Vaccine Help On The Way

USD/TWD closed back above 28.00 yesterday for the first time since April 23 as TWD lost ground over coronavirus concerns. The negative sentiment is evident in NDF's, the 1-month NDF has seen a significant swing in the past week from the lowest since late January to the highest since April, while the negative spread between forwards and spot has eroded. Equities fell again yesterday, dropping almost 3% after a 9% decline last week.

• Elsewhere the US will provide up to 80 million doses of COVID-19 vaccines to other countries by the end of next month, President Biden said Monday, reiterating his pledge to turn his country into an "arsenal" of vaccines for the entire world. The GAVI Vaccine Alliance has also said more vaccines should arrive in Taiwan Soon. Taiwan is reportedly one of the countries in talks with the US. Taiwan has reported more than 700 new domestic infections over the past week, leading to new curbs in the capital.