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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."