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Taiwan Dollar Rallies Most in a Month on Fed Stimulus Comments

Taiwan’s dollar rallied the most in a month after Federal Reserve officials signaled support for maintaining record stimulus that’s buoyed emerging-market assets. Government bonds advanced.

New York Fed President William C. Dudley said yesterday that while he’s becoming “more hopeful” the U.S. economy is rebounding, monetary policy will remain accommodative for a period of time. That follows comments last week by Fed Chairman-nominee Janet Yellen, who said stimulus shouldn’t be removed as long as the recovery is fragile. Global funds bought $53 million more local stocks than they sold today and yesterday, after pulling $677 million last week, according to exchange data.

“It seems pretty certain Yellen will be Fed Chairman and her comments indicate easing will continue,” said Samson Tu, a Taipei-based fund manager at Uni-President Assets Management Corp. “So the trend of money returning to the U.S. may reverse, though fund flows into emerging markets won’t be as strong as before.”

Taiwan’s dollar gained 0.2 percent to NT$29.532 against the greenback, prices from Taipei Forex Inc. show. That’s the biggest jump since Oct. 15. The currency touched NT$29.460, the strongest level since Nov. 11.

The local dollar lost 0.2 percent in the last 10 minutes of trading amid suspected central bank intervention. The monetary authority has sold the currency in the run-up to the close on most days since March 2012, according to traders who asked not to be identified.

Forwards, Bonds

The U.S. central bank will release minutes of the Federal Open Market Committee’s Oct. 29-30 meeting tomorrow, before a Nov. 21 Senate Banking Committee vote on Yellen’s nomination.

One-month non-deliverable forwards on Taiwan’s currency were little changed at NT$29.380 per dollar, according to data compiled by Bloomberg. The contracts rose 0.4 percent yesterday, the most since Oct. 3.

Taiwan’s five-year government bonds advanced for a fifth day. The yield on the 1.25 percent notes due October 2018 fell one basis point, or 0.01 percentage point, to 1.118 percent, according to Gretai Securities Market.

One-month implied volatility, a gauge of expected moves in the exchange rate used to price options, decreased four basis points to 3.28 percent. The overnight interbank lending rate was steady at 0.386 percent, a weighted average compiled by the Taiwan Interbank Money Center showed.

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