Dollar Sells in Asia Warning

This is a Taiwan news story, published by Yahoo Finance, that relates primarily to UBS news.

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Singapore dollar

Reuters

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Business

Business & Economics

'Asian crisis in reverse' as currencies soar on the dollar

Summary

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76% Informative

A wave of dollar selling in Asia is an ominous sign for the greenback as the world's export powerhouse starts to question a decades -long trend of investing its big trade surpluses in U.S. assets.

Ripples from Friday and Monday 's record rally in the Taiwan dollar (TWD=X) are now spreading outward, driving surges for currencies in Singapore , South Korea , Malaysia , China and Hong Kong .

The moves sound a warning for the dollar because they suggest money is moving in to Asia at scale.

UBS estimates that if Taiwan 's insurance companies increased hedging ratios to their 2017-2021 averages, it could be worth some $70 billion in U.S. dollar selling.

Taiwan 's central bank has vowed to stabilise the local currency and even the island's president took the unusual step of recording a video message to insist the exchange rate was not part of trade talks.

Still, the market seems to be voting with its wallet.

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English

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