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Taiwan Dollar Loses Gain as Foreigners Sell Stocks; Bonds Steady

Taiwan dollar forwards erased gains after stock exchange data showed foreign investors cut their holding of local equities. Government bonds were little changed.

Overseas funds sold NT$4.6 billion ($154 million) more shares than they bought today as European leaders seek to douse the Cyprus bailout crisis. The local currency earlier rose toward a one-week high after a preliminary reading on China’s Purchasing Managers’ Index for March showed an increase, topping economists’ estimates.

“The market focus is still on Cyprus and the near-term drivers are still the outlook for currencies like the dollar and yen,” said Irene Cheung, a currency strategist in Singapore at Australia & New Zealand Banking Group. “The PMI data was mildly positive.”

One-month non-deliverable forwards fell 0.1 percent to NT$29.790 per dollar as of 5:36 p.m. in Hong Kong, according to data compiled by Bloomberg. The local dollar erased a 0.3 percent gain to close little changed at NT$29.853, according to Taipei Forex Inc.

One-month implied volatility, a gauge of expected moves in the exchange rate used to price options, dropped seven basis points, or 0.07 percentage point, to 3.47 percent, data compiled by Bloomberg show.

China’s PMI index rose to 51.7 in March, compared with the median estimate of 50.8 in a Bloomberg survey and 50.4 in February, according to a flash estimate published by HSBC Holdings Plc and Markit Economics today. China is Taiwan’s biggest export market.

The yield on the 1.125 percent government bonds due March 2023 was steady at 1.316 percent, according to Gretai Securities Market. The overnight interbank lending rate was little changed at 0.388 percent, a weighted average compiled by the Taiwan Interbank Money Center shows.

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