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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.
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