Forex
Taiwan Dollar Weakens Against US Dollar Amid Strong US Economic Data
The Taiwan dollar weakened against the US dollar on Thursday, closing at NT$31.780, down 6.4 cents from the previous session.
The decline came as freshly released US business activity data showed accelerating expansion, reigniting expectations for further monetary tightening by the Federal Reserve.
Market analysts believe that the resilience of US economic data has rekindled expectations for a Federal Reserve rate hike in October, making a near-term strong-dollar trend difficult to reverse.