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TWD Surges, As Net Equity Inflows For Past 2 Sessions Strongest Since 2005

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Spot TWD was the best performer within the region yesterday, rising 0.9%, This puts USD/TWD back close to 31.10, fresh lows since mid-September. A break below 31.00, which also coincides with the 100-day EMA could pave the way for more gains. On the topside the 50-day EMA comes in at 31.595.

  • The 1 month NDF has already broken down through this level (30.94 for the 100-day EMA), closing in NY just under 30.60.
  • The last two sessions have seen a combined $2.9bn in offshore net inflows for Taiwan equities, which is the strongest back-to-back flow days since end 2005. This has put net inflows for the past month back in positive territory for the first time since the start of this year. Taiwan is also catching up with the improved flow trend already seen for South Korea, see the chart below, amid a better backdrop for tech related-equities.
  • Near term equity momentum may remain positive, as ADRs for TSMC rose by nearly 7% in the US after the bell this morning. This followed reports Berkshire Hathaway accumulated a new position in the company through Q3.

Fig 1: Taiwan Net Inflows Surge In Recent Sessions

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Spot TWD was the best performer within the region yesterday, rising 0.9%, This puts USD/TWD back close to 31.10, fresh lows since mid-September. A break below 31.00, which also coincides with the 100-day EMA could pave the way for more gains. On the topside the 50-day EMA comes in at 31.595.

  • The 1 month NDF has already broken down through this level (30.94 for the 100-day EMA), closing in NY just under 30.60.
  • The last two sessions have seen a combined $2.9bn in offshore net inflows for Taiwan equities, which is the strongest back-to-back flow days since end 2005. This has put net inflows for the past month back in positive territory for the first time since the start of this year. Taiwan is also catching up with the improved flow trend already seen for South Korea, see the chart below, amid a better backdrop for tech related-equities.
  • Near term equity momentum may remain positive, as ADRs for TSMC rose by nearly 7% in the US after the bell this morning. This followed reports Berkshire Hathaway accumulated a new position in the company through Q3.

Fig 1: Taiwan Net Inflows Surge In Recent Sessions

Keep reading...Show less