On Track For Fourth Day Of Gains

Taiwan dollar is stronger again on Thursday, USD/TWD down 0.025 at 27.711, on track for a fourth straight session of lower closes with the rate rising just once in the past nine sessions. Bears will target yesterday's low at 27.678 before looking to 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.

• On the coronavirus front the first batch of BioNTech's COVID-19 vaccine arrived in Taiwan on Thursday, helped by the involvement of two Foxconn and TSMC after Taiwan blamed China for blocking an original order from the German firm this year which Beijing has vehemently denied. Taiwan's government allowed Foxconn and TSMC to negotiate on its behalf for the doses. A $350 million deal for 10m inoculations was reached in July, the doses will be donated to the government, the vaccine rollout is expected to start in mid-September.