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USDJPY TECHS

Resistance Remains Intact

FED

Reverse Repo Operation

FOREX

Softer Greenback Extends GBP Bounce

EURGBP TECHS

Eyeing Key Support

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  • Taiwan dollar is slightly lower in early trade, USD/TWD back below the 28.00 handle for the first time since July 16 after dropping below the level yesterday.
  • Data released yesterday showed that the unemployment rate rose than expected in June, printing 4.76% against expectations of 4.25%. Most the jobs lost came from the service sector due to the effects of the soft lockdown during the survey period. The data also showed that hours worked also fell. There are government schemes in place to support companies and workers, subsidies of TWD 40k per employee are provided for firms that have lost more than half of their revenue while low interest loans are available to SME's, officials said yesterday that the cabinet was considering new measures after doubling the amount of stimulus in May.
  • Concern over the spread of the delta variant remains, though there is some optimism from the government around achieving its goal of 25% vaccination rates earlier than planned. Officials originally aimed to reach 25% by the end of July but say that vaccine take up has increased this week. The government also announced plans to ease limits on social gatherings to 50 people indoors and 100 people outdoors from July 27, from 5 and 10 respectively.