- USDTHB: moving in the range 32.385-32.39 this morning, supportive level at 32.25 resistance level at 32.50
- SET Index: 1,313.3 (+1.38%), 6 Nov 2025
- S&P 500 Index: 6,720.3 (-1.12%), 6 Nov 2025
- Thai 10-year government bond yield (interpolated): 1.776 (+2.75 bps), 6 Nov 2025
- US 10-year treasury yield: 4.11 (-6.0 bps), 6 Nov 2025
- Fed right to cut rates to support job market
- Euro zone retail sales unexpectedly fall in September
- BoE holds rates steady in narrow vote
- Japan services activity remains strong despite slower new order growth
- Dollar corrects lower, while Sterling gained
Fed right to cut rates to support job market
Federal Reserve Bank of St. Louis President Alberto Musalem said on Thursday the US central bank has been right to cut interest rates to help the job market. He said that monetary policy is somewhere between modestly restrictive and neutral, and it's getting close to neutral in terms of financial conditions. Moreover, US trade tariffs have been drivers of inflation but their impact has been blunted as companies held off passing costs to consumers. He expects the impact will start to dissipate in the second half of next year, allowing inflation to restart its retreat to the 2% target. Musalem said his outlook is based on tariffs remaining in place. The legality of President Donald Trump's sweeping levies is being considered by the US Supreme Court.
Euro zone retail sales unexpectedly fall in September
According to Eurostat’s data release, retail trade fell by 0.1% on the month in September, coming short of expectations for a 0.2% rise, while sales were up 1.0% compared to a year earlier, in line with expectations. Non-food products sales dropped by 0.2% on the month, fuel sales were down 1% and food sales were stagnant. Euro zone households are sitting on ample savings and the European Central Bank has long expected them to start running these down in a boost to growth, but uncertainty keeps consumers cautious and actual figures continue to be disappointing.
BoE holds rates steady in narrow vote
Bank of England (BoE)’s nine-member monetary policy committee, five members voted to hold the key interest rate, at 4%, while four opted for a 25-bps cut, resisting any temptation to lower borrowing costs for the sixth time since August 2024. Most MPC members are more concerned about the implications of cutting rates too quickly rather than too slowly, and the BOE will want to see evidence of sustained downside surprises in the data and pay growth slowing to a target-consistent pace before voting to cut again.
Japan services activity remains strong despite slower new order growth
The headline Services Business Activity Index registered 53.1 in October, slightly down from 53.3 in September, marking the seventh consecutive month of expansion. The Finance & Insurance sector led growth, followed by Transport & Storage firms. While service activity remained robust, new business growth moderated significantly to a marginal pace, reaching its slowest rate in 16 months. Foreign demand for Japanese services continued to decline, though at a reduced rate. Employment growth also slowed, with staffing levels increasing only slightly as companies filled vacancies and implemented expansion plans. The combination of weaker order growth and modest hiring helped ease pressure on capacity, with backlogs of work showing the smallest increase in four months.
Dollar corrects lower, while Sterling gained
The 10-year government bond yield (interpolated) on the previous trading day was 1.776, +2.75 bps. The benchmark government bond yield (LB353A) was 1.747, +3.05 bps. Meantime, the latest closed US 10-year bond yields was 4.11, -6.00 bps. USDTHB on the previous trