- USDTHB: moving in the range 32.255-32.27 this morning, supportive level at 32.20 resistance level at 32.40
- SET Index: 1,252.6 (-0.5%), 4 Sep 2025
- S&P 500 Index: 6,502.1 (+0.83%), 4 Sep 2025
- Thai 10-year government bond yield (interpolated): 1.261 (-0.21 bps), 4 Sep 2025
- US 10-year treasury yield: 4.17 (-5.0 bps), 4 Sep 2025
- ISM Services PMI shows growth, surpassing forecasts
- ADP nonfarm employment change falls short of expectations
- Fed’s Williams sees reduced upside inflation risk from tariffs
- Malaysia holds rate at 2.75% amid growth risks from tariffs.
- Thai August CPI fell more than expected
- Dollar strengthened slightly despite mixed economic data
ISM Services PMI shows growth, surpassing forecasts
The ISM Services PMI rose to 52.0 in August, up from 50.1 and exceeding expectations of 51.0, signaling a modest rebound in the services sector. Notably, business activity climbed to 55.0 (vs. 53.0 expected, prior 52.6) and new orders jumped to 56.0 (from 50.3), offering encouraging signs of underlying demand. However, employment remained subdued at 46.5, little changed from July’s 46.4, and still firmly in contractionary territory. Prices paid eased slightly to 69.2 from 69.9, though they remain elevated.
ADP nonfarm employment change falls short of expectations
ADP’s August employment report showed that 54,000 private-sector jobs were added, falling short of the expected 65,000 and well below July’s modestly revised 106,000. Wage growth held steady for job-stayers, with median annual pay rising 4.4%, while job-changers saw a slight increase to 7.1% from 7.0%.
Fed’s Williams sees reduced upside inflation risk from tariffs
Fed’s Williams reiterated that gradual rate cuts are likely if the economy evolves as expected. He noted the Fed focuses on broader data trends, sees the job market cooling, and views inflation risks from tariffs as limited for now, though their full impact may take time to assess. He declined to comment on market expectations for a September rate cut.
Malaysia holds rate at 2.75% amid growth risks from tariffs.
Bank Negara Malaysia kept the overnight policy rate at 2.75%, citing the need to assess the impact of recent easing and US tariff risks. It views the current stance as appropriate and supportive of growth amid stable prices.
Thai August CPI fell more than expected
Thailand’s headline CPI fell for a fifth straight month in August, down 0.79% YoY—steeper than the expected 0.70% decline—driven by lower energy and fresh food prices. This marks the sixth consecutive month inflation has remained below the central bank’s 1–3% target. Despite the negative headline readings, core CPI rose 0.81% YoY, slightly above forecasts, with core inflation averaging 0.94% from January to August.
Dollar strengthened slightly despite mixed economic data
The 10-year government bond yield (interpolated) on the previous trading day was 1.261, -0.21 bps. The benchmark government bond yield (LB353A) was 1.244, -0.44 bps. Meantime, the latest closed US 10-year bond yields was 4.17, -5.0 bps. USDTHB on the previous trading day closed around 32.32, moving in a range of 32.255 – 32.27 this morning. USDTHB could be closed between 32.20 – 32.40 today. The dollar firmed slightly despite a mixed set of data releases, with labor-related figures coming in softer than expected ahead of Friday’s NFP report, while ISM Services surprised to the upside. The index gains were limited as markets also digested dovish comments from Fed’s Williams and monitored Fed nominee Jefferson’s Senate hearing. The euro edged lower but stayed range-bound near the 1.1600 mark amid a lack of fresh drivers. The Japanese yen weakened, with USD/JPY holding above 148.00 but easing from intraday highs ahead of key Japanese data on wages and household spending.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
