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Market activity before Christmas is quiet, but the US stock market is defying the trend and strengthening. On Wednesday, the three major US stock indices all rose, with the S&P 500 and Dow Jones both hitting new record closing highs. The Dow increased by 0.6%, the S&P 500 rose by 0.32%, and the Nasdaq gained a slight 0.22%. This five-day rally reflects investors' reassessment of the resilience of the US economy.
Economic data surprises to the upside, supporting corporate earnings outlook
Last week, the number of Americans filing for unemployment benefits fell to 214,000, below the market expectation of 223,500. Although this data is relatively optimistic, the employment market remains in a so-called "neither hiring nor firing" stalemate. As of the week ending December 13, the continued claims increased by 38,000 to 1.923 million.
More importantly, the US Q3 real GDP grew significantly to 4.3%, the fastest pace in two years, providing a strong earnings foundation for companies.

What You Need to Know Before You Start
Many Taiwanese investors have heard of U.S. Treasury bonds (also called U.S. government bonds), but few truly understand what they are, how to buy them, or how much they can earn. Today, we'll systematically introduce this the world's safest investment tool.
What Are U.S. Treasury Bonds
Simply put, U.S. Treasury bonds are bonds issued by the U.S. government to raise funds from investors. When you purchase a U.S. Treasury bond, it's equivalent to lending money to the U.S. government, which promises to return the principal and pay interest within the agreed timeframe.
Why are U.S. Treasury bonds so popular? The answer is simple— the U.S. government's credit rating is among the top in the world. Because of this credit guarantee, U.S. Treasury bonds are recognized as one of the lowest-risk assets in global investment portfolios. Whether individual investors or institutional investors, they generally consider U.S. Treasury bonds an important allocation in their investment portfolios.
Taiwan Buying U.S. Treasury Bonds: A Comparison of Three Methods
Want to buy in Taiwan

The Dramatic Reversal of the USD/TWD Exchange Rate
Last month, the market was still worried that the New Taiwan Dollar would break through 34 or even 35 against the US dollar. Little did they know that within just 30 days, the situation would change 180 degrees. The USD/TWD trend experienced a remarkable turnaround — in early May, the New Taiwan Dollar appreciated nearly 10% against the dollar over two trading days, setting a 40-year record for the largest single-day gain. During this period, it even broke the psychological barrier of 30 yuan, reaching a high of 29.59 yuan.
The magnitude of this appreciation is rare even across the entire Asian currency market. During the same period, the Japanese Yen rose by 1.5%, the Korean Won surged by 3.8%, and the Singapore Dollar increased by 1.41%. In comparison, the performance of the New Taiwan Dollar is truly unique. In fact, from the beginning of the year to early April, the USD/TWD was still depreciating, but within just a few weeks, it reversed and appreciated by over 8%. This reversal has been powerful enough to shake the entire financial market.
Deep Analysis of the Three Driving Forces Behind the USD/TWD Appreciation

Bank of Japan Governor Ueda Kazuo announced last Friday that the policy interest rate would be raised to 0.75%, hitting a 30-year high. In theory, this should strengthen the Japanese yen, but in reality, the opposite happened—USD/JPY surged past 157.4, and the yen depreciated accordingly. Behind this "reverse movement after the fact" (Sell the Fact), there is a massive interest rate betting scheme.
Why does the market dare to ignore hawkish signals?
$500 billion Unexploded Ammunition Depot
Morgan Stanley's latest research points out the problem—there are still about $500 billion in yen arbitrage trades open in the global financial markets. These funds borrow at low Japanese interest rates and invest in U.S. tech stocks, emerging markets, and cryptocurrencies to earn the interest spread.
The key is that the allure of the interest rate differential still exists. Even if the yen interest rate rises to 0.75%, compared to over 4.5% for the dollar, borrowing in yen to

