The euro fell for a fourth day against the US dollar in the longest stretch of declines since October as European Central Bank (ECB) President Jean-Claude Trichet’s pledge to spur confidence failed to convince investors that policy makers are united in their views.
The dollar advanced to the level at which it traded versus the euro on March 18, erasing the decline that followed the US Federal Reserve’s announcement that it would buy Treasuries to help keep interest rates low.
The euro declined against the Canadian dollar and South African rand after a report showed on Thursday that February factory output in Europe plunged.
The euro decreased 1.1 percent to US$1.3044 at 5:04pm on Friday in New York, from US$1.3186 on Thursday. The currency fell as low as US$1.3018, the lowest level since March 18. The euro slid 1.2 percent to ¥129.33, from ¥130.90. The US dollar was little changed at ¥99.16, compared with ¥99.27.
Trichet said in Tokyo the ECB had to do everything possible to boost confidence and that uncertainty on policy would postpone a recovery in the region’s economy.
The Reuters/University of Michigan preliminary index of consumer sentiment increased to 61.9 in April from 57.3 in the previous month. The median forecast of 63 economists surveyed by Bloomberg was for an increase to 58.5.
Asian currencies mostly gained this week, led by the Indonesian rupiah, as signs a global recession is easing whetted investors’ risk appetite, helping draw funds to emerging markets.
The rupiah surged 5.5 percent, its best performance this year, as early election results indicating Indonesian President Susilo Bambang Yudhoyono may keep his post bolstered demand for Indonesian assets.
The rupiah ended the week at 10,738 per dollar in Jakarta, compared with 11,310 at the end of last week, and South Korea’s won advanced for a sixth week to 1,331.55, according to data compiled by Bloomberg.
The New Taiwan dollar was little changed at NT$33.8160 against the greenback on Friday, compared with NT$33.795 last Friday.
Elsewhere, the Philippine peso climbed 0.3 percent this week to 47.865 against the US currency. The Thai baht fell 0.1 percent to 35.45 from 35.40 a week ago. The Malaysian ringgit was little changed for the week at 3.6170 versus 3.6165.
‘UPHOLDING PEACE’: Taiwan’s foreign minister thanked the US Congress for using a ‘creative and effective way’ to deter Chinese military aggression toward the nation The US House of Representatives on Monday passed the Taiwan Conflict Deterrence Act, aimed at deterring Chinese aggression toward Taiwan by threatening to publish information about Chinese Communist Party (CCP) officials’ “illicit” financial assets if Beijing were to attack. The act would also “restrict financial services for certain immediate family of such officials,” the text of the legislation says. The bill was introduced in January last year by US representatives French Hill and Brad Sherman. After remarks from several members, it passed unanimously. “If China chooses to attack the free people of Taiwan, [the bill] requires the Treasury secretary to publish the illicit
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
A senior US military official yesterday warned his Chinese counterpart against Beijing’s “dangerous” moves in the South China Sea during the first talks of their kind between the commanders. Washington and Beijing remain at odds on issues from trade to the status of Taiwan and China’s increasingly assertive approach in disputed maritime regions, but they have sought to re-establish regular military-to-military talks in a bid to prevent flashpoint disputes from spinning out of control. Samuel Paparo, commander of the US Indo-Pacific Command, and Wu Yanan (吳亞男), head of the People’s Liberation Army (PLA) Southern Theater Command, talked via videoconference. Paparo “underscored the importance
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said