- USDTHB: moving in the range 33.515-33.625 this morning supportive level at 33.45 resistance level at 33.70
- SET Index: 1,144.1 (+0.8%), 22 Apr 2025
- S&P 500 Index: 5,287.8 (+2.5%), 22 Apr 2025
- Thai 10-year government bond yield (interpolated): 1.897 (+2.55 bps), 22 Apr 2025
- US 10-year treasury yield: 4.41 (-1.0 bps), 22 Apr 2025
- Bessent expects tariff standoff with China to de-escalate
- Trump says he has no intention of firing Fed chief Powell
- IMF lowers global growth projections, warns of growing economic risks
- Trump tariffs already hitting some Japanese firms
- The dollar climbed on trade-driven risk optimism
Bessent expects tariff standoff with China to de-escalate
US Treasury Secretary Scott Bessent, speaking at a private investor summit on Tuesday, said the tariff conflict with China is not sustainable for either country and emphasized the need for both sides to work toward reducing tensions. He likened the current situation to a de facto trade embargo. Bessent was hopeful that market conditions could improve in the coming months if tensions ease, though he cautioned that securing a broader trade agreement would take more time. Despite this, a source cited by FBN’s Gasparino noted that media reports portraying a near-term deal as imminent misrepresent Bessent’s actual comments.
Trump says he has no intention of firing Fed chief Powell
President Donald Trump stated that he does not plan to remove Federal Reserve Chair Jerome Powell, even though he is frustrated with the Fed’s reluctance to cut interest rates more aggressively. Trump emphasized that now is an ideal moment to lower rates and expressed a desire for Powell to act promptly, saying he’d prefer the chairman to be “early or on time, rather than late.”
IMF lowers global growth projections, warns of growing economic risks
The IMF has significantly revised down its global growth forecasts for this year and the next, cautioning that conditions could worsen if U.S. President Donald Trump’s tariffs trigger a broader trade war. In its updated WEO, the IMF now expects global economic growth to slow to 2.8% this year—down from the 3.3% forecast it made in January. This would mark the weakest expansion in global GDP since the Covid-19 crisis in 2020, and the second-lowest since 2009. The United States and China experienced some of the steepest forecast reductions. U.S. growth is now projected at 1.8% for 2025 and 1.7% for 2026, both trimmed by 0.9 and 0.4 percentage points, respectively. China’s economy is expected to grow by 4% this year and in 2026, a downward revision of 0.6 and 0.5 points. For Thailand, GDP growth in 2025 was downgraded from 2.9% to 1.8%.
Trump tariffs already hitting some Japanese firms
A survey by the Ministry of Finance of Japan revealed that Donald Trump’s tariff policies have already begun to affect Japanese businesses, with around 10% reporting a direct impact. Many others expressed worries about potential future disruptions. Some automobile companies noted canceled orders, and one even reduced factory workers' hours.
The dollar climbed on trade-driven risk optimism
The 10-year government bond yield (interpolated) on the previous trading day was 1.897, +2.55 bps. The benchmark government bond yield (LB353A) was 1.892, +2.8 bps. Meantime, the latest closed US 10-year bond yields was 4.41, -1.0 bps. USDTHB on the previous trading day closed around 33.18, moving in a range of 33.515 – 33.625 this morning. USDTHB could be closed between 33.45 – 33.70 today. The dollar regained some ground after recent declines, buoyed by renewed risk appetite in US markets and supportive comments from Treasury Secretary Bessent. The euro came under pressure as the US dollar strengthened again, slipping below the 1.1500 level. The decline was further weighed down by disappointing EU consumer confidence figures. The Japanese yen weakened as improved risk sentiment, coupled with a stronger US dollar, helped drive a rebound in USD/JPY after it briefly dipped below the 140.00 level.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
