Asian currencies advanced, led by South Korea’s won and Malaysia’s ringgit, as concern about the pace of a US economic recovery cooled demand for the US dollar.
The won, the ringgit and the New Taiwan dollar all climbed the most in three weeks on Thursday and ICE’s Dollar Index declined after the US reported an unexpected drop in new home sales for last month. Taiwan’s currency was supported by data released yesterday showing pickups in export orders and industrial production.
“The view for medium-term Asian currency strength is still very much alive and kicking,” said Emmanuel Ng, a currency strategist at Oversea-Chinese Banking Corp in Singapore. “We see chances for the dollar to strengthen on a slightly more enduring scale once Fed rate-hike expectations materialize further.”
The won climbed 0.7 percent to 1,175.05 per US dollar in Seoul on Thursday, according to data compiled by Bloomberg. The ringgit rose 0.3 percent to 3.4305 as of 4:25pm in Kuala Lumpur.
Elsewhere, the Thai baht traded at 33.36 per US dollar on Thursday, from 33.35 on Wednesday. China’s yuan was little changed at 6.8282 on Thursday, from 6.8284. India’s rupee gained 0.3 percent to 46.74.
The US dollar dropped against the NT dollar on the Taipei Foreign Exchange on Friday, falling NT$0.055 from Thursday to close at NT$32.245. The Taiwanese currency ended last week at NT$32.278 against the greenback.
The US dollar was poised to end three consecutive weeks of gains against the euro on speculation the Federal Reserve will maintain stimulus measures to secure the US economy’s recovery.
The US dollar was at US$1.4390 per euro at 4:33pm in Tokyo from US$1.4338 a week ago and US$1.4380 on Thursday in New York. It appreciated to US$1.4218 on Tuesday, the strongest level since Sept. 4, and fell back to US$1.4418 on Thursday, the lowest since Dec. 17.
The greenback lost 0.4 percent this week following a 1.9 percent advance the previous week. The US dollar traded at ¥91.45 from ¥91.54 on Thursday. It rose 1.1 percent this week. The euro was at ¥131.65 from ¥131.63 in New York. It gained 1.5 percent this week following a 0.4 percent decline.
ADDITIONAL REPORTING BY STAFF WRITER
Tropical Storm Usagi strengthened to a typhoon yesterday morning and remains on track to brush past southeastern Taiwan from tomorrow to Sunday, the Central Weather Administration (CWA) said yesterday. As of 2pm yesterday, the storm was approximately 950km east-southeast of Oluanpi (鵝鑾鼻), Taiwan proper’s southernmost point, the CWA said. It is expected to enter the Bashi Channel and then turn north, moving into waters southeast of Taiwan, it said. The agency said it could issue a sea warning in the early hours of today and a land warning in the afternoon. As of 2pm yesterday, the storm was moving at
UPDATED FORECAST: The warning covered areas of Pingtung County and Hengchun Peninsula, while a sea warning covering the southern Taiwan Strait was amended The Central Weather Administration (CWA) at 5:30pm yesterday issued a land warning for Typhoon Usagi as the storm approached Taiwan from the south after passing over the Philippines. As of 5pm, Usagi was 420km south-southeast of Oluanpi (鵝鑾鼻), Taiwan proper’s southernmost tip, with an average radius of 150km, the CWA said. The land warning covered areas of Pingtung County and the Hengchun Peninsula (恆春), and came with an amended sea warning, updating a warning issued yesterday morning to cover the southern part of the Taiwan Strait. No local governments had announced any class or office closures as of press time last night. The typhoon
At least 35 people were killed and dozens more injured when a man plowed his car into pedestrians exercising around a sports center in the southern Chinese city of Zhuhai on Monday night. Footage showing bodies lying on the pavement appeared on social media in the hours after the crash, but had vanished by early Tuesday morning, and local police reported only “injuries.” It took officials nearly 24 hours to reveal that dozens had died — in one of the country’s deadliest incidents in years. China heavily monitors social media platforms, where it is common for words and topics deemed
Typhoon Usagi yesterday had weakened into a tropical storm, but a land warning issued by the Central Weather Administration (CWA) was still in effect in four areas in southern Taiwan. As of 5pm yesterday, Tropical Storm Usagi was over waters 120km south-southwest of Oluanpi (鵝鑾鼻), the southernmost tip of Taiwan proper, and was moving north at 9kph, CWA data showed. The storm was expected to veer northeast later yesterday. It had maximum sustained winds of 101kph, with gusts of up to 126kph, the data showed. The CWA urged residents of Kaohsiung, Pingtung County, Taitung County and the Hengchun Peninsula (恆春) to remain alert to
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