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Cements Short-Term Reversal


BLOCK, Late put Fly


Extends Break of the 50-Day EMA

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Volatility Declines


Spot USD/TWD is broadly flat on the session, bucking the trend for weaker Asia FX, the rate last at 27.954.

  • The pair continues to look for a close underneath the 28.00 handle, 1-month implied volatility has continued its decline as the central bank "smooths" the rate into the close, volatility is now at matching the lowest levels since early December and you have to go back to January 2020 to find lower 1-month volatility.
  • Elsewhere Taiwan released a statement where it said it regrets Guyana's decision to abandon an agreement to open an office in the South American nation due to pressure from China.
  • Market participants look ahead to January CPI data after market, the headline Y/Y print is expected at 0.01% after 0.06% last time out. Foreign reserves data is also released with some interest in USD accumulation as possible evidence of central bank intervention.

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