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The Taiwan dollar weakened on Tuesday, weighed down by the Japanese yen, as the market waited for the US Federal Reserve to air any concerns it may have about inflation at an upcoming meeting. The Taiwan dollar opened at T$33.305 against the US dollar, weaker than Monday's close of T$33.276. By 0110 GMT the currency was at T$33.310.
One dealer expected the Taiwan dollar to trade between T$33.250 and T$33.350 on Tuesday. "The US dollar jumped against the yen, which is what is influencing the Taiwan currency this morning, although we'll have to wait and see whether foreign capital flows offer support," one Taipei dealer said.
The US dollar was at 119.32 against the yen, up from around 119.03/08 per yen late in Asia on Monday, when the dollar began the week on an upbeat note, rising around 0.5 percent against the yen and the euro.
Investors have adjusted their positions ahead of the Fed's two-day meeting due to start later in the session. With the central bank widely expected to keep interest rates unchanged at 5.25 percent for the third meeting in a row, the market is focusing on the statement that accompanies the decision.
The Taiwan dollar usually mirrors moves in the yen because Japan is the island's largest source of imports. The Taiwan dollar also weakened on the smaller Cosmos exchange T$33.310 from T$33.270.

Copyright Reuters, 2006

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