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Taiwan’s Dollar Strengthens Most This Month on Europe Optimism

Taiwan’s dollar rose the most this month on speculation European leaders will make progress in tackling their region’s debt crisis, boosting appetite for riskier assets.

Global funds bought $411 million more local shares than they sold today, taking net purchases this month to $3 billion, according to exchange data. German Chancellor Angela Merkel and French President Francois Hollande meet in Berlin on Aug. 23 to discuss the fiscal crisis, and both are set to talk separately with Greece’s Prime Minister Antonis Samaras later in the week.

“Foreign investors’ interest in Asian stocks has revived recently,” said Samson Tu, a Taipei-based fund manager at Uni-President Assets Management Corp., who helps manage $1.6 billion of fixed-income assets. “The lack of negative news from the U.S. or Europe is also supporting the Taiwan dollar.”

Taiwan’s dollar closed 0.2 percent stronger at NT$29.75 against its U.S. counterpart, the biggest gain since July 31, according to Taipei Forex Inc. One-month implied volatility, a measure of exchange-rate swings used to price options, fell 20 basis points to 3.2 percent.

Official data showed yesterday Taiwan’s export orders slumped 4.4 percent in July, declining for a fifth month.

Government bonds fell after the Ministry of Finance auctioned NT$30 billion ($1 billion) of 30-year debt today at a higher yield than investors expected. The notes were sold at 1.738 percent, compared to the 1.71 percent median estimate of six fixed-income traders surveyed by Bloomberg.

The yield on Taiwan’s 1.25 percent notes due March 2022 rose one basis point to 1.191 percent, according to Gretai Securities Market. The overnight money-market rate was little changed at 0.386 percent, according to a weighted average compiled by the Taiwan Interbank Money Centre.

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