Published at 04:40 (GMT) 21 Oct
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
Recommended Content
Editors’ Picks
USD/JPY drops toward 142.00 ahead of BoJ policy decision
USD/JPY has turned south, approaching 142.00 in the Asian session on Friday. Markets turn risk-averse and flock to the safety in the Japanese Yen while the Fed-BoJ policy divergence and hot Japan's CPI data also support the Yen ahead of the BoJ policy verdict.
AUD/USD bears attack 0.6800 amid PBOC's status-quo, cautious mood
AUD/USD attacks 0.6800 in Friday's Asian trading, extending its gradual retreat after the PBOC unexpectedly left mortgage lending rates unchanged in September. A cautious market mood also adds to the weight on the Aussie. Fedspeak eyed.
Gold price treads water below record peak, awaits Fedspeak
Gold price hovers below the all-time peak touched earlier this week amid a bearish US Dollar and rising bets for more upcoming rate cuts by the Fed. Concerns over an economic downturn in China keep the safe-haven Gold price afloat. Fedspeak remains on tap.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV
Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD (RUSD) stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.