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Taiwan Dollar Has Weekly Gain on Recovery Optimism; Bonds Fall

Taiwan’s dollar advanced this week and government bonds dropped for the first time in a month on optimism the island’s economy is recovering.

Industrial production increased 4.6 percent from a year ago, more than the 2.6 percent gain economists in a Bloomberg survey estimated, official data showed today. Export orders rose in October by the most eight months, according to a Nov. 20 report. Taiwan saw the lowest trading volumes in its currency yesterday since March 2, according to Taipei Forex Inc. South Korea’s Deputy Finance Minister Choi Jong Ku said yesterday the government will take action to curb excessive won volatility.

“There’s still risk-taking appetite in the market,” said Tarsicio Tong, a Taipei-based foreign-exchange trader at Union Bank of Taiwan. “But volume has dropped a lot. Traders are being cautious as the economic outlook isn’t certain yet, and the central bank may be more proactive when Taiwan’s neighbors are taking action.”

Taiwan’s dollar appreciated 0.3 percent this week and 0.1 percent today to NT$29.171 against its U.S. counterpart, based on Taipei Forex Inc. prices. The currency touched NT$28.959 on Nov. 12, the strongest level since September 2011. One-month implied volatility fell 30 basis points, or 0.3 percentage point, to 3.7 percent during the five-day period. It was steady today.

The yield on the 1.125 percent notes due September 2022 rose two basis points to 1.13 percent from the end of last week, according to Gretai Securities Market. That’s the first weekly increase in benchmark 10-year yields since Oct. 19. The yield advanced one basis point today.

The overnight interbank lending rate was steady today and this week at 0.386 percent, according to a weighted average compiled by the Taiwan Interbank Money Center.

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