Taiwan Dollar Soars Most Since 1988 On Tariff Hopes, Big Tech Earnings

The Taiwan dollar surged roughly 3% against the U.S. dollar on Friday—its largest single-day gain since 1988—as hopes rose for a thaw in U.S.-China trade tensions and strong earnings from Big Tech buoyed sentiment, Michael B. Kelley reported for Yahoo Finance.

Economic data showed Taiwan’s economy is growing faster than expected.

Bloomberg noted: “The Taiwan dollar, which rarely makes headlines, took center stage in the currency market on Friday as investor sentiment toward the island’s assets dramatically improved after China said it is assessing potential trade talks with the U.S.”

Economic data showed Taiwan’s economy is growing faster than expected, and optimism is rising that U.S. tech giants may ramp up semiconductor imports from the island. Taiwan remains the world’s largest producer of microchips.