- USDTHB: moving in the range 35.795-35.855 this morning supportive level at 35.70 resistance level at 35.90
· SET Index: 1,359.3 (-0.24%), 5 Mar 2024
· S&P 500 Index: 5,078.7 (-1.02%), 5 Mar 2024
· Thai 10-year government bond yield (interpolated): 2.55 (-1.00 bps), 5 Mar 2024
· US 10-year treasury yield: 4.13 (-9.00 bps), 5 Mar 2024
- US services sector slows in February; inflation moderating
- Euro zone business activity moves closer to recovery, PMI survey shows
- German services sector remains under pressure, PMI survey shows
- Dollar slips as data weighs; bitcoin retreats after hitting new high
US services sector slows in February; inflation moderating US services industry growth slowed a bit in February amid a decline in employment, but a measure of new orders increased to a six-month high, pointing to underlying strength in the sector. Despite the weakness in employment, comments from services businesses in the Institute for Supply Management (ISM) survey on Tuesday were generally upbeat, and suggested labor shortages remained a constraint for some. There were also no signs that inflation was picking up after a jump in prices at the start of the year, welcome news for Federal Reserve officials. Though financial markets expect the US central bank to start cutting interest rates this year, the timing is uncertain because inflation remains high, with most of the price pressures coming from services such as housing and utilities as well as finance, healthcare and recreation.
Euro zone business activity moves closer to recovery, PMI survey shows Business activity in the euro zone showed signs of recovery last month as the bloc's dominant services industry expanded for the first time since July, offsetting a deeper contraction in manufacturing. HCOB's composite Purchasing Managers' Index (PMI) for the bloc, compiled by S&P Global and seen as a good guide of overall economic health, jumped to 49.2 in February from January's 47.9, ahead of a preliminary 48.9 estimate. That was its best reading since June but remained below the 50-mark separating growth from contraction. A services PMI rose to 50.2 from 48.4, beating the 50.0 flash reading. An index covering new business was a whisker shy of reaching breakeven, optimism about the year ahead was at its highest in over a year and firms took on more workers.
German services sector remains under pressure, PMI survey shows Business activity in Germany's services sector remained under pressure from weak demand in February. The HCOB final services Purchasing Managers' Index (PMI) rose to 48.3 in February from 47.7 in January but remained below the critical 50.0 mark that separates growth from contraction. Inflationary pressures intensified, with rates of increase in input costs and output prices reaching the highest for ten and six months, respectively. On the bright side, firms' expectations for the year ahead improved to the highest since last April, which in turn supported a notable pick-up in the rate of job creation. The composite PMI index, which comprises services and manufacturing, fell to a four-month low of 46.3 in February from 47.0 in the previous month. The faster rate of decline was due to a sharp and accelerated reduction in manufacturing production.
Dollar slips as data weighs; bitcoin retreats after hitting new high The 10-year government bond yield (interpolated) on the previous trading day was 2.55, -1.00 bps. The benchmark government bond yield (LB31DA) was 2.555, -1.00 bps. Meantime, the latest closed US 10-year bond yields was 4.13, -9.00 bps. USDTHB on the previous trading day closed around 35.82 Moving in a range of 35.795-35.855 this morning. USDTHB could be closed between 35.70-35.90 today. The dollar edged down against a basket of currencies on Tuesday after data showed US services industry growth eased and as investors braced for a busy week that includes a European Central Bank rate decision, congressional testimony from Federal Reserve Chair Jerome Powell and US jobs data. Bitcoin hit a record high before retreating sharply in a volatile session. The world's largest cryptocurrency is up nearly 50% this year, fueled by investors pouring money into US spot exchange-traded crypto products and the prospect that global interest rates may fall. US services industry growth slowed a bit in February amid a decline in employment, according to the Institute for Supply Management (ISM).
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
