Reported 12 months ago
On July 2, 2024, the domestic foreign exchange market in Taiwan encountered three major turbulences - a significant drop in the stock market, hot money outflow, and simultaneous depreciation of major Asian currencies. The New Taiwan Dollar (NTD) exchange rate dropped by 8.1 points to 32.627, marking a total devaluation of 1.77 coins in two days. Factors such as the anticipated interest rate cut by the Federal Reserve, the stability of the US economy, and the performance of major Asian currencies are influencing the currency market. Short-term forecasts suggest the exchange rate will hover between 32.2 to 32.8 NTD. The Japanese Yen and Korean Won's declining exchange rates are also adding pressure on the NTD.
Source: YAHOO