The US dollar on Friday edged higher across the board in a quiet session following the US Thanksgiving holiday, but remained near multi-month lows as the prospect of the US Federal Reserve moderating the pace of its policy tightening weighed on the currency.
“Today has all the indicators of another session dominated by USD consolidation in lieu of any major cross-asset drivers,” said Simon Harvey, senior FX analyst at Monex Europe.
“Liquidity is quite limited, nothing major being released in other markets,” Harvey said.
Photo: Bloomberg
The New Taiwan dollar rose against the US dollar, gaining NT$0.122 to close at NT$30.905. The NT dollar shed 0.85 percent from NT$31.170 a week earlier.
The euro slipped 0.1 percent against the dollar to US$1.04015, but remained not far from the four-month high of US$1.0481 touched in the middle of the month. For the week, the common currency was up 0.7 percent against the greenback.
The dollar has rallied against every major currency this year, boosted by the Fed’s supersized interest rate hikes as it battles inflation.
However, recent cooler-than-expected US consumer price data has spurred investor bets that the dollar’s rally might be done.
Minutes from the Fed’s meeting this month, released on Wednesday, showed that most policymakers at the central bank agreed it would soon be appropriate to slow the pace of interest rate hikes.
On Wednesday, US Federal Reserve Chairman Jerome Powell is to speak at the Hutchins Center on Fiscal and Monetary Policy on the outlook for the economy and the changing labor market.
“Powell’s first comments since the Nov. 2 meeting will be crucial. If he doesn’t push back on the recent loosening in financial conditions, the dollar’s near-term support may slip,” Harvey said.
The dollar was 0.4 percent higher against the yen at ￥139.14 after data showed core consumer prices in Japan’s capital, a leading indicator of nationwide trends, rising at their fastest annual pace in 40 years this month, signaling broadening inflationary pressure.
The pound was 0.21 percent lower at US$1.2084, as investors remained concerned about the economic outlook for the UK.
China’s central bank on Friday said it would cut the amount of cash that banks must hold as reserves for the second time this year, releasing about 500 billion yuan (US$69.69 billion) in long-term liquidity to bolster the slowing economy.
The offshore yuan fell about 0.3 percent to 7.2071 to the dollar, headed for a second weekly loss, as COVID-19 worries continued to weigh.
Cryptocurrencies, which have come under intense selling following the high-profile collapse of crypto exchange FTX, remained choppy, with bitcoin down 0.6 percent at US$16,485.
Staff writer, with CNA
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
RSS