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.
After several years flying high as Asia’s best Nvidia Corp proxy, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is increasingly vying with other artificial intelligence (AI) stocks for investor attention. Stock traders are chasing a wider array of beneficiaries as mainstream usage of AI creates demand for hardware beyond the most-advanced chips TSMC makes for Nvidia. Subthemes from the deepening memory crunch to advances in robotics are also luring bids. At the same time, investment caps on single stocks are pushing funds to diversify, while retail investors long familiar with TSMC through its US depositary receipts are being offered a broader set of
Netherlands-based semiconductor equipment supplier ASML Holding NV yesterday said that it is planning to hire an additional 1,000 people in Taiwan this year in response to growing demand from clients. ASML had previously planned to recruit 600 people this year, but that the plan has been adjusted upward, ASML vice president and ASML Taiwan general manager Grace Wang (汪佳慧) told reporters. ASML has a workforce of more than 4,500 in Taiwan, accounting for about 10 percent of its global total, Wang said. This year’s recruitment campaign would focus on adding people in the customer support, manufacturing and supply chain domains to assist ASML
UNDER MICROSCOPE: Taiwan detained three people who allegedly conspired to buy servers in Taiwan and export them using fraudulent documentation, prosecutors said Nvidia Corp chief executive officer Jensen Huang (黃仁勳) on Saturday urged Super Micro Computer Inc to tighten up on compliance after Taiwan detained three people this week for allegedly making fraudulent declarations about artificial intelligence (AI) servers made by its US partner. The development marked the nation’s first crackdown on semiconductor smuggling, which grew after the US slapped restrictions on exports of high-end chips such as Nvidia AI accelerators to China. Nvidia is “rigorous” in explaining regulations to all of its partners, Huang told reporters after arriving in Taipei. “Ultimately Super Micro has to run their own company,” he said in response to
Nvidia Corp yesterday announced that CEO Jensen Huang (黃仁勳) would attend an employee meeting in Taipei tomorrow to celebrate the launch of the company’s Taiwan headquarters project. Huang would attend a gathering at the site of Nvidia’s planned headquarters in Beitou Shilin Technology Park (北投士林科技園區), the company said in a statement. After arriving in Taiwan on Saturday last week, Huang told reporters that he plans to meet with Quanta Computer Inc (廣達) chairman Barry Lam (林百里) and Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) chairman C.C. Wei (魏哲家), and would attend the groundbreaking ceremony for Nvidia’s Taiwan headquarters tomorrow. Nvidia has not yet applied
RSS