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Taiwan dlr gains limited as USD climbs after Bernanke
Reuters - Monday, October 18
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* Recovery from suspected c.bank move boosts T$
* Bernanke speech gives few details; eyes on G20 meetings
TAIPEI, Oct 18 - The Taiwan dollar <TWD=TP> on Monday extended last week's rise on a suspected suspected central bank move, but U.S. currency gains following the Federal Reserve chief's comments held it in check.
The local unit had firmed to T$30.762 against the U.S. dollar at 0200 GMT, up from Friday's closing price of T$30.793. Suspected selling by Taiwan's central bank had pushed the Taiwan dollar to the weaker level on Friday to control earlier gains.
But a global bounceback of the recently beleaguered U.S. currency eroded some of the Taiwan dollar's momentum. Its growth-linked peer, the Korean won <KRW=>, fell on Monday.
The U.S. dollar recovered after Fed Chairman Ben Bernanke offered no details on expected quantitative easing to buck up the world No.1 economy [ID:nN15187998], leaving investors guessing about moves that would ultimately cause the U.S. unit to weaken.
"The U.S. dollar is appreciating again today, but Asian forex should consolidate as everyone is watching for the G20 meetings," a currency dealer in Taipei said.
G20 leaders meet in South Korea on Friday to discuss world currency tensions, with China, Japan and the United States under a harsh spotlight [ID:nN15232845] and any decisions seen affecting the direction of growth-linked assets such as Taiwan's.
Last week, Asian currencies climbed as the U.S. dollar fell on speculation it would approve quantitative easing, effectively meaning that the United States would print money to buy assets.
Taiwan's currency hit its highest levels since mid-2008.
Strategists say Taiwan's central bank will tolerate appreciation despite pressure from powerful exporters as long as price changes track movements in other Asian currencies. However, dealers say the authority intervenes daily in the forex market.
The Taiwan dollar is expected to rise to T$30.50 by the end of next year, according to a Reuters quarterly poll <MKTPOLL1>.
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