- USDTHB: moving in the range 32.52-32.56 this morning, supportive level at 32.40 resistance level at 32.70
- SET Index: 1,308.9 (-0.05%), 3 Nov 2025
- S&P 500 Index: 6,852.0 (+0.17%), 3 Nov 2025
- Thai 10-year government bond yield (interpolated): 1.739 (+0.27 bps), 3 Nov 2025
- US 10-year treasury yield: 4.13 (+2.0 bps), 3 Nov 2025
- US manufacturing shrinks for eighth month
- Fed officials signal diverging views before December rate call
- China’s October manufacturing PMI misses forecast
- Thailand finalizes plan to buy bad debt
- Dollar resilient despite weak ISM manufacturing data
US manufacturing shrinks for eighth month
The October Manufacturing PMI unexpectedly declined to 48.7 from 49.1 in September, missing expectations for a rise to 49.5. The new orders index remained in contraction for a second month, though it inched up to 49.4 from 48.9, while the production index fell sharply by 2.8 points to 48.2. Backlogs of orders improved slightly, rising 1.7 points to 47.9. Prices paid stayed in expansionary territory but eased to 58.0 from 61.9, falling short of the 61.5 consensus and even the lowest estimate of 60.0.
Fed officials signal diverging views before December rate call
Goolsbee remarked that the threshold for further rate cuts is now higher than in the past two meetings, though he expects the eventual rate level to settle notably below current levels. Daly endorsed last week’s rate cut but maintained an open stance toward potential action in December. Governor Miran argued that current policy is overly restrictive and need not remain so for an extended period, while Governor Cook underscored that each meeting remains data-driven and that policy is not on a predetermined course.
China’s October manufacturing PMI misses forecast
The RatingDog Manufacturing PMI (formerly Caixin) fell to 50.6 from 51.2 in September, below the 50.7 forecast. New export orders contracted at the fastest pace since May, and business sentiment among goods producers hit a six-month low amid trade uncertainty. Both new orders and output grew more slowly than in September, with exporters cutting prices for the first time since April. A long national holiday in October may have amplified the slowdown.
Thailand finalizes plan to buy bad debt
Thailand has approved a plan to buy about 60 billion baht in bad debt to support roughly two million individual borrowers and boost the economy. The non-performing loans will be transferred to two state-backed asset management firms, which will provide more flexible repayment terms to help households regain financial stability. Overall, the government aims to assist 3.4 million borrowers with a combined debt of 122 billion baht, with the first phase covering around two million people.
Dollar resilient despite weak ISM manufacturing data
The 10-year government bond yield (interpolated) on the previous trading day was 1.739, +0.27 bps. The benchmark government bond yield (LB353A) was 1.724, +0.49 bps. Meantime, the latest closed US 10-year bond yields was 4.13, +2.0 bps. USDTHB on the previous trading day closed around 32.41, moving in a range of 32.52– 32.56 this morning. USDTHB could be closed between 32.40 – 32.70 today. The dollar edged slightly higher as markets weighed a divided Fed outlook on another possible December rate cut and improving US–China relations, though gains were limited after October’s ISM Manufacturing PMI unexpectedly fell to 48.7 from 49.5 due to slower production and new orders. Meanwhile, the euro stayed subdued below 1.1600, pressured by mixed eurozone manufacturing data as bloc PMI held at 50 but Germany, France, and Italy remained in contraction. The Japanese yen was muted with USD/JPY steady near 154.00 amid Japan’s extended weekend.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
