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Forex - Flows - USD/TWD heavy on yuan fix, Taiex gains
Written by article default Thursday, 14 October 2010 07:39
Bears continue their assault on the pairing and prices gapped lower to 30.540 lows this morning. Dollar remains sodden on quantitative easing anticipations and that PboC has set the USD/CNY mid point fix at the lowest since Jul 2005 added to the downside bias. Taiex took the cue from Wall Street last night as stocks turned buoyant on earnings results. The bourse gained >1% so far and that should cap the pairing as well. Tone is likely to remain heavy with the next support seen at 30.530. JA