The New Taiwan Dollar has recently surged, closing at 30.28 to the US dollar on Tuesday. Not only the TWD, but other Asian currencies are also climbing. South Korean Central Bank Governor Lee Chang-yong admits that part of the reason is that the United States is discussing exchange rates with Asian countries, but it is unclear whether the US wants a stronger or weaker dollar, which may become clear in a few weeks.

US President Donald Trump seems to have recently joined the cryptocurrency movement, stating that those who purchase his issued meme coin will have the chance to have dinner with him. Currency exchange clients remarked, “If I exchange 10,000 USD, I could save at least 20,000 to 30,000 NTD, I heard it may drop to 28 NTD.”

There are several reasons for the rapid appreciation of the New Taiwan Dollar, one being the influx of hot money and the uncertainty surrounding tariff negotiations with the US, causing the previously weaker USD to depreciate and the TWD to recover.

Economic analyst Chi Wei-ming stated, “Other Asian currencies had already shown clear upward trends in the first half of the year, while the New Taiwan Dollar had once depreciated to 33 TWD. As such, the appreciation space for the New Taiwan Dollar is larger than for other currencies.” The TWD briefly broke the 30 mark, returning to 30.28 on Tuesday, up 6% this month.

In comparison, the Korean Won also strengthened by 3%, while the Japanese Yen and Thai Baht recently increased by less than 2%, showing that the TWD is stronger.

According to data from Chinese CCTV, the average daily fluctuation of the Korean Won against the dollar was 9.7 won in April, with a volatility rate of 0.67%, more than double that of March, reaching a new high since November 2022. Recently, the Korean Won has also experienced significant fluctuations due to uncertainties surrounding tariffs, coupled with domestic political turmoil and the activation of interest-rate cuts, making the Won weaker than the TWD.

Economic analyst Chi Wei-ming highlighted, “If the political and economic landscape in Korea remains unstable, the Korean Won still has further devaluation risks.”

In comparison, the Bank of Japan maintains its traditional conservative stance. CCTV reporters noted, “Compared to the currency policy meetings held by the Bank of Japan yesterday, the USD/JPY saw a drop of more than 2 yen.”

However, the Bank of Japan's Governor Ueda emphasized that as long as the economy and prices meet expectations, interest rates will continue to rise in the future, creating potential upward pressure on the Yen, but it remains weaker than the TWD.

Economic analyst Chi Wei-ming added, “While the Yen indeed has potential for appreciation, I believe its appreciation space is not as large as that of the TWD. This is mainly because the New Taiwan Dollar has long been perceived as undervalued.”

The trend of Asian currencies also heavily depends on the US's actions. The dollar index retested the 100 mark on Tuesday, with the market closely watching Trump’s fluctuating policies. If the Federal Reserve cuts rates as expected this year, there may still be room for the dollar to depreciate. With the economic outlook unclear, cryptocurrency is experiencing a resurgence, becoming not only a hedge but also a potential political fundraising tool at the presidential level. Trump's previously issued meme coin has surged 60% recently, simply because he claimed that purchasing the coin would lead to a dinner invitation with him.

According to Reuters, the top 220 buyers of the Trump meme coin will be invited to a private dinner on May 22. Additionally, the top 25 holders will receive a VIP reception and special guided tour with the President. To participate, one must purchase a ticket for 4.5 million NTD.

This is expected to be the most expensive dining experience with Trump in history. CNN reports that the cryptocurrency transaction fees have already earned Trump and his businesses over $1 million.

Not only is Trump profiting, but his son Eric Trump also announced a $2 billion cryptocurrency transaction at a cryptocurrency forum in Dubai. At the forum, Eric Trump criticized the failures of traditional banking systems and announced a $10 billion real estate investment, letting future buyers purchase properties in Trump's Dubai Tower with cryptocurrency.

US President Trump stated, “I am a fan of cryptocurrency. We will make America an unparalleled Bitcoin superpower, and the capital of cryptocurrency worldwide.” Although he previously described Bitcoin as risky and a scam three years ago, Trump now enthusiastically embraces cryptocurrency.

The future appreciation of Asian currencies is likely to be influenced by Trump's policies.