forex trading outlook today - U.S. dollar rose against the Taiwan dollar sept 7 2011 ; The U.S. dollar rose against the Taiwan dollar Wednesday, gaining NT$0.003 to close at NT$29.115 as the central bank's late trade intervention helped the greenback recoup early losses, dealers said.
Turnover totaled US$771 million during trading session.
The U.S. unit opened at NT$29.120 and moved between NT$29.050 and NT$29.130 before the close.
The U.S. dollar lost ground against the Taiwan dollar right after the local foreign exchange market opened as the local bourse staged a rebound from a slump in the previous session, dealers said.
With foreign institutional investors picking up bargains among large cap electronics stocks, the greenback continued its weakness until intervention by the central bank in late trade, they said.
The weighted index closed up 2.19 percent to the day's high of 7,529.01 points after foreign institutional investors bought a net of NT$1.58 billion (US$54 million) at the end of the session.
Dealers said the early weakness of the greenback against the Taiwan dollar also reflected the strength of most Asian currencies, led by South Korean won, which was boosted by a strong comeback in share prices in Seoul.
The move by the central bank to slow down the appreciation of the Taiwan dollar was a response to repeated calls from local enterprises for further central bank intervention to protect the island's global competitiveness, they said.
The local media reported several local business heavyweights, including Chairman of Taiwan Semiconductor Manufacturing Co. Morris Chang, have urged the central bank to take more steps to prevent a rising Taiwan dollar.
Market sentiment remained cautious as many traders kept alert over the slowing U.S. economy and the debt crisis in the eurozone.
Taiwan dollar september 7 2011, U.S. dollar september 7 2011, curancy market september 7 2011. asian market.
Turnover totaled US$771 million during trading session.
The U.S. unit opened at NT$29.120 and moved between NT$29.050 and NT$29.130 before the close.
The U.S. dollar lost ground against the Taiwan dollar right after the local foreign exchange market opened as the local bourse staged a rebound from a slump in the previous session, dealers said.
With foreign institutional investors picking up bargains among large cap electronics stocks, the greenback continued its weakness until intervention by the central bank in late trade, they said.
The weighted index closed up 2.19 percent to the day's high of 7,529.01 points after foreign institutional investors bought a net of NT$1.58 billion (US$54 million) at the end of the session.
Dealers said the early weakness of the greenback against the Taiwan dollar also reflected the strength of most Asian currencies, led by South Korean won, which was boosted by a strong comeback in share prices in Seoul.
The move by the central bank to slow down the appreciation of the Taiwan dollar was a response to repeated calls from local enterprises for further central bank intervention to protect the island's global competitiveness, they said.
The local media reported several local business heavyweights, including Chairman of Taiwan Semiconductor Manufacturing Co. Morris Chang, have urged the central bank to take more steps to prevent a rising Taiwan dollar.
Market sentiment remained cautious as many traders kept alert over the slowing U.S. economy and the debt crisis in the eurozone.
Taiwan dollar september 7 2011, U.S. dollar september 7 2011, curancy market september 7 2011. asian market.
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