- USDTHB: moving in the range 33.16-33.29 this morning supportive level at 33.15 resistance level at 33.35
- SET Index: 1,134.7 (-1.4%), 21 Apr 2025
- S&P 500 Index: 5,158.2 (-2.4%), 21 Apr 2025
- Thai 10-year government bond yield (interpolated): 1.872 (-1.01 bps), 21 Apr 2025
- US 10-year treasury yield: 4.42 (+8.0 bps), 21 Apr 2025
- Trump ramps up pressure on Powell
- Fed’s Goolsbee warns against curbing central bank independence
- China holds loan prime rate steady amid US tariff tensions
- US imposes new duties on solar imports from southeast Asia
- Thai-US trade talks on April 23 postponed
- Dollar slides on Fed independence threat
Trump ramps up pressure on Powell
Trump warned the US economy could slow if the Fed doesn’t cut rates immediately, criticizing Fed Chair Powell as “Mr. Too Late.” Citing low inflation, he urged swift action. His repeated attacks have unsettled Wall Street, and he’s privately explored removing Powell despite warnings from advisers.
Fed’s Goolsbee warns against curbing central bank independence
Chicago Fed President Goolsbee said short-term inflation expectations are rising, but long-term ones remain steady. He sees limited economic impact from tariffs and cautioned against a pre-emptive rate cut due to supply chain uncertainty. Goolsbee expects rates to be lower in 12–18 months and stressed the need for patience. He warned of challenges if both Fed mandates falter and emphasized the importance of Fed independence, noting the Fed Chair’s key influence.
China holds loan prime rate steady amid US tariff tensions
The People’s Bank of China kept its loan prime rates unchanged, signaling a shift toward fiscal measures over monetary easing to boost growth. The one-year LPR stayed at 3.1% and the five-year at 3.6%, both at record lows after years of cuts. With limited room for further reductions, attention has turned to fiscal support to spur consumption.
US imposes new duties on solar imports from southeast Asia
The US has imposed tariffs on solar imports from Cambodia, Vietnam, Malaysia, and Thailand. The tariffs, resulting from a yearlong probe, aim to address unfair subsidies and below-cost pricing. These duties, added to previous tariffs from President Trump, disrupt global supply chains. Cambodia faces the highest rate due to its withdrawal from the investigation, while rates for Vietnam’s, Thailand’s, and Malaysia ‘s companies range from 34.4% to 395.9%.
Thai-US trade talks on April 23 postponed
The Thailand-US trade negotiations originally scheduled for Wednesday (April 23) have been postponed. The US has yet to confirm an official date and time for the talks.
Dollar slides on Fed independence threat
The 10-year government bond yield (interpolated) on the previous trading day was 1.872, -1.01 bps. The benchmark government bond yield (LB353A) was 1.863, -1.04 bps. Meantime, the latest closed US 10-year bond yields was 4.42, +8.0 bps. USDTHB on the previous trading day closed around 33.16, moving in a range of 33.16 – 33.29 this morning. USDTHB could be closed between 33.15 – 33.35 today. The US dollar weakened in line with the broader risk-off mood, with the index holding well below the 99.00 mark as investor interest in dollar-based assets waned due to economic uncertainty surrounding tariffs and the future of Fed Chair Powell. The euro gained from dollar weakness, pushing EUR/USD above 1.1500, though it has since retreated after reaching its highest level since late 2021. The Japanese yen gained strength as USD/JPY dropped below the 141.00 level, driven by pressure on the US dollar and increased safe-haven demand for the yen.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
