Metapress > News > Business > The New Taiwan dollar rises in the middle of the day

The New Taiwan dollar rises in the middle of the day

The international dollar weakened, hot money expanded into overweight Taiwan stocks of 20.1 billion yuan, and the index stood at “Ten Thousand Seconds”, encouraging the New Taiwan dollar to soar. It once surpassed 2 corners and reached 29.39 yuan. Afterwards, the gains converged to 5.8 points, closing at a new high of more than two years at 29.551 yuan to 1 dollar, and the turnover of the Taipei foreign exchange brokerage company was enlarged to 1.078 billion dollars.

Foreign exchange traders pointed out that hot money is making great progress in emerging markets, major Asian stock markets are in full swing, and Taiwan stocks have successfully overcome the “10,000” (12,000 point) mark, returning to the high point before the Lunar New Year. In the Taiwanese currency market, it broke through 39.6 yuan, 29.5 yuan, and 29.4 yuan. In the afternoon, foreign investment remained unchanged, and continued to fluctuate at around 29.4 yuan.

However, importers and retail investors were skewed in anticipation of the continued rise. Finally, after the boss (the central bank) kicked in the last quarter and a half, the growth rate quickly shrank, and it just kept holding 29.5 Yuan defense line.

Foreign exchange traders believe that Taiwan’s epidemic control is still excellent. After the unblocking, the revitalization of bonds will lead to increased market sentiment, and Taiwan stocks will enter the peak period of cash dividend payment.

It seems that the amount of foreign funds received from foreign exchange will be followed, plus New hot money comes in to make up for it, and the short-term rise of the New Taiwan dollar may be difficult to resist. Even if the boss (the central bank) has the determination to fully defend, the 29.5 yuan defense line will need to be further revised.

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Andrew Beck
Andrew Beck
Andrew Beck is a 28-year-old writer who enjoys playing football and reading books. He is smart and creative, but can also be very sneaky and a bit lazy.
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