In today's investment environment, although smartphones have become an essential daily tool, for serious traders, desktop online trading software still possesses irreplaceable core advantages. Let's first understand why these professional investors continue to insist on trading via desktop.
Why Desktop Online Trading Applications Remain the First Choice for Investors
Screen Size and Data Presentation
Desktop monitors offer a wide field of view, allowing complex technical charts and multi-dimensional data to be displayed comprehensively. Compared to the difficulty of clearly displaying technical indicators like MACD and KD on a 6-inch mobile screen, desktop online trading tools enable investors to observe price trends and market signals at a glance.
Multi-tasking Capabilities
The hardware architecture of computers supports monitoring multiple market windows simultaneously. Investors can track real-time movements of Taiwan stocks, Japanese stocks, and observe commodities markets all on one interface, a multi-window collaboration that is almost impossible to achieve on mobile devices. When the market

The Australian dollar is one of the top five major currencies by global trading volume (USD, EUR, JPY, GBP, AUD). The AUD/USD currency pair is highly liquid with low spreads, attracting a large number of active traders. For a long time, the AUD has been regarded by the market as a high-yield asset, becoming an important target for carry trades and hot money flows. However, when looking at the performance over the past ten years from a long-term perspective, the AUD has generally shown a weak trend, with rebounds occurring only during specific periods.
An exception was during the COVID-19 pandemic in 2020. At that time, Australia's pandemic control was relatively stable, demand for commodities like iron ore in Asia was strong, and the Reserve Bank of Australia’s policy support jointly drove the AUD/USD to rise about 38% within a year. However, most of the time afterward, the AUD remained range-bound or weakened. Starting in the second half of 2025, iron ore and gold prices rose, and the Federal Reserve’s rate cuts led to capital flowing into risk assets, pushing the AUD/USD up to 0.6636. That year, the AUD/USD

Imagine a scenario: the stock you hold is declining in price, yet the trading volume is increasing. Is this a warning sign or a buying opportunity? To answer this question, you need to understand the most practical tool in trading—the volume-price relationship.
From a trader's perspective, why is the volume-price relationship so important?
Stocks do not move in isolation. When the price changes, the accompanying trading volume reflects the true intentions of market participants. A rise with high trading volume indicates enthusiastic buyers; a rise with low volume may be a fleeting rebound. By observing the interaction between price and volume, traders can identify the strength of trends, spot turning points in market sentiment, and make more accurate decisions.
In short, the volume-price relationship is the market's "heartbeat"—it tells you the actual movement of main funds.
5 Core Volume-Price Relationship Quick Reference Table
| Volume-Price Performance | Market Characteristics | Trader Mindset |
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Taiwan dollar to Japanese yen has reached the 4.85 level, but do you really know how to exchange it most wisely?
This year, the yen has appreciated by 8.7% compared to the beginning of the year, resulting in good exchange gains. But the key question is: for the same 50,000 TWD, exchanging at the counter might cost you an extra 1,500-2,000 TWD, while online currency exchange can save half of that cost.
This article will directly tell you: the real costs of 4 ways to exchange Japanese yen, suitable scenarios, and how to prevent your money from just sitting idle after the exchange.
Why is it worth exchanging for yen? It’s not just for traveling
Many people think exchanging foreign currency is only for travel. But the yen actually has two major attractions:
Travel and consumption: Most merchants across Japan still mainly accept cash (credit card penetration is only 60%), so shopping in Tokyo, skiing in Hokkaido, or vacationing in Okinawa all require yen cash. Plus, demand for yen remains stable due to Japanese purchasing agents and studying or working abroad.
Investment hedging: The yen is one of the three major safe-haven currencies globally (along with the US dollar and Swiss franc).

The RMB to USD exchange rate has performed remarkably well recently. On December 25th, the USD to offshore RMB (USD/CNH) approached 6.9965 again, reaching the best performance since September 2024; the onshore RMB (USD/CNY) also hit 7.0051, marking a new record since May 2023.
Three Major Drivers Behind the RMB Appreciation
This wave of RMB appreciation is not accidental. Market analysis indicates it is mainly driven by three forces.
The overall weakening of the US dollar is the first important factor. Against the backdrop of the Federal Reserve's continued rate cuts, the US dollar index has declined by over 10% since the beginning of the year, with a recent one-month drop of more than 2%. The de-dollarization wave is sweeping across the globe, significantly weakening the dollar's purchasing power and relatively boosting the RMB's value.
Clear policy guidance from the central bank is the second support. Throughout the year, China's central bank has continuously raised the midpoint of the RMB exchange rate, signaling an intention to guide the RMB to appreciate through adjustments to the reference rate.

