Free Trial

Taiwan Dollar On Track To Extend Rally

TWD

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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.