The euro fell for a third straight month against the US dollar, its longest losing streak since November 2008, as Greece’s debt woes weighed on the region’s economic outlook.
The 16-nation currency posted its first weekly gain against the greenback, snapping six weeks of decline, after a report on Friday that Germany may consider buying Greek bonds through a state-owned lender. The European Central Bank is expected to keep its refinancing rate at 1 percent after its monetary policy meeting next week, according to all 51 economists in a Bloomberg News survey.
The euro this month lost 1.7 percent against the US dollar and 3.2 percent against the yen.
The euro rose 0.13 percent this week against the greenback, its first weekly gain since Jan. 8. It reached US$1.3444 on Feb. 19, its weakest level since May 18. For the week it declined 2.7 percent versus the yen and touched ¥119.66 on Feb. 25, the first time the currency has fallen below the ¥120 level since Feb. 24 last year.
The greenback fell for the first week in three versus the yen as an increase in jobless claims and plunge in consumer confidence tempered speculation the US economy will recover more swiftly than other nations.
The pound had its biggest weekly slide against the euro in five months and gilts rose as Bank of England policy makers signaled further measures may be needed to boost the UK’s ailing economy.
The pound depreciated 1.8 percent against the euro to £0.8955, the biggest drop since Sept. 25. Sterling fell 1.9 percent against the US dollar to US$1.5176 after reaching US$1.5164, the lowest level since May 18. The yield on the benchmark 10-year gilt fell 14 basis points to 4.04 percent and the two-year note yield declined 20 basis points to 0.94 percent.
Asian currencies strengthened this week, led by Singapore’s dollar and Malaysia’s ringgit, after government reports showed economic recoveries in the region are gathering pace.
Singapore’s dollar appreciated 0.7 percent to S$1.4058 against the US currency, while the ringgit rose 0.3 percent to 3.4000, according to data compiled by Bloomberg.
South Korea’s won appreciated 0.1 percent this week to 1,159.85 per US dollar in Seoul. It gained 0.3 percent on Friday, as the outlook for factory production brightened.
The New Taiwan dollar strengthened on Friday, snapping a two-day loss, on speculation exporters converted overseas earnings to settle month-end bills.
The NT dollar climbed 0.1 percent to NT$32.085 against its US counterpart at the 4pm close on Friday, according to Taipei Forex Inc. It weakened 0.4 percent this month, the worst performer among Asia’s 10 most-traded currencies excluding the yen.
STILL DANGEROUS: The typhoon was expected to weaken, but it would still maintain its structure, with high winds and heavy rain, the weather agency said One person had died amid heavy winds and rain brought by Typhoon Krathon, while 70 were injured and two people were unaccounted for, the Central Emergency Operation Center said yesterday, while work and classes have been canceled nationwide today for the second day. The Hualien County Fire Department said that a man in his 70s had fallen to his death at about 11am on Tuesday while trimming a tree at his home in Shoufeng Township (壽豐). Meanwhile, the Yunlin County Fire Department received a report of a person falling into the sea at about 1pm on Tuesday, but had to suspend search-and-rescue
RULES BROKEN: The MAC warned Chinese not to say anything that would be harmful to the autonomous status of Taiwan or undermine its sovereignty A Chinese couple accused of disrupting a pro-democracy event in Taipei organized by Hong Kong residents has been deported, the National Immigration Agency said in a statement yesterday afternoon. A Chinese man, surnamed Yao (姚), and his wife were escorted by immigration officials to Taiwan Taoyuan International Airport, where they boarded a flight to China before noon yesterday, the agency said. The agency said that it had annulled the couple’s entry permits, citing alleged contraventions of the Regulations Governing the Approval of Entry of People of the Mainland Area into the Taiwan Area (大陸地區人民進入台灣地區許可辦法). The couple applied to visit a family member in
CELEBRATION: The PRC turned 75 on Oct. 1, but the Republic of China is older. The PRC could never be the homeland of the people of the ROC, Lai said The People’s Republic of China (PRC) could not be the “motherland” of the people of the Republic of China (ROC), President William Lai (賴清德) said yesterday. Lai made the remarks in a speech at a Double Ten National Day gala in Taipei, which is part of National Day celebrations that are to culminate in a fireworks display in Yunlin County on Thursday night next week. Lai wished the country a happy birthday and called on attendees to enjoy the performances and activities while keeping in mind that the ROC is a sovereign and independent nation. He appealed for everyone to always love their
‘EXTREME PRESSURE’: Beijing’s goal is to ‘force Taiwan to make mistakes,’ Admiral Tang Hua said, adding that mishaps could serve as ‘excuses’ for launching a blockade China’s authoritarian expansionism threatens not only Taiwan, but the rules-based international order, the navy said yesterday, after its top commander said in an interview that the Chinese People’s Liberation Army (PLA) could blockade the nation at will. The object of Beijing’s expansionist activities is not limited to Taiwan and its use of pressure is not confined to specific political groups or people, the navy said in a statement. China utilizes a mixture of cognitive warfare and “gray zone” military activities to pressure Taiwan, the navy said, adding that PLA sea and air forces are compressing the nation’s defensive depth. The navy continues to
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