Taiwan’s currency and stock market are paring gains after displays of record-breaking strength earlier this week.
The New Taiwan dollar was around 0.7 per cent weaker against the dollar at US$31.254 in early afternoon trading, while the Taiwan Stock Exchange’s benchmark Taiex index had fallen about 1 per cent, driven by falls in the share prices of major semiconductor and auto components manufacturers.
Both had seen gains this week putting them at their strongest levels in a year following the release of export data for July, which showed the first instance of annualised growth in eighteen months. Today’s moves put the index down about 1 per cent from its high point on Wednesday, while the currency has likewise weakened by about 1 per cent from a peak in strength on Tuesday.
But those records only served to highlight quiet, steady gains by both in the year to date: Taiwan’s currency is still 4.81 per cent stronger against the US dollar for the period, while its stock market remains higher by nearly 9.3 per cent.
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