The euro weakened from a five-week high against the yen and declined versus the US dollar amid renewed speculation that some banks in the region may incur deeper losses spurred by the global financial crisis.
The 16-nation currency dropped from the highest versus the yen since Aug. 10 and snapped a four-day gain against the US dollar. The spread between Ireland’s government securities and benchmark debt elsewhere in Europe widened to records amid speculation banking losses may spur a need for external assistance.
The yen headed toward the sharpest weekly loss since mid-July against the US dollar after Japan’s sale on Wednesday to weaken its currency and bolster an export-led economic recovery.
The euro fell 0.3 percent to ¥111.84 as of 4:34pm in New York, after appreciating to as much as ¥112.98. The euro fell 0.3 percent to US$1.3041 after climbing to US$1.3159, the highest level since Aug. 11.
The yen was little changed at ¥85.77 per US dollar.
The Australian dollar was little changed at US$0.9369 and the New Zealand dollar gained 0.2 percent to US$0.7256.
The pound had its first weekly gain in six versus the US dollar as speculation the Fed may increase asset purchases to support the economy weakened the US currency and boosted assets perceived to be higher risk.
Sterling reached a one-month high versus the greenback as the FTSE-100 Index of British shares had its fourth weekly advance.
The pound rose 1.8 percent on the week to US$1.5635 as of 4:30pm in London on Friday, after reaching US$1.5729, its highest level since Aug. 11. Against the euro, it depreciated 1 percent.
PLA MANEUVERS: Although Beijing has yet to formally announce military drills, its coast guard vessels have been spotted near and around Taiwan since Friday The Taiwanese military is on high alert and is closely monitoring the Chinese People’s Liberation Army’s (PLA) air and naval deployments after Beijing yesterday reserved seven airspace areas east of its Zhejiang and Fujian provinces through Wednesday. Beijing’s action was perceived as a precursor to a potential third “Joint Sword” military exercise, which national security experts said the PLA could launch following President William Lai’s (賴清德) state visits to the nation’s three Pacific allies and stopovers in Hawaii and Guam last week. Unlike the Joint Sword military exercises in May and October, when Beijing provided detailed information about the affected areas, it
Five flights have been arranged to help nearly 2,000 Taiwanese tourists return home from Okinawa after being stranded due to cruise ship maintenance issues, the Ministry of Transportation and Communications announced yesterday. China Airlines Ltd (中華航空), and EVA Airways Corp (長榮航空) have arranged five flights with a total of 748 additional seats to transport 1,857 passengers from the MSC Bellissima back to Taiwan, the ministry said. The flights have been scheduled for yesterday and today by the Civil Aviation Administration, with the cruise operator covering all associated costs. The MSC Bellissima, carrying 4,341 passengers, departed from Keelung on Wednesday last week for Okinawa,
US president-elect Donald Trump said he would “never say” if Washington is committed to defending Taiwan from China, but “I would prefer that they do not do it [ an attack],” adding that he has a “good relationship” with Chinese President Xi Jinping (習近平). “I never say because I have to negotiate things, right?” Trump said in an interview with NBC’s Meet the Press host Kristen Welker after saying he would not reveal his incoming administration’s stance on Taiwan’s defense in the event of an attack. Asked the question again, Trump, in a reference to China, said: “I would prefer that they
CROSS-STRAIT TENSIONS: MOFA demanded Beijing stop its military intimidation and ‘irrational behavior’ that endanger peace and stability in the Indo-Pacific region The Presidential Office yesterday called on China to stop all “provocative acts,” saying ongoing Chinese military activity in the nearby waters of Taiwan was a “blatant disruption” of the “status quo” of security and stability in the Indo-Pacific region. Defense officials said they have detected Chinese ships since Monday, both off Taiwan and farther out along the first island chain. They described the formations as two walls designed to demonstrate that the waters belong to China. The Ministry of National Defense yesterday said it had detected 53 military aircraft operating around the nation over the past 24 hours, as well
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