- USDTHB: moving in the range 32.455-32.475 this morning, supportive level at 32.35 resistance level at 32.60
- SET Index: 1,295.3 (-0.26%), 5 Nov 2025
- S&P 500 Index: 6,796.3 (+0.36%), 5 Nov 2025
- Thai 10-year government bond yield (interpolated): 1.748 (-2.51 bps), 5 Nov 2025
- US 10-year treasury yield: 4.17 (+7.0 bps), 5 Nov 2025
- US ADP private sector jobs rose 42,000 in October, surpassing the market forecast
- US ISM non-manufacturing PMI backed on track, employment indicator remained weak
- US Supreme Court casts doubt on legality of Trump's global tariffs
- Eurozone Producer Price Index slipped in September but beat expectations
- Thailand’s inflation marked seventh consecutive month decline
- Dollar slips from highs; ADP data looms large
US ADP private sector jobs rose 42,000 in October, surpassing the market forecast
US private sector payrolls increased by 42,000 in October, surpassing the market forecast of 25,000. This follows a revised decline of 29,000 in September, marking the first job addition since July, despite the modest hiring pace compared to earlier in the year. Last month delivered a rebound from two months of weak hiring, but the bounce wasn't broad-based. Education and health care, and trade, transportation, and utilities led the growth. Annual pay rose by 4.5% but has remained largely unchanged for over a year.
US ISM non-manufacturing PMI backed on track, employment indicator remained weak
The US ISM non-manufacturing PMI registered at 52.4 percent and is in expansion territory for the eighth time in 2025. The Business Activity Index also returned to expansion territory in October, registering 54.3 percent, 4.4 pp higher than the recorded in September. October’s non-manufacturing PMI is a continuation of a downward trend of more than 10 pp in the 12-month average since February 2022, when it was 62.6 percent. The rebounds in both the Business Activity and New Orders indexes in October are positive signs, while the Employment index contracted for the fifth month in a row with a reading of 48.2 percent, a 1 pp improvement from the previous month, which shows a lack of confidence in the continued strength of the economy.
US Supreme Court casts doubt on legality of Trump's global tariffs
The Supreme Court’s questioning of the use of a 1977 emergency law to impose tariffs on scores of countries raised doubt about the centerpiece of the president’s economic agenda. This case is seen as a major test of executive power, with implications for how future presidents can use trade tools without congressional approval. A ruling against Trump could curtail presidential authority in trade matters and reshape U.S. tariff policy.
Eurozone Producer Price Index slipped in September but beat expectations
The Eurozone’s Producer Price Index (PPI) for September experienced decrease of 0.2%YoY in euro area, which matching market forecasts. The largest decrease was from energy (-2.4%YoY), following by intermediate goods (-0.1%YoY), while prices in total industry excluding energy increased by 0.9%YoY. This metric indicates the change in prices that producers receive for goods and services, signaling stabilized pricing conditions.
Thailand’s inflation marked seventh consecutive month decline
Thailand’s consumer price index (CPI) for October 2025 stood at 100.00, marking a 0.76% decrease compared to the same period last year. This marks the seventh consecutive month of inflation decline, driven by lower energy and electricity prices due to government measures aimed at reducing living costs. Moreover, consumer goods such as pork, eggs, fresh vegetables, fruits, and personal care products also saw price drops, thanks to increased supply and sales promotions from businesses. On the other hand, the core inflation increased by 0.61% compared to the previous year, slightly down from 0.65% in the previous month.
Dollar slips from highs; ADP data looms large
The 10-year government bond yield (interpolated) on the previous trading day was 1.748, -2.51 bps. The benchmark government bond yield (LB353A) was 1.717, -2.83 bps. Meantime, the latest closed US 10-year bond yields was 4.17, +7.00 bps. USDTHB on the previous trading day closed around 32.548 Moving in a range of 32.455-32.475 this morning. USDTHB could be closed between 32.35-32.60 today. The US dollar slipped marginally lower Wednesday, but remained close to multi-month highs, supported both by haven flows and declining bets for near-term Federal Reserve interest rate cuts, while Euro pushes higher after the pair slipped to a three- month low during the prior session.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
