| The Morning Call|

14-Nov-12 – TWD lowered to Neutral

13 November 2012 22:00 GMT David Semmens , Eddie Cheung , Robert Minikin , Sophii Weng , Thomas Costerg

  • Top 3 data/events • Euro area – Q4 GDP is likely to be worse than in Q3 • UK – Retail sales likely to have deteriorated in October • US – Retail sales likely fell; FOMC minutes could shed light on QE • Market focus • We lower our short-term FX weighting on the TWD to Neutral from Overweight • Sustained USD-TWD slide below 29.00 is unlikely; TWD NEER now exceeds 2012 highs • Real-money funds should trim exposure to the TWD, favouring the KRW and the PHP
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