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Taiwan $ tracks Asia higher
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TAIPEI: Easing concerns about the European banking sector following successful bond auctions propped up the Taiwan dollar and other Asian assets on Thursday, with focus shifting to China trade data due on Friday.
The Taiwan dollar ended at T$31.939 against the US dollar versus Wednesday's close of T$31.979 as fears of a euro-zone sovereign debt crisis flare-up eased and investors parked money in Asia's risk-linked assets.
On Friday, markets will watch trade data from China, Taiwan's top export destination and a barometer of world economic growth.
A resurfacing of the euro-zone sovereign debt crisis could spread into global financial markets and weaken growth-linked currencies such as the Taiwan dollar.
Upbeat economic data or earnings from the United States, Taiwan's No.2 export market, would support the local currency as investors favour growth-linked assets. Signs of weakness in the US economy could pressure the forex market. -Reuters
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