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TAIWAN
TAIWAN: USD/TWD sits just shy of neutral levels, last at TWD29.89. We've heard
some comments from Taiwan's central bank today. UDN cited Governor Yang
Chin-long as speaking against the prospect of negative interest rates, amid
worries about potential consequences for banks' profits and the dependence of
many Taiwanese on interests to cover daily expenses. Yang later told lawmakers
that the central bank has room to lower the benchmark interest rate and will
take note of decisions of other central banks across the world while shaping its
own policies. Yang added that global economic recovery will not happen in Q2,
but when it occurs it will take the shape of the "Nike swoosh logo".
- Losses past May 11 low of TWD29.81 would prompt bears to target Apr 30 low of
TWD29.72, the worst level since mid-2018. Bulls keep an eye on May 7 high of
TWD29.96. A break here would give them hope for a stronger rebound, bringing the
psychological TWD30.0 barrier into play.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com