The New Taiwan dollar will be devalued by 4.24 cents in August, even five black experts: the 32 yuan mark will not be broken in the short term

2023-08-31 10:33:47

On the last trading day of August, the Taipei foreign exchange market finally closed at 31.854 yuan once morest the US dollar today (31st). Compared with the end of last month, the NT dollar depreciated by 4.24 points in a single month. Reached 1.33%. However, the central bank has shown signs of intervening in the market, and experts believe that it does not want to depreciate too much. Later, the probability of consolidation in the range is high, and the 32 yuan mark cannot be broken in the short term. (Extended reading:Taiwan stocks fell nearly 511 points in August, the biggest drop in a single month this year）

The New Taiwan dollar will be depreciated by 4.24 cents in August, even five black experts: the 32 yuan mark will not be broken in the short term.File photo: Central News Agency

The opening price of the New Taiwan dollar once morest the U.S. dollar today (31st) was 31.821 yuan, with a maximum of 31.821 yuan and a minimum of 31.913 yuan. In the end, it rose by 0.2 cents, with a turnover of US$894 million. The market is waiting to see the U.S. non-farm payrolls data released on Friday, so the exchange rate has shrunk and fluctuated within a narrow range.

Foreign capital continues to repatriate dividends, and the New Taiwan dollar has continued to depreciate. Following the depreciation of 2.95 cents or 0.94% in July, it has become the weakest Asian currency. In August, the weakest Asian currency was borne by the RMB, and the New Taiwan dollar was also affected. It will depreciate once more in August At 4.24 corners, the monthly line has five blacks in a row.

The head of foreign exchange said that the weaker renminbi has affected the trend of the Taiwan dollar today. However, judging from the trading volume today, there are some buyers entering the market on dips. I hope that the New Taiwan dollar will fall too much.

Expert: The New Taiwan dollar is estimated to be between 31.7 and 32 once morest the US dollar

Looking forward to the market outlook, the director of Huiyin believes that the NT dollar will still maintain a range of consolidation. We will first observe the performance of this week’s non-agricultural employment data, and there will be another price CPI data released following the Federal Reserve’s interest rate meeting in September. The U.S. dollar will be below 31.7~32 yuan. Unless the renminbi breaks the previous high of 7.35 yuan, the NT dollar will not be able to break through the 32 yuan mark in the short term.

Ye Yiru, Special Correspondent of Yahoo Finance: 22 years of experience in financial mainstream media, from the bubble of Web1.0 in 2000 to Web3.0 of the Meta universe, witnessed the history of the rise and fall of large and small business groups in Taiwan, and experienced five international financial crises. Think that finance is life, omnipresent, no matter how difficult financial management knowledge should be explained in a simple way. No matter you are young or old, you should manage money. If you don’t manage money, money will ignore you.

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