Taiwan dollar edges lower in thin trade August 14, 2008
Posted by malibusac in Currency Topic.Tags: currency, currency broker, currency change, currency chart, currency conversion, currency convert, currency day trade, currency dealing, currency e trading, currency exchange, currency foreign trading, currency forex trading, currency markets, currency rate
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“No dealers have been trading because there hasn’t been any movement in the currency’s value,” a dealer at a domestic bank said.
Investors feared losing money in a stagnant market, another dealer said.
Foreign institutions sold a net T$7.134 billion ($235 million) in Taiwan stocks on Friday and have sold a net total of T$73.098 billion for the month to date.
Since the beginning of the year, the Taiwan dollar has appreciated 6.3 percent on investor hopes for economic improvements under President Ma Ying-jeou, who has pledged closer trade ties with China.
Traders said oil importers had pressured the Taiwan currency by buying U.S. dollars to pay for their overseas purchases.
But the central bank stepped in and sold U.S.
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