USD/TWD On The Rise, Central Bank Steps Up Intervention

        0223 GMT [Dow Jones] USD/TWD may rise at a faster pace as the slope of the daily Bollinger uptrend channel steepens, moving the support line to 30.650. The central bank was suspected of buying U.S. dollars again Tuesday, creating an artificial support at around 30.715. The intervention by the central bank has been getting more aggressive this week; on Monday the authorities were said to have been buying USD/TWD at 30.670. The central bank typically has a bias for a weaker currency to help its exporters--especially as currencies of regional export rivals fall broadly. Meanwhile, USD/JPY hits a new seven-year high, adding to general USD/Asia demand. USD/TWD is now 30.761 from its Tuesday close of 30.732. (ewen.chew@wsj.com)
        (END) Dow Jones Newswires

        November 18, 2014 21:23 ET (02:23 GMT)

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