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Tracking Recent Ranges, Higher Equities Offset By Weaker Yuan, May Trade Data Out Later

TWD

USD/TWD is stuck in the middle of its recent range, last ~30.71. On the topside, the 200-day MA near 30.835 is offering resistance, while support is evident at the 50-day MA around 30.63/64, and below that is the 100-day MA at 30.52.

  • TWD looks cheap relative to the continued strengthening in onshore equities, with the TWSE last near 16900, amid on-going tech optimism. The pace of equity inflows has slowed from offshore investors though.
  • Another offset is coming from more elevated USD/CNY levels, with China still an important trading partner.
  • Later today, May trade figures are due. The market expects export growth to be at -14.2% y/y, versus -13.3% prior. Imports are forecast at -21.3% y/y, versus -20.2% prior.
  • Taiwan is an important cog in the global supply chain, particularly in the tech space, so these prints will be watched from that standpoint as well as economic momentum for Taiwan.
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