VIEW: ANZ note that "historically,......>

DOLLAR-ASIA: VIEW: ANZ note that "historically, the TWD tends to weaken in the

month of July, something we attribute to dividend repatriation by foreign

investors. However, the largest dividend paying company in Taiwan has moved to a

quarterly payment profile since late last year, rather than paying it all in

July as was the previous case. This could see a change to the TWD's seasonal

pattern, where the July weakness will no longer be as pronounced. We note that,

contrary to expectations, the TWD has tended to appreciate slightly leading up

to the last three quarterly dividend payments. We remain positive on TWD, and

expect continued foreign inflows to support the currency. We see USD/TWD at

TWD29.25 by the end of the year, with a bigger move towards TWD29.00 possible."