Recover most of the land lost yesterday!

The New Taiwan dollar broke through the 30.5 yuan barrier, temporarily closing at 30.467 yuan (photo by reporter Chen Meiying)

[Reporter Chen Meiying/Taipei Report] The Taipei stock market rose simultaneously today. Among them, the exchange rate of the New Taiwan dollar against the US dollar rose above the 30.5 yuan mark in early trading, and the highest rose to 30.46 yuan. It temporarily closed at 30.467 yuan, an appreciation of 6.1 cents, and the turnover of Taipei foreign exchange brokerage companies was 492 million US dollars.

Taiwan has just passed the Qingming holiday. Due to Good Friday, the stock markets of the United States and many European countries will be closed for one day on Friday (7th). Conservative views, coupled with the recent series of sluggish data, have aroused market concerns about economic recession and weakened the Fed's interest rate hike expectations, putting pressure on the dollar. Although the dollar index rose slightly yesterday, it still failed to stand firm at 102.

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With the US dollar showing signs of weakness, the exchange rate of the New Taiwan dollar got rid of yesterday's decline. After opening at 30.52 yuan, the market turned to sell the US dollar. The exchange rate rose to 303.46 yuan at the highest, an appreciation of 6.8 cents.

However, the trend of major Asian currencies is still weak. The yen and offshore yuan only rose slightly, and the Korean won struggled near the flat market. Whether it will limit the appreciation of the Taiwan dollar remains to be seen.

Foreign exchange traders reminded that although the market has renewed doubts about the U.S. economic recession, the United States is still the locomotive of the global economy. Once the U.S. economy declines, it will impact the global economy and may be beneficial to the dollar.

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