The US dollar was higher against the other major currencies on Friday on data suggesting that the US economy is enjoying a soft landing, traders said.
The single European currency bought US$1.2668 at 2100 GMT, from US$1.2699 late Thursday in New York.
The US dollar was trading at ¥118.03 from ¥117.79, on a day that Wall Street's Dow Jones share index fell just short of its record closing high of 11,722.98 reached in January 2000, closing at 11,679.07.
Friday's data showed that US consumer spending rose 0.1 percent in August from July while households' income went up a faster 0.3 percent. Analysts said this was in line with a picture of slowing economic growth.
A separate report showed the University of Michigan consumer sentiment index rising to a better-than-expected 85.4 points.
Other data from Chicago-region purchasing managers showed the area's industrial index at a surprisingly strong 62.1 points.
"The market had been nervous after the Philly Fed [survey] had signalled a slowdown in manufacturing," said Steve Barrow, currency strategist at Bear Stearns.
Analysts said the results overall were consistent with the view that the Federal Reserve will keep borrowing costs on hold for now to leave its benchmark interest rate at 5.25 percent.
Traders said the US dollar was helped by some fund buying, particularly in Asia, as the third quarter closed.
Other currencies have had problems of their own, not least the Japanese yen, which is suffering from the portfolio changes.
The euro also encountered headwinds after inflation in the 12-nation European single currency zone dropped to an annual rate of 1.8 percent from 2.3 percent in August.
Though eurozone inflation fell sharply last month, coming into line with the European Central Bank's target for the first time since January last year, analysts said the ECB was still on course to raise rates.
They expected the bank to lift its key refi rate another quarter point to 3.25 percent next Thursday, especially after a surprising rise in economic sentiment in the eurozone.
The pound bought US$1.8722 at 2100 GMT, from US$1.8762 late Thursday.
The US dollar was worth 1.2503 Swiss francs (1.2473).
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) halted shipments to a customer this month after its semiconductors were sent to China’s Huawei Technologies Co (華為), potentially breaching US sanctions, a government official said. The US slapped sanctions on Huawei in 2019, and expanded them the following year, over fears its technology could be used for Beijing’s espionage operations. The restrictions prevent TSMC from selling semiconductors to Huawei. However, TSMC discovered on Oct. 11 that chips made for a “specific customer” had ended up with the Chinese company, a Taiwanese official with knowledge of the incident said on the condition of anonymity. TSMC “immediately activated
US SANCTIONS: The Taiwan tech giant has ended all shipments to China-based Sophgo Technologies after one of their chips was discovered in a Huawei phone Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) suspended shipments to China-based chip designer Sophgo Technologies Ltd (算能科技) after a chip it made was found on a Huawei Technologies Co (華為) artificial intelligence (AI) processor, according to two people familiar with the matter. Sophgo had ordered chips from TSMC that matched the one found on Huawei’s Ascend 910B, the people said. Huawei is restricted from buying the technology to protect US national security. Reuters could not determine how the chip ended up on the Huawei product. Sophgo said in a statement on its Web site yesterday that it was in compliance with all laws
TECH TITANS: Nvidia briefly overtook Apple again on Friday after becoming the world’s largest company for a short period in June, as Microsoft fell to third place Nvidia Corp dethroned Apple Inc as the world’s most valuable company on Friday following a record-setting rally in the stock, powered by insatiable demand for its specialized artificial intelligence (AI) chips. Nvidia’s stock market value briefly touched US$3.53 trillion, slightly above Apple’s US$3.52 trillion, London Stock Exchange Group data showed. Nvidia ended the day up 0.8 percent, with a market value of US$3.47 trillion, while Apple’s shares rose 0.4 percent, valuing the iPhone maker at US$3.52 trillion. In June, Nvidia briefly became the world’s most valuable company before it was overtaken by Microsoft Corp and Apple. The tech trio’s market capitalizations have been
Shares of Starlux Airlines Co (星宇航空) surged more than 53 percent on its debut on the Taiwan stock exchange yesterday. Starlux shares closed up 53.75 percent at NT$30.75 from its initial public offering price of NT$20 after retreating in late trading from a 60 percent rise. China Airlines Ltd (CAL, 中華航空) rose 0.90 percent to close at NT$22.35, while EVA Airways Corp (長榮航空) gained 0.40 percent to close at NT$37.70. In Taiwan, a newly listed stock is allowed to go beyond the 10 percent maximum increase or decline in its first five trading sessions. At the listing ceremony, Starlux chairman Chang Kuo-wei (張國煒) said
RSS