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.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday said its materials management head, Vanessa Lee (李文如), had tendered her resignation for personal reasons. The personnel adjustment takes effect tomorrow, TSMC said in a statement. The latest development came one month after Lee reportedly took leave from the middle of last month. Cliff Hou (侯永清), senior vice president and deputy cochief operating officer, is to concurrently take on the role of head of the materials management division, which has been under his supervision, TSMC said. Lee, who joined TSMC in 2022, was appointed senior director of materials management and
Nvidia Corp CEO Jensen Huang (黃仁勳) on Thursday met with US President Donald Trump at the White House, days before a planned trip to China by the head of the world’s most valuable chipmaker, people familiar with the matter said. Details of what the two men discussed were not immediately available, and the people familiar with the meeting declined to elaborate on the agenda. Spokespeople for the White House had no immediate comment. Nvidia declined to comment. Nvidia’s CEO has been vocal about the need for US companies to access the world’s largest semiconductor market and is a frequent visitor to China.
Hypermarket chain Carrefour Taiwan and upscale supermarket chain Mia C’bon on Saturday announced the suspension of their partnership with Jkopay Co (街口支付), one of Taiwan’s largest digital payment providers, amid a lawsuit involving its parent company. Carrefour and Mia C’bon said they would notify customers once Jkopay services are reinstated. The two retailers joined an array of other firms in suspending their partnerships with Jkopay. On Friday night, popular beverage chain TP Tea (茶湯會) also suspended its use of the platform, urging customers to opt for alternative payment methods. Another drinks brand, Guiji (龜記), on Friday said that it is up to individual
STABLE RESULTS: Despite June’s lower consolidated revenue, second-quarter sales still reached a record high, driven by demand for chips for AI applications Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported consolidated sales of NT$263.71 billion (US$9.02 billion) for last month, its second-lowest monthly result this year. The world’s largest contract chipmaker said in a statement that its revenue last month only fared better than the NT$260.01 billion posted in February. Last month’s figure rose 26.9 percent from a year earlier, but slumped 17.7 percent from May, the company said. However, second-quarter revenue reached NT$933.8 billion, a record high for a single quarter, company data showed. The figure represented growth of 11.26 percent from the first quarter and 38.6 percent from a year earlier. Previously, TSMC said that
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