MARKET TALK: USD/TWD Up; 29.55-29.65 Range Tipped -Traders

The USD/TWD is higher on buying from foreign investors and importers, tracking the greenback's strength against most major currencies amid lingering concerns over the euro-zone's debt problems, say two local traders. The pair is at its intraday high of 29.635 vs 29.535 late Wednesday in Taipei. The traders say the local central bank was suspected of buying around 29.590, and lifting the pair above 29.600. One of the traders says exporters' settlements around 29.590 capped the pair's gains, "but the greenback is still likely to advance further if U.S. stocks fall again later in the global day," the trader adds. The traders tip the pair in a 29.550-29.650 band Friday. Another trader says, if U.S. stocks drop more than 1%, the pair may even test the 29.700. Taiwan shares ended 1.7% lower, with foreign investors net sellers of NT$1.30 billion worth of local shares.