce investor enthusiasm for artificial intelligence (AI). Samsung Electronics Co gained as much as 5 percent to an all-time high, helping drive South Korea’s benchmark KOSPI above 5,000 for the first time. That came after the Philadelphia Semiconductor Index rose more than 3 percent to a fresh record on Wednesday, with a boost from Nvidia. The gains came amid broad risk-on trade after US President Donald Trump withdrew his threat of tariffs on some European nations over backing for Greenland. Huang further
HSBC Bank Taiwan Ltd (匯豐台灣商銀) and the Taiwan High Prosecutors Office recently signed a memorandum of understanding (MOU) to enhance cooperation on the suspicious transaction analysis mechanism. This landmark agreement makes HSBC the first foreign bank in Taiwan to establish such a partnership with the High Prosecutors Office, underscoring its commitment to active anti-fraud initiatives, financial inclusion, and the “Treating Customers Fairly” principle. Through this deep public-private collaboration, both parties aim to co-create a secure financial ecosystem via early warning detection and precise fraud prevention technologies. At the signing ceremony, HSBC Taiwan CEO and head of banking Adam Chen (陳志堅)
RSS