Forex - Taiwan Flows: USD/TWD; An evolving oil scandal will cost food industry an estimated loss of TWD 16.7 billion


Published at 04:40 (GMT) 21 Oct

 

Taiwan Flows: USD/TWD; An evolving oil scandal will cost food industry an estimated loss of TWD 16.7 billion (JALC7601)

Focus Taiwan: An evolving edible oil scandal will cost the food industry an estimated TWD16.7 billion (USD517 million) in losses, a scale that warrants calling it a "national security issue," officials said Monday (20 Oct). Emerging from the second high-level "food safety" meeting since the latest food scare was disclosed earlier this month, the officials said President Ma Ying-jeou, who chaired the meeting, was determined to clean up edible oil problems to restore people's confidence in the food market.

On FX, USD/TWD was shipped lower to 30.360-90 levels on broadly weaker overnight dollar. The pair is however still comfortably within the recent consolidation range of 30.325-440. A breach above 30.431 will be needed to see renewed upward momentum. Taiex in mild red of 0.1%. IF

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