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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
TWD
Taiwan dollar is weaker, USD/TWD above the 28.50 handle for the first time since December 3. The 28.50 had previously held when the rate took at run at the level in December. The rate is now above its 100-day moving average for the first time since April 2020. Above 28.50 opens up a run to 28.80 to fill the opening gap from December. The central bank has built up significant reserves purchasing USD to protect the 28.00 level, so there is scope for USD sales to bring the rate back below 28.50 into the close, despite the risk of being labelled a currency manipulator.
- Following earlier reports that Intel was to invest around $20bn on two new chip plants in Arizona, Taiwan's EconMin Wang has said Taiwan says its not threatened by Intel's massive investment in new chip plants. The Taiex is under pressure though with TSMC among the laggards. Exchange data showed foreigners sold $189m of Taiwanese stocks yesterday.
- Data after market yesterday showed industrial production dropped in February, the figure dropped to 2.96% y/y in February from just over 19% y/y in January. The sharp drop was attributed to the survey period falling over LNY, taken in conjunction with a sharp decline in retail sales it seems like activity was essentially paused over the holiday.
- Fig 1: Taiwan Foreigner Stock Flows
Source: MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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