Mnuchin’s Weak Dollar Comment Sent the Taiwan Dollar to a 5-Year High

Another record high for the New Taiwan dollar in 5 years.

The Taiwan New Dollar rose 2.33 cents against the U.S. dollar today.  It is approaching the 1 U.S. dollar to 29 New Taiwan dollar 5-year high.

The Taiwan Central Bank President Peng stated that the U.S. Treasury Secretary Mnuchin talked down the U.S. dollar and exacerbated the weakness of the greenback against its counterparts.

A weaker dollar is good for the US, Treasury Secretary Mnuchin says. Treasury Secretary Steven Mnuchin said the U.S. is open for business and welcomed a weaker dollar, saying that it would benefit the country.

The Taiwan Central Bank President Peng said that the market interpreted his comment as that the United States was in favor of a weak dollar policy.  The dollar index fell as much as 1% because of Mnuchin’s remarks.

In Peng’s opinion, Menukin’s remarks have produced the effect of the verbal intervention to help weaken the U.S. dollar.

Leave a comment

Your email address will not be published. Required fields are marked *