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Estoxx close the gap

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Continued push higher

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TWD

Taiwan dollar has continued its move higher on Wednesday, USD/TWD last down 0.061 at 27.80 the lowest since May 10. 1-month 25 delta risk reversals are hovering around 0.00 after being positive since March.

  • On the coronavirus front Taiwan DPP is blocking entry of Chines firms vaccines according to China's foreign minister, Zhu said China is willing to help Taiwan with vaccines. In the past 24 hours Taiwan recorded 281 cases and imported cases, the government will extend closure of all schools until June 14 along with other soft lockdown measures.
  • The Taiex is lower today, coming under pressure after a negative lead from the US, despite gains in other markets in the region. Citi says that the direction of TWD is tied to the bourse: "If the bullish tone in the local equity market can persist, our trader thinks that onshore spot may test the range lows at 27.800 if local cases of COVID-19 improve too."
  • As a note several markets in Asia are closed for public holiday's today, which is likely to keep liquidity thin; Singapore, Indonesia, Thailand, Malaysia and India are all closed today.

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