Taiwan Dollar Declines For Third Day

Taiwan dollar is weaker, USD/TWD on track to rise for a third day. The rate last changing hands at 27.848.

• The Taiwan Central Bank Governor Yang spoke on a range of subjects earlier, he noted that the economy may grow 6% this year but said this depends on trade and domestic consumption growth. Yang also noted that CPI was expected to trend lower in Q4.
• Yang also touched on Taiwan's status as a currency manipulator, he noted that Taiwan will remain in enhanced bilateral talks with US Treasury. Markets will look to trade data next week for clues on the development of the situation, a soaring trade surplus means it is likely to stay on the watchlist when the next report is released. The US refrained from labelling Taiwan a manipulator at its most recent report in April, but the current account surplus has continued to rise since then. Central Bank interventions have been reduced though, TWD is Asia's top performer this year as a result.