What is the biggest challenge when first entering the stock market? It often comes down to finding worthwhile targets within the vast ocean of stocks. Don't worry, let's work together to solve this problem. Whether you want to make quick short-term profits or plan to accumulate assets for the long term, this stock-picking secret will give you the answer.
Three Essential Questions to Ask First
Before you start selecting stocks, ask yourself these three questions, because your answers will directly determine your stock-picking strategy.
1. How do you want to play? Short-term or long-term?
Time frames are divided into two categories: from a few minutes to several months is short-term, and one year to over five years is long-term. This is not a multiple-choice question; you can pursue both simultaneously, but the proportions should be based on your own situation.
2. How much volatility can you tolerate?
Short-term trading carries higher risks because you may know very little about the companies you buy, purely following technical analysis. Long-term investing requires a deep understanding of the companies. Before deciding, think clearly about your psychological endurance and

In recent years, many investors have been increasingly focused on listed companies with high dividend yields. These companies provide stable cash dividends, helping investors achieve consistent returns amid market fluctuations. Especially during periods of poor market performance, investors often shift their focus from seeking high-growth stocks to looking for quality companies that offer stable dividends.
However, for novice investors, it is not easy to select stocks based on dividend yield. This article summarizes the basic concepts of dividend yield, calculation methods, stock selection considerations, and the top high-dividend-yield stocks over the past four years, helping you make more informed decisions in a complex investment environment.
What is Dividend Yield?
Dividend Yield is a key financial indicator used to measure how much a company pays in dividends annually relative to its stock price. Unlike simply looking at the dividend amount, dividend yield considers both the per-share dividend and the stock price, providing a more accurate reflection of the return.

The Most Loved Technical Analysis Tools by Traders
In forex trading, a set of mathematical patterns derived from nature is widely used — these are the trading indicators based on the Fibonacci sequence. This method is popular because it helps traders accurately identify reversal points in asset prices.
The name Fibonacci comes from Leonardo Pisano, an Italian mathematician from the 13th century, who introduced the golden ratio to the Western world. The concept of the golden ratio has long existed in the universe — from plant spirals to galaxy structures, this ratio is everywhere. The financial markets are no exception; traders have found that the golden ratio also applies to price fluctuation patterns.
Mathematical Foundation of the Fibonacci Sequence
To understand its application in trading, one must first grasp the Fibonacci sequence itself. The magic of this sequence lies in the fact that each number is the sum of the two preceding ones.
0, 1

Why are traders all using Fibonacci?
In the foreign exchange market, there are countless technical analysis tools, but one tool that has stood the test of time and has been widely used from ancient to modern times is the trading indicator derived from the Fibonacci sequence. This tool is popular because it helps traders quickly identify areas where prices may stagnate or reverse, enabling them to develop more precise entry and exit strategies.
Many people think it's just a mathematical coincidence, but in fact, the golden ratio embedded in the Fibonacci sequence is widely present in nature and financial markets. In the 13th century, Italian mathematician Leonardo Pisano (pen name Fibonacci) introduced this ratio to the Western world, allowing modern traders to apply it to price trend analysis.
The Mathematical Secrets of the Fibonacci Sequence
To understand its application in trading, first, you need to grasp the Fibonacci sequence itself.
This sequence is

Moving averages are one of the most fundamental and practical tools in technical analysis. Among various moving averages, the Simple Moving Average (SMA) is popular among many new traders because of its ease of understanding and calculation. This article will guide you through the principles of SMA and how to optimize trading decisions using strategies like the 200-day moving average.
How is the Simple Moving Average calculated?
The core principle of the Simple Moving Average (SMA) is straightforward: sum all closing prices over a specified period and then divide by the number of days.
Let's look at a concrete example: suppose a stock's prices over the past 15 days are as follows:
First week (5 days): 30, 35, 38, 29, 31
Second week (5 days): 28, 33, 35, 34, 32
Third week (5 days): 33, 29, 31, 36, 34

