2012.05.24 10:29:43 MARKET TALK: USD/TWD Higher; 29.700 Resistance Eyed Fri -Traders

0829 GMT [Dow Jones] The USD/TWD rises on foreign fund outflows, importers' oil-settlements and suspected intervention by the local central bank, say two local traders. The pair is at 29.645, the highest closing level in the onshore trading session since Feb. 1, vs 29.586 late Wednesday in Taipei; the central bank was suspected of buying around 29.580 late in the session to keep the pair in its target range, they say. The falling EUR/USD, hit by weaker-than-expected economic data from Europe, pushed the pair to 29.580 in the afternoon, after it traded below 29.550 for most of the morning session. "If the U.S. stocks fall later, the greenback may keep rising on weak risk appetite amid concerns over Europe," one of the traders says. They tip the pair in a 29.550-29.700 band Friday. Taiwan shares end 0.3% lower, with foreign investors net sellers of NT$1.37 billion worth of local shares. (fanny.liu@dowjones.com) Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com (END) Dow Jones Newswires May 24, 2012 04:29 ET (08:29 GMT)