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Taiwan Dollar Falls to Two-Week Low as Euro Crisis Spurs Sales

Taiwan’s dollar fell to a two-week low as the debt crisis in Europe clouded the outlook for Asian exports and economic growth, prompting investors to reduce holdings of emerging-market assets. Government bonds fell.

German Chancellor Angela Merkel rejected raising the upper limit of funding for Europe’s permanent bailout mechanism as she spoke to coalition lawmakers yesterday, according to two officials with knowledge of the discussion. The Federal Reserve refrained from taking new stimulus steps, saying the U.S. economy is maintaining its expansion.

“The Taiwan dollar is suffering from negative market sentiment amid disappointing news from Germany and the U.S.,” said Dariusz Kowalczyk, Hong Kong-based senior strategist at Credit Agricole CIB. “It seems that the euro-zone fiscal crisis will continue to weigh on growth and the external position of Taiwan, and will cause some capital outflows.”

The Taiwan dollar weakened for a second day, losing 0.1 percent to NT$30.290 against its U.S. counterpart at the close, according to Taipei Forex Inc. The currency touched NT$30.330, the weakest level since Dec. 1.

Global funds sold $51 million more Taiwanese shares than they bought yesterday, taking this year’s net sales to $9.5 billion, according to exchange data.

The yield on the 1.25 percent notes due September 2021 rose one basis point to 1.265 percent, prices from Gretai Securities Market show.

Taiwan lawmakers gave final approval for the central government’s budget deficit of NT$209 billion ($6.9 billion) for next year, the Directorate-General of Budget, Accounting and Statistics said in a statement on its website yesterday. Revenue is projected to reach NT$1.73 trillion, with spending of NT$1.94 trillion, the statement said.

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