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Taiwan Dollar Advances on U.S. Growth Optimism; Bonds Steady

Taiwan’s dollar strengthened as better-than-forecast U.S. home sales boosted confidence a recovery in the world’s largest economy is gaining momentum. Government bonds were steady after a 30-year debt auction.

Purchases of existing houses increased to a 4.79 million annual rate last month, exceeding the 4.74 million median estimate of economists surveyed by Bloomberg, figures from the National Association of Realtors showed yesterday. Taiwan’s export orders rose 3.2 percent in October from a year earlier, more than the 0.2 increase forecast in a Bloomberg survey, according to data released just before the market closed.

“The U.S. economy is seeing more signs of recovery,” said Eric Hsing, a fixed-income trader at First Securities Inc. in Taipei. “Asian currencies will continue to have appreciation pressure.”

Taiwan’s dollar strengthened 0.2 percent to NT$29.145, based on Taipei Forex Inc. prices. It touched NT$28.959 on Nov. 12, the strongest level since September 2011. One-month implied volatility dropped 10 basis points, or 0.1 percentage point, to 3.8 percent.

The island sold NT$30 billion ($1 billion) of 30-year bonds today at 1.705 percent, compared with the 1.703 percent median estimate of fixed-income traders surveyed by Bloomberg. The yield on the 1.125 percent notes due September 2022 was steady at 1.118 percent, according to Gretai Securities Market.

The overnight interbank lending rate was little changed at 0.384 percent, a weighted average compiled by the Taiwan Interbank Money Center shows.

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