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Taiwan Dollar On Track To Extend Rally


Taiwan dollar is the best performer among Asia EM currencies on track for the sixth session of gains in the last seven. USD/TWD last down 0.028 at 27.887 and hitting the lowest since July 5. The pair is approaching the 50-DMA at 27.8795. Resistance is seen at 28.0375.

  • On the coronavirus front there were 16 new cases on Tuesday, the recent decline in case numbers has led to a slight relaxation of restrictions in Taipei, restaurants can now allow dine in meals but authorities have warned restrictions can be tightened if cases rise.
  • The Taiex is slightly higher, on track for a three day rally today; Chinese automobile chip maker stocks tumbled after the government launched a probe into possible price manipulation which could translate into some pressure on Taiwan chip stocks.
  • There is no domestic data on the docket today, markets await CPI and foreign reserves data tomorrow.

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