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28.00 Handle Looms Nearer

TWD

The Taiwan dollar is stronger again today, moves muted compared to earlier this week. USD.TWD last down 0.047 at 28.073, having bounced from session lows at 28.038. The Taiwan Central Bank has said that it only intervenes in extraordinary circumstances after being warned by the US Tsy to stop defending the currency. However, price action yesterday suggests the CBC intervened as overseas banks sold TWD down to 28.067. A close below the 28 level would strongly suggest the central bank had changed its stance.

  • Elsewhere, data yesterday showed Taiwan March export orders rise 33.3% Y/Y, while export orders rose 42.9% Y/Y. This is the thirteenth straight month of expansion for orders. The increase was driven by global demand for semiconductors. Following the report officials predicted further strength, forecasting growth between 29.8% and 33.7% in April.

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