USD/TWD: Uptrend is likely to extend on a break past 31.50/31.58 – SocGen

The TWD is languishing ahead of the presidential election on Saturday. Economists at Société Générale analyze USD/TWD outlook.

Positioning for Taiwan presidential election may spur safe haven-demand for Bonds, Gold, Swissie

Safe-haven demand ahead of the presidential election in Taiwan on Saturday could see investors buying government debt, the Swiss Franc and Gold.

USD/TWD has experienced a quick bounce after testing the trend line drawn since 2022 near 30.48. Cross above the upper band of a pattern resembling falling wedge denotes possibility of further upside.

Recent gap at 30.80 is near term support. Defence of this level can lead to continuation in up move towards 50-DMA and recent pivot high at 31.50/31.58; this is an important hurdle. If the pair overcomes this zone, the uptrend is likely to extend.

Jan 12, 2024

WTI soars to near $74.50 as supply concerns deepen after US airstrikes on Houthi group

West Texas Intermediate (WTI), futures on NYMEX, has climbed strongly to near $74.50 as investors worry about deepening oil supply concerns due to mounting tensions for merchant vessels through Red Sea.

Oil jumps over 3% after joint strike on Houthi positions in Yemen

Oil prices are jumping higher after overnight strikes from the United Kingdom and the United States against Houthi positions in Yemen. The strikes are the next step in the story around the Red Sea where vessels and freight ships have been attacked