0828 GMT [Dow Jones] The USD/TWD is higher at 30.095 vs 29.995 in late
Asian trade Friday, due to foreign equity fund outflows amid renewed
concerns over the health of Spain's banking system, say two local bank
traders. The Taiex ends down 1.9% at 7028.73. The traders add that
Taiwan's central bank was suspected of buying around 30.04 to support
local exporters. "Recent economic data showed that Taiwan's economic
fundamentals are deteriorating. The local currency is likely to weaken
further in the near term," says one trader. The traders tip the pair
to trade in a 30.05-30.10 band Tuesday. (lorraine.luk@dowjones.com)
Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
(END) Dow Jones Newswires
July 23, 2012 04:28 ET (08:28 GMT)
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