In the wake of higher-than-expected inflation data in the US, the US dollar continued to appreciate against the New Taiwan dollar yesterday, breaching the NT$31 mark and reaching its highest level in three years.
After opening at NT$30.990, the day’s low, and moving to a high of NT$31.156, the greenback closed up NT$0.198 against the NT dollar at NT$31.088, the highest since Sept. 11, 2019, when it closed at NT$31.220.
The US dollar received a boost on the market’s opening following reports that the US consumer price index (CPI) rose 8.3 percent last month from a year earlier, beating market expectations of an 8.1 percent rise, while core CPI grew 6.3 percent compared with an estimate of 6.1 percent, dealers said.
Photo: CNA
With the disappointing data, investors expect the US Federal Reserve to continue its aggressive rate hike cycle to combat inflation.
The US dollar steamed ahead as the local equity market plunged and investors sold the NT dollar, lifting the greenback past NT$31.
The NT dollar is expected to consolidate between NT$30.800 and NT$31.200 over the next few sessions, before the Fed wraps up its two-day policymaking meeting on Wednesday next week, when there would be more clues about its attitude, dealers said.
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