The market is betting that the US Federal Reserve will slow down its monetary tightening policy to deal with the economy facing the risk of recession, driving the yen to continue to rebound. However, the exchange rate of the New Taiwan dollar against the US dollar was directly affected by foreign remittances today (1). The 30-yuan mark was the first time in 26 months. In the end, with the central bank stabilizing the foreign exchange, it depreciated 4.2 cents and closed at 29.98 yuan. The transaction value of the Taipei and Yuantai foreign exchange markets totaled 1.902 billion US dollars, and the volume can be significantly enlarged.
Recently, listed OTC companies have issued dividends one after another, and foreign capital tends to be remitted out, which has put pressure on the New Taiwan dollar exchange rate. After exporters ended their routine foreign exchange dumping at the end of the month, the exchange rate fell below the important psychological level of 30 yuan today, with a minimum of 30.008 The yuan depreciated by 7 cents, hitting a new low since June 2020. However, the central bank continued to monitor and intervene in adjustment in a timely manner, driving the depreciation to converge.
The exchange rate of the New Taiwan dollar against the US dollar closed at 29.98 yuan at the end, depreciating 4.2 cents, for two consecutive depreciations. The transaction value of the Taipei foreign exchange market increased to 1.334 billion US dollars, and the Yuantai foreign exchange market transaction value was 568 million US dollars.
Taiwan stocks were under pressure in early trading today, falling more than 100 points at one point, falling below the 14,900-point level, TSMC was trading, and electronics stocks rose and fell. It closed at 14,981 points, the transaction volume could shrink to 178.8 billion yuan, and the foreign backhand sales exceeded 7.106 billion yuan.
Looking at the performance of major currencies against the US dollar, according to the statistics of the central bank, the US dollar index fell slightly by 0.03%, the Japanese yen continued to rise by 0.16%, the Korean won fell by 0.38%, the RMB fell by 0.19%, the New Taiwan dollar fell by 0.14%, and the euro and Singapore dollar both depreciated slightly.