CPI encourages stocks to rise as expected!

The price of NT$30.5 on the website (photo by reporter Chen Meiying)

[Reporter Chen Meiying/Taipei Report] U.S. inflation rate in February was as expected, CPI increased by 6% year-on-year, and the Biden administration’s three rescue measures for SVB Silicon Valley Bank revived market confidence. U.S. stocks rebounded, driving Taiwan stocks to open higher today Going higher, the exchange rate of the New Taiwan dollar returned to the price of 30.5 yuan, temporarily closing at 30.587 yuan at noon, an appreciation of 3.3 cents, and the turnover of Taipei foreign exchange brokerage companies was 565 million US dollars.

After Silicon Valley Bank announced that it was closed, the interest rate futures market bet that the probability of the Federal Reserve raising interest rates by 2 yards next week has dropped to 0. A week ago, it was close to 70%; after the U.S. Department of Labor announced the February CPI on Tuesday , the market expects that the Fed will have an 80% chance of raising interest rates by 1 yard.

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The head of Huiyin pointed out that the direction of the market has been changing with financial events and data. Some foreign institutions even predict that the Fed will start to cut interest rates after July. "The market is either overly optimistic or overly pessimistic."

Judging from the trend of the U.S. dollar index, it has been flat in the past two days at around 103-104, but the exchange rate of the New Taiwan dollar has jumped to 30.5 yuan.

Major Asian currencies including South Korean won, Japanese yen and Chinese yuan strengthened one after another, and the market demand for the US dollar cooled down again.

The exchange rate of the New Taiwan dollar against the U.S. dollar was 30.59 yuan this morning, an appreciation of 3 points. With the rise of Taiwan stocks, the highest rose to 30.55 yuan.

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