Jul 05, 2017 Legal Comments Off on U.S. dollar closes lower on Taipei forex (update)
Taipei--The U.S. dollar fell against the Taiwan dollar Wednesday, shedding NT$0.019 to close at NT$30.509 as the local currency staged a technical rebound from a slump seen a session earlier, dealers said.
The strength of the Japanese yen amid rising tension between the United States and North Korea prompted traders in the region to move funds into the Japanese currency, which gave an additional boost to the Taiwan dollar, the dealers said.
However, trading volume remained moderate, with many traders staying on the sidelines, waiting for the release of the minutes of a June policymaking meeting of the U.S. Federal Reserve, they added.
The greenback opened at the day's high of NT$30.530 and moved to a low of NT$30.475 before rebounding. Turnover totaled US$513 million during the trading session.
Soon after the local foreign exchange market opened, the U.S. dollar continued its momentum from a session earlier to rise against the Taiwan dollar, but selling followed, as traders here took cues from the higher yen to cut their greenback holdings, the dealers said.
The yen became a safe haven as traders moved their funds out of U.S. dollar-denominated assets by taking advantage of the tension between Washington and Pyongyang after North Korea on Tuesday tested a long-range missile that many experts believe could reach Alaska.
Despite the gains posted by the Taiwan dollar, the trading session appeared quiet, since many traders were anxious about the upcoming release of the Fed's meeting minutes, due out later that day, the dealers said.
Traders wanted more clues about the Fed's attitude toward its monetary policy at a time when the U.S. economy is on the road to recovery, they said.
Source: Focus Taiwan News Channel
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