- USDTHB: moving in the range 32.30 – 32.33 this morning, supportive level at 32.25 resistance level at 32.45
- SET Index: 1,517.26 (+2.27%), 13 May 2026
- S&P 500 Index: 7,444.25 (+0.58%), 13 May 2026
- Thai 10-year government bond yield (interpolated): 2.180 (+1.79 bps), 13 May 2026
- US 10-year treasury yield: 4.46 (+0.00 bps), 13 May 2026
- Trump lands in China amid focus on his talks with Xi about trade, Iran war
- PPI surges, outpacing forecasts and previous figures
- Fed officials flag sticky inflation risks, with policy outlook still data-dependent
- Bank of Thailand warns on stimulus limits as growth slows sharply
- Dollar strengthens as hot PPI keeps rate hikes in play
Trump lands in China amid focus on his talks with Xi about trade, Iran war
Donald Trump arrived in Beijing for a high-stakes summit with Xi Jinping aimed at stabilising US–China relations amid tensions over the Iran war and competition to control AI. Tech CEOs including Jensen Huang and Elon Musk joined the trip. According to Reuters sources, US and China are reportedly weighing tariff cuts on around $30bn of imports, with Presidents Trump and Xi expected to discuss a more managed trade framework in Beijing, as Washington shifts toward numerical trade target. The White House has not ruled out Chinese investment into the US, while Beijing said it welcomes Trump’s visit and is ready to engage on the basis of mutual respect and cooperation.
PPI surges, outpacing forecasts and previous figures
US PPI came in far hotter than expected, with headline prices rising 1.4% M/M and 6.0% Y/Y, while core PPI accelerated to 1.0% M/M and 5.2% Y/Y, signalling persistent and broadening inflation pressures beyond energy. A 1.2% jump in final demand services reinforced sticky services inflation, while supercore PPI rose 0.6% M/M and 4.4% Y/Y, highlighting firm underlying price pressures despite mixed PCE components.
Fed officials flag sticky inflation risks, with policy outlook still data-dependent
Fed’s Kashkari said inflation remains too high and warned the Strait of Hormuz uncertainty could significantly lift inflation. Fed’s Collins said policy must stay restrictive for now, though cuts are still possible later this year, while noting further hikes may be needed if inflation persists and that policy is “well positioned.” In a separate report, the Senate confirmed Kevin Warsh as chair of the Federal Reserve with a 54-45 vote, the slimmest confirmation margin ever for a head of the central bank.
Bank of Thailand warns on stimulus limits as growth slows sharply
According to minutes from its April meeting, the Bank of Thailand warned against broad consumption stimulus, saying it could limit fiscal flexibility amid ongoing spillovers from Middle East tensions. The MPC said consumption-led measures would provide only temporary support, favouring structural reforms while preserving fiscal space. The central bank expects growth to slow sharply to 1.5% this year from 2.4% last year. It also estimated that the stimulus package could lift growth by 0.6pp this year before reducing it by 0.4pp in 2027 due to base effects, while noting the impact on inflation is likely to remain limited given weak domestic demand.
Dollar strengthens as hot PPI keeps rate hikes in play
The 10-year government bond yield (interpolated) on the previous trading day was 2.180, +1.79 bps. The benchmark government bond yield (LB365A) was 2.18, +1.00 bps. Meantime, the latest closed US 10-year bond yields was 4.46, +0.0 bps. USDTHB on the previous trading day closed around 32.36, moving in a range of 32.30 – 32.33 this morning. USDTHB could be closed between 32.25 – 32.45 today. The dollar strengthened after another hot inflation report, with PPI rising more sharply than CPI and reinforcing hawkish market sentiment. The euro traded softer and largely sideways despite ECB commentary, while the British pound rebounded after briefly dipping below 1.3500 ahead of UK GDP data and political uncertainty. Meanwhile, the Japanese yen extended losses against the stronger dollar, pushing USD/JPY closer to 158.00.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