Employment data heightens market concerns, US stocks fluctuate
The latest data from the U.S. Bureau of Labor Statistics shows that non-farm employment increased by 64,000 in November, surpassing the expected 50,000. However, market focus shifted to the unemployment rate — which rose to 4.6% that month, reaching a new high since September 2021, above the forecasted 4.4%. This data reflects an intriguing phenomenon: companies are neither significantly laying off workers nor actively hiring, but are adopting a conservative staffing strategy. Industry analysts point out that this attitude is partly driven by optimistic expectations about the prospects of artificial intelligence applications.
Influenced by employment data, the performance of the three major US stock indices diverged. The Dow Jones Industrial Average fell by 0.62%, the S&P 500 declined by 0.24% (marking three consecutive days of decline), while the Nasdaq Composite slightly rebounded by 0.23%. European stock markets all declined, with the UK FTSE 100 dropping by 0.6%.

Recently, the foreign exchange market has put pressure on the US dollar, with the US Dollar Index declining for nine consecutive days, mainly due to market expectations that the Federal Reserve will cut interest rates and rising expectations of interest rate hikes by the Bank of Japan. Additionally, historical data shows that December is usually the "month of decline" for the US dollar, which may continue to fall. Investors should pay attention to future policy developments to assess the dollar's trend.

New Taiwan Dollar to Japanese Yen reaches the 4.85 threshold, with the tourism boom and foreign exchange investment demand rising simultaneously. But how many ways are there to exchange Yen? How can you avoid being "cut" by exchange rate differences? This article breaks down the latest bank rates, handling fees, and exchange rate differences all at once.
4 Methods to Exchange Yen, Cost Comparison Chart at a Glance
Many people are used to directly exchanging at bank counters, but they don't realize that the exchange rate difference alone can eat into their money. For example, with 50,000 TWD, the cost difference among different methods can be as high as 1,000-2,000 TWD.
Method 1: Bank Counter Cash Purchase and Sale (Most Traditional and Most Expensive)
Simply go to a bank or airport counter to exchange TWD for Yen in cash. It's the easiest operation but also the most costly. Banks use the "cash selling exchange rate," which is usually 1-2% worse than the spot rate.
Taking Taiwan Bank's rate on December 10, 2025, as an example, the cash selling exchange rate is approximately 0.2060 (meaning 1 TWD exchanges for 4

What exactly is the US Dollar Index measuring?
When you see news headlines mentioning "Dollar strengthening" or "Dollar weakening," what they're really referring to is the change in the US Dollar Index (USDX or DXY). The core logic of this index is simple: it uses a number to tell you whether the dollar is appreciating or depreciating relative to other major international currencies.
Imagine the components of the US Dollar Index as a "global currency check-in sheet." The dollar is compared against six key currencies, and through their exchange rate movements, it reflects the dollar's strength in the global financial market. This design is important because the dollar almost dominates the pricing of global commodities, energy, gold, and other assets— in other words, fluctuations in the US Dollar Index can act like dominoes, influencing the entire financial market's direction.
What are the six currencies that make up the US Dollar Index?
The calculation of the US Dollar Index is not simply an average of the six currencies, but is based on the economic strength of each country.

The night before the interest rate decision, the market is full of uncertainty
This Thursday (December 11), the final FOMC meeting of 2025 is about to take place. Although Powell has stated that a rate cut in December is not certain, market prices reflect an 87.2% probability of a cut, and it is expected that there will be two rate cuts in 2026.
However, a key variable is disrupting the Federal Reserve's decision-making process. The U.S. government has been shut down for 43 days since October 1, leading to the absence of critical economic data. This means that the October non-farm payroll data will be delayed and included in the November report released on December 16, and the October CPI has not been published at all, with the November CPI not expected until December 18. The absence of these two data points has directly amplified internal divisions within the Fed, making decision-making even more difficult.
Economic fundamentals show signs of hope, but policy paths remain uncertain
Based on the released economic data, the U.S. unemployment rate for September rose to