Gains Continue

Taiwan dollar is stronger, on track to gain for the seventh session of the past eight, USD/TWD last down 0.066 at 27.696 to the lowest since mid-June. Bears will target 27.50 which denotes the cycle low hit in early June, the level was defended by the Taiwan Central Bank (CBC) who remain on the US Treasury's currency manipulator watchlist.

• Data earlier showed Markit Taiwan manufacturing PMI slipped slightly to 58.5 from 59.7. Commenting on the latest survey results, Annabel Fiddes, Economics Associate Director at IHS Markit, said: "Manufacturing firms in Taiwan signalled softer rises in output and new work during August, as the sector came under strain due to severe supply chain disruption and the re-emergence of the COVID-19 virus across a number of regions."
• On the coronavirus front the government announce it has purchases 20m doses of Moderna vaccine and also entered into non-binding agreement with AstraZeneca for further vaccine purchases in the future.