Hot money back!

The New Taiwan dollar has risen by more than 1.8 cents, and is back at the beginning of 30.8 (photo by reporter Chen Meiying)

[Reporter Chen Meiying/Taipei Report] With the influx of hot money, the exchange rate of the New Taiwan dollar against the U.S. dollar broke through the 31-yuan mark in early trading. It temporarily closed at 30.857 yuan at noon, an appreciation of 1.7 cents, and the turnover of Taipei foreign exchange brokerage companies was 1.14 billion US dollars.

U.S. stocks were closed due to Thanksgiving, and Asian stock markets went their own way. Among them, Nikkei and Korean stocks retreated, and Taiwan stocks tended to fluctuate. They once rose above 14,800 points in early trading, and then fell back to flat. Currently, they are in flat trading nearby.

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After the exchange rate of the New Taiwan dollar ended yesterday with a 6-day depreciation and a strong appreciation of nearly 2 cents, it continued yesterday’s strong upward trend today. Foreign capital and exporters joined hands to sell foreign exchange. , the exchange rate hit a new high since September 13 this year.

Foreign exchange traders pointed out that the NTD exchange market mainly reflected the minutes of the Federal Reserve’s November meeting. Most officials supported slowing down the pace of interest rate hikes. In addition, the euro zone composite PMI index unexpectedly rose, and the euro rebounded, putting pressure on the US dollar, and hot money returned to emerging markets. In the market, however, after the sharp rise of the yen and Korean won yesterday, the gains have slowed down today. We will follow up to observe the movement of foreign capital and whether the central bank will intervene.

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