The euro dropped for a second week against the US dollar to a five-week low as weaker economic data and calls by a European Central Bank (ECB) official for more economic aid damped investor appetite for higher-yielding currencies.
The euro reached a seven-week low against the Swiss franc after ECB council member Axel Weber on Thursday told Bloomberg Television the central bank should assist financial institutions to prevent year-end liquidity tensions.
The US dollar and yen rose against most of their major counterparts as data indicated the global economic recovery may be faltering.
The Japanese finance minister is set to meet the prime minister in the week ahead to discuss the nation’s currency.
The euro fell 0.3 percent to US$1.2712 in New York from US$1.2754 in the five days ended Aug. 13. It touched US$1.2673 on Friday, the weakest since July 13. Japan’s currency dropped 1 percent to ¥108.83 per euro from ¥109.92 last week in New York, after reaching ¥108.31, the strongest since July 1.
The euro sank 2 percent to SF1.3143 from SF1.3408 a week ago, after touching SF1.3140. The yen rose 0.7 percent to ¥85.62 per US dollar. The Canadian dollar rose 0.4 percent to C$1.0475.
The pound fell versus the US dollar and yen on Friday and two-year UK government bond yields reached a record low as concern that the global economic recovery is slowing boosted demand for the safest assets.
The British currency declined 0.7 percent to US$1.5487 and dropped 0.2 percent against the Swiss franc to SF1.6071 as of 4:25pm in London on Friday. It slipped 0.3 percent to ¥132.83. The pound rose 0.4 percent against the euro to £0.8184.
The Philippines is working behind the scenes to enhance its defensive cooperation with Taiwan, the Washington Post said in a report published on Monday. “It would be hiding from the obvious to say that Taiwan’s security will not affect us,” Philippine Secretary of National Defense Gilbert Teodoro Jr told the paper in an interview on Thursday last week. Although there has been no formal change to the Philippines’ diplomatic stance on recognizing Taiwan, Manila is increasingly concerned about Chinese encroachment in the South China Sea, the report said. The number of Chinese vessels in the seas around the Philippines, as well as Chinese
NEXT GENERATION: The four plants in the Central Taiwan Science Park, designated Fab 25, would consist of four 1.4-nanometer wafer manufacturing plants, TSMC said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) plans to begin construction of four new plants later this year, with the aim to officially launch production of 2-nanometer semiconductor wafers by late 2028, Central Taiwan Science Park Bureau director-general Hsu Maw-shin (許茂新) said. Hsu made the announcement at an event on Friday evening celebrating the Central Taiwan Science Park’s 22nd anniversary. The second phase of the park’s expansion would commence with the initial construction of water detention ponds and other structures aimed at soil and water conservation, Hsu said. TSMC has officially leased the land, with the Central Taiwan Science Park having handed over the
URBAN COMBAT: FIM-92 Stinger shoulder-fired missiles from the US made a rare public appearance during early-morning drills simulating an invasion of the Taipei MRT The ongoing Han Kuang military exercises entered their sixth day yesterday, simulating repelling enemy landings in Penghu County, setting up fortifications in Tainan, laying mines in waters in Kaohsiung and conducting urban combat drills in Taipei. At 5am in Penghu — part of the exercise’s first combat zone — participating units responded to a simulated rapid enemy landing on beaches, combining infantry as well as armored personnel. First Combat Zone Commander Chen Chun-yuan (陳俊源) led the combined armed troops utilizing a variety of weapons systems. Wang Keng-sheng (王鏗勝), the commander in charge of the Penghu Defense Command’s mechanized battalion, said he would give
‘REALISTIC’ APPROACH: The ministry said all the exercises were scenario-based and unscripted to better prepare personnel for real threats and unexpected developments The army’s 21st Artillery Command conducted a short-range air defense drill in Taoyuan yesterday as part of the Han Kuang exercises, using the indigenous Sky Sword II (陸射劍二) missile system for the first time in the exercises. The armed forces have been conducting a series of live-fire and defense drills across multiple regions, simulating responses to a full-scale assault by Chinese forces, the Ministry of National Defense said. The Sky Sword II missile system was rapidly deployed and combat-ready within 15 minutes to defend Taiwan Taoyuan International Airport in a simulated attack, the ministry said. A three-person crew completed setup and
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