Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Taiwan Dollar Snaps Two-Day Drop as Stocks Rally; Bonds Steady

April 13 (Bloomberg) -- Taiwan’s dollar advanced, erasing earlier losses, on speculation overseas investors will add to holdings of the island’s assets as stocks rebounded. Government bonds were steady.

The currency gained for the first time in three days as the benchmark Taiex index of shares rose 0.6 percent. The local dollar fell the most since Feb. 24 yesterday on concern the impact of Japan’s nuclear crisis will curb export growth.

“We see signs of the change in momentum in the stock market, which is good for the currency market,” said Eric Hsing, a debt trader at First Securities Inc. in Taipei. Investor “confidence is still fragile,” he said.

Taiwan’s dollar rose 0.1 percent, reversing losses of 0.3 percent, to close at NT$29.089 against its U.S. counterpart, according to Taipei Forex Inc. The local dollar has advanced 4.4 percent this year, the best performance among Asia’s 10 most-traded currencies.

The Japanese government cut its assessment of the economy for the first time in six months today after the March 11 earthquake killed more than 12,000 and led to the worst nuclear crisis since Chernobyl. The nation bought 5 percent of Taiwanese exports in March, according to official data.

The yield on Taiwan’s 1.375 percent bond due March 2021 was little changed at 1.350 percent, according to Gretai Securities Market, the island’s biggest exchange for bonds.

To contact the reporters on this story: Lilian Karunungan in Singapore at at lkarunungan@bloomberg.net.

To contact the editor responsible for this story: Sandy Hendry at shendry@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.