- USDTHB: moving in the range 32.42-32.44 this morning, supportive level at 32.30 resistance level at 32.50
- SET Index: 1,281.8 (+0.75%), 20 Nov 2025
- S&P 500 Index: 6,538.8 (-1.57%), 20 Nov 2025
- Thai 10-year government bond yield (interpolated): 1.726 (+1.53 bps), 20 Nov 2025
- US 10-year treasury yield: 4.10 (-3.0 bps), 20 Nov 2025
- US nonfarm payrolls rise 119K in September; unemployment hits 4.4%
- US weekly jobless claims fall; continuing claims increase
- Japan CPI inflation edges up in Oct as expected
- China leaves benchmark lending rates unchanged for the sixth straight month
- Dollar gains amid risk-off mood
US nonfarm payrolls rise 119K in September; unemployment hits 4.4%
The September jobs report showed headline payrolls rising 119k—well above the 50k forecast—with private payrolls up 97k, though prior months were revised down by a net 33k. The unemployment rate rose to 4.4% amid a slight uptick in participation, and wage growth eased to 0.2% M/M and held at 3.8% Y/Y. As the final labor print before the December FOMC, the mix of strong headline gains, higher unemployment, and downward revisions left markets leaning dovish and added to uncertainty for a Fed already split on the path of future cuts.
US weekly jobless claims fall; continuing claims increase
The DoL resumed weekly claims reporting and released the backlog from the shutdown, showing initial claims (w/e Nov 15) falling to 220k from 232k, better than the 230k expected. The missing weeks, starting Sept 27, mostly hovered near 230k before the latest drop. Continuing claims (w/e Nov 8) rose to 1.974 million from 1.946 million—above forecasts and the highest in four years—after steadily climbing during the shutdown.
Japan CPI inflation edges up in Oct as expected
Core CPI, which excludes fresh food, rose to 3% year-on-year in October from 2.9%, in line with expectations. A closer indicator for price trends that also strips out energy accelerated to 3.1% from 3%. Headline CPI also increased to 3% from 2.9%, reflecting sticky inflation largely driven by food prices. Poor harvests, especially in rice, along with rising global grain costs, have pushed food prices higher, potentially giving the Bank of Japan more reason to consider rate hikes.
China leaves benchmark lending rates unchanged for the sixth straight month
The People’s Bank of China kept its benchmark loan prime rates unchanged, marking the sixth straight month of stability, as Beijing signals less urgency for monetary stimulus. The one-year and five-year LPRs remained at 3.0% and 3.5%, respectively, following earlier inaction on the seven-day reverse repo rate, now seen as a key policy tool.
Dollar gains amid risk-off mood
The 10-year government bond yield (interpolated) on the previous trading day was 1.726, +1.53 bps. The benchmark government bond yield (LB353A) was 1.706, +2.64 bps. Meantime, the latest closed US 10-year bond yields was 4.10, -3.0 bps. USDTHB on the previous trading day closed around 32.47, moving in a range of 32.42 – 32.44 this morning. USDTHB could be closed between 32.30 – 32.50 today. The dollar saw modest gains in a broader risk-off move, though FX reactions were calmer than the sharper swings in US equities and crypto. G10 currencies weakened across the board. The euro largely followed USD dynamics, trading between 1.1508 and 1.1549, as in-line German PPI and a quiet backdrop for the pound—ahead of next week’s budget—offered little direction. The Japanese yen briefly climbed to 157.89 before retreating as risk sentiment shifted, a move likely welcomed by Japanese officials who are expected to maintain verbal intervention.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
