Reported about 1 year ago
On July 8, 2024, the New Taiwan Dollar exchange rate experienced fluctuations, starting with a rise then turning to a drop, ultimately closing at 32.493 yuan, depreciating by 1.8 points. The US release of June's non-farm employment data indicated a notable decrease compared to May, strengthening the market's confidence in a US rate cut in September. The dollar index dropped to 104.9, leading to varied movements in non-dollar currencies. The Taiwan stock market surged over 300 points, attracting foreign investment and causing the New Taiwan Dollar to rise initially before reversing course in the afternoon, almost touching the 32.5 level in a precarious situation and largely negating its gains, closing at 32.493. The US labor department's announcement of June's non-farm employment adding 206,000 jobs, lower than May's 272,000, indicated a possible slowdown in labor demand in the world's largest economy. Due to these factors, the New Taiwan Dollar exchange rate exhibited a 'wash, rinse, repeat' pattern. Market participants believe that amidst weak US economic data and a strong Taiwan stock market, the New Taiwan Dollar will likely fluctuate within the range of 32.3 to 32.6 yuan, but attention must be paid to the weakening Japanese yen and its impact on the New Taiwan Dollar.
Source: YAHOO