Reported 9 months ago
On June 26, the Taiwan Dollar fell below 32.5 against the US Dollar, hitting a two-month low. This drop was triggered by remarks from Fed board member Michelle Bowman warning against hasty rate cuts due to inflation risks. Asian currencies plummeted across the board, with the Renminbi hitting a 7-month low, the Japanese Yen breaking below 160 against the Dollar for the first time in 38 years, and the New Taiwan Dollar sliding to 32.554 before further dropping to 32.586. The overall decline was attributed to hawkish comments from several Fed officials, leading to a strengthening US Dollar and weakening Asian currencies, causing concerns in the market.
Source: YAHOO