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Close Below 28.00 Remains Elusive

TWD

USD/TWD closed at 28.201 yesterday, rising above the 28.00 handle on the close despite keeping below the figure for the majority of the session. The pair did rise through the session as USD saw a bid and a general risk off tone impacted EM FX.

  • As mentioned, equities in the region were lower, the Taiex shedding 2.4%. Foreigners sold a net TWD 20.97bn, this brings total net selling since the start of last week to TWD 98.537bn.
  • Elsewhere, Advanced Micro Devices (AMD) reported earnings after-market on Tuesday and gave an upbeat forecast, reflecting strong demand for its chips – AMD chips are made by TSMC. Elsewhere, there were reports in the DigiTimes that Intel signed an outsourcing contract with TSMC last year to making certain chips for the firm in 2022. Intel would be TSMC's second biggest client on 3 nanometer chips after Apple.
  • There is no data coming up in the session today, but the NTA will sell 3-month bills.
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