- USDTHB: moving in the range 31.77-31.78 this morning, supportive level at 31.70 resistance level at 31.90
- SET Index: 1,282.5 (-0.8%), 22 Sep 2025
- S&P 500 Index: 6,693.8 (+0.44%), 22 Sep 2025
- Thai 10-year government bond yield (interpolated): 1.318 (-2.35 bps), 22 Sep 2025
- US 10-year treasury yield: 4.15 (+1.0 bps), 22 Sep 2025
- Fed officials reiterated their stance
- China leaves loan prime rate unchanged in September
- Australia PMI slows in September as tariffs hit exports
- Dollar trades lower to start the week amid limited headlines
Fed officials reiterated their stance
Governor Bostic reaffirmed his view of just one 25bps cut this year, citing persistent inflation risks. Similarly, Musalem echoed similar caution, signaling limited scope for further easing. Hammack maintained her hawkish stance, placing herself at the higher end of neutral rate estimates, and described policy as only modestly restrictive. Last but not least, Governor Miran, a dovish dissenter, laid out his rationale for dissent—favoring a mid-2% Fed funds rate, citing slower population growth, ongoing fiscal support, and expanded credit supply from East Asian policies as factors dragging the neutral rate lower.
China leaves loan prime rate unchanged in September
The People’s Bank of China left its benchmark loan prime rate unchanged as widely expected, leaving it at record lows as Beijing attempts to keep monetary policy loose and shore up growth. The PBOC left its one-year LPR at 3.0%, as expected, while the five-year LPR was kept unchanged at 3.5%. Both rates remained at historical lows after several cuts since 2021. PBoC Governor Pan affirmed China’s “appropriately accommodative” policy stance, emphasizing a data-driven approach and no immediate policy changes. He stated that the financial system remains sound with no systemic risks, and pledged support for high-quality growth.
Australia PMI slows in September as tariffs hit exports
Australia’s business activity growth slowed in September, dragged down by weaker new orders and renewed pressure on exports. The composite PMI fell to 52.1 in September from 55.5 in August. The services activity index slowed to 52.0 from 55.8 in the previous month, while the manufacturing PMI declined to 51.6 from 53.0 as output growth also moderated.
Dollar trades lower to start the week amid limited headlines
The 10-year government bond yield (interpolated) on the previous trading day was 1.318, -2.35 bps. The benchmark government bond yield (LB353A) was 1.326, -1.11 bps. Meantime, the latest closed US 10-year bond yields was 4.15, +1.0 bps. USDTHB on the previous trading day closed around 31.83, moving in a range of 31.77 – 31.78 this morning. USDTHB could be closed between 31.70 – 31.90 today. The dollar opened the week under pressure, amid a quiet news cycle and lack of major data releases. High-impact data is expected to return on Tuesday with the release of S&P Global’s September flash PMIs. G10 FX saw gains led by the British pound and the euro. The euro found modest support following weekend comments from ECB’s Kazaks and Šimkus — Kazaks emphasized the abundance of data ahead of the December meeting. On the data front, Eurozone consumer confidence surprised to the upside, improving to -14.9. Meanwhile, the Japanese yen faced brief pressure after an FNN poll showed dovish LDP candidate Takaichi leading with 28.3%, raising speculation over future policy direction. However, USD/JPY has since eased back, now trading around 147.70, down from earlier highs of 148.37.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
