- USDTHB: moving in the range 32.31-32.34 this morning, supportive level at 32.25 resistance level at 32.45
- SET Index: 1,236.6 (-1.1%), 29 Aug 2025
- S&P 500 Index: 6,460.3 (-0.64%), 29 Aug 2025
- Thai 10-year government bond yield (interpolated): 1.315 (+0.29 bps), 29 Aug 2025
- US 10-year treasury yield: 4.23 (+1.0 bps), 29 Aug 2025
- In-line PCE data has little effect on Fed expectations
- US Appeals Court rules Trump’s global tariffs illegal
- German inflation accelerates to 2.1% in August, above forecasts
- China manufacturing contracts for fifth consecutive month in August
- Thailand’s Prime Minister dismissed by Constitutional Court
- Greenback eases as September cut stays in focus
In-line PCE data has little effect on Fed expectations
July’s PCE data aligned with expectations. Headline inflation rose 0.2% M/M, down from 0.3%, while the Y/Y rate held at 2.6%. Core PCE rose 0.3% M/M and 2.9% Y/Y, with the latter ticking up from 2.8%. The supercore measure accelerated to 0.4% from 0.2%, its third consecutive monthly rise, fueling concerns about sticky inflation amid tariffs. Personal income and consumption rose 0.4% and 0.5%, respectively—both in line with forecasts and above prior readings. Real spending also picked up, rising 0.3%. The data had little effect on Fed expectations, though the hot supercore drew some focus.
US Appeals Court rules Trump’s global tariffs illegal
A US appeals court ruled Friday that most of former President Donald Trump’s global tariffs were unlawful, stating he overstepped his authority in imposing them. The Washington-based panel upheld a lower court’s finding that Trump improperly used emergency powers to justify the tariffs. However, the measures will remain in effect for now as the legal process continues. The ruling does not impact Trump’s Section 232 tariffs on steel, aluminum, and autos, or the Section 301 tariffs on Chinese imports, as those were enacted under separate legal frameworks.
German inflation accelerates to 2.1% in August, above forecasts
German inflation accelerated beyond expectations to 2.1% in August, driven by higher food prices and a smaller decline in energy costs. In contrast, France reported softer-than-expected inflation, while Spain showed mixed results.
China manufacturing contracts for fifth consecutive month in August
The official manufacturing PMI came in at 49.4 in August, slightly up from 49.3 in July but below the forecast of 49.5. The non-manufacturing PMI, covering construction and services, rose to 50.3 from 50.1, surpassing the expected 50.2.
Thailand’s Prime Minister dismissed by Constitutional Court
Thailand’s Prime Minister Paetongtarn Shinawatra was officially removed from office by the Constitutional Court on Friday, following a two-month suspension. The court found her in violation of Section 160(5) of the constitution, citing a serious ethical breach. As a result, the entire Cabinet must step down, though ministers will remain in caretaker roles until a new government is formed.
Greenback eases as September cut stays in focus
The 10-year government bond yield (interpolated) on the previous trading day was 1.315, +0.29 bps. The benchmark government bond yield (LB353A) was 1.301, +0.11 bps. Meantime, the latest closed US 10-year bond yields was 4.23, +1.0 bps. USDTHB on the previous trading day closed around 32.33, moving in a range of 32.31 – 32.34 this morning. USDTHB could be closed between 32.25 – 32.45 today. The dollar edged lower against major peers following an in-line PCE report, which did little to shift Fed expectations. Markets still price a 90% chance of a 25bps cut in September. Attention now turns to Friday’s NFP report, which could challenge rate cut bets if job growth and unemployment remain firm. Uncertainty lingers around Fed Governor Cook’s status, as a judge delayed ruling on her dismissal pending further filings next week. The index briefly rose to 98.141 before reversing to 97.69.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
