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Gains Amid Positive Risk Sentiment

TWD

Taiwan dollar is stronger on Friday, USD/TWD just dropping out of yesterday's range – the pair last down 0.033 at 27.75 and on track for a fourth day of declines. The pair is at the lowest since May 10 where it bottomed out at 27.7415, which denotes the lowest since the pair dropped past 28.00. Risk on sentiment is helping TWD, the Taiex is up over 1% alongside gains in other regional markets.

  • Taiwan's ruling party said yesterday it would double the planned stimulus increase in order to help protect the economic recovery from the recent resurgence in COVID-19 cases. The DPP will seek approval from lawmakers for an additional TWD 420bn on Monday from a previously announced TWD 210bn. This would effectively match the entire amount of stimulus deployed since the pandemic began. The latest restrictions will remain in place until at least mid-June. The government has some wiggle room in terms of stimulus, government debt is around 32% of GDP, there is a cap of 40.6% in Taiwan.
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