- USDTHB: moving in the range 32.61-32.66 this morning, supportive level at 32.50 resistance level at 32.75
- SET Index: 1,313.9 (+0.88%), 24 Oct 2025
- S&P 500 Index: 6,791.7 (+0.79%), 24 Oct 2025
- Thai 10-year government bond yield (interpolated): 1.716 (-0.52 bps), 24 Oct 2025
- US 10-year treasury yield: 4.02 (+1.0 bps), 24 Oct 2025
- Trump strikes Asia trade deals ahead of Xi talks
- US inflation softer than expected, boosting case for Fed cuts
- US PMI expands at second-fastest pace this year
- Eurozone PMI surges to highest level since May 2024
- Dollar flats amid soft US CPI report
Trump strikes Asia trade deals ahead of Xi talks
US President Donald Trump announced new trade deals with several Southeast Asian nations to expand access to critical minerals and boost US agricultural exports. The agreements, which grant tariff exemptions for key exports from Thailand, Cambodia, Vietnam, and Malaysia, include framework pacts set to take effect in the coming weeks. The move is widely seen as an effort to strengthen Trump’s position ahead of his meeting with Chinese President Xi Jinping, amid escalating trade tensions and Chinese restrictions on critical mineral exports. In addition, US and China reach initial deal on Fentanyl and tariffs ahead of Trump–Xi summit.
US inflation softer than expected, boosting case for Fed cuts
Headline CPI rose 0.3% M/M in September, cooler than the 0.4% expected and prior, while Y/Y inflation edged up to 3.0% (vs. 2.9% prior, 3.1% forecast). Core CPI increased 0.2% M/M (exp. 0.3%) and 3.0% Y/Y, undershooting expectations. The data suggest inflationary pressures remain contained, offering reassurance but little reason for the Fed to shift course.
US PMI expands at second-fastest pace this year
The US flash PMI beat expectations in October, with the composite Index rising to 54.8, driven by gains in and services. Both sectors saw higher output and new orders, though exports declined. Manufacturers reported reduced input buying amid falling backlogs and a buildup of unsold inventories. Employment growth improved slightly overall but weakened in manufacturing. Output prices rose at the slowest rate since April, while input costs remained elevated due to tariffs and wage pressures.
Eurozone PMI surges to highest level since May 2024
Euro area business activity unexpectedly hit its highest level since May 2024, driven by strong growth in Germany offsetting weakness in France. The composite PMI rose to 52.2 in October from 51.2 in September, beating forecasts. Services led the expansion, climbing to 52.6 — a 14-month high — while manufacturing output inched up to 51.1, with the sector’s overall PMI improving to 50.0 from 49.8.
Dollar flats amid soft US CPI report
The 10-year government bond yield (interpolated) on the previous trading day was 1.716, -0.52 bps. The benchmark government bond yield (LB353A) was 1.696, +0.96 bps. Meantime, the latest closed US 10-year bond yields was 4.02, +1.0 bps. USDTHB on the previous trading day closed around 32.79, moving in a range of 32.61– 32.66 this morning. USDTHB could be closed between 32.50 – 32.75 today. The dollar ended flat Friday, recovering from a brief CPI-driven dip as markets held a fully priced 25bps Fed cut for next week. US PMIs beat, while UoM sentiment was revised lower to 53.6, with 1yr inflation steady at 4.6% and 5yr up to 3.9%. G10 FX was quiet, with the euro edging higher on firm German and EZ PMIs. The Japanese yen lagged in G10, with USD/JPY topping at 153.06 amid quiet news flow; Japan’s CPI met expectations, though ex-food & energy came in slightly softer. The British pound outperformed early on strong UK retail sales, lifting Cable to 1.3321, before trimming gains on solid but unsurprising PMIs. A later dollar dip post-CPI saw GBP/USD retest highs at 1.3359.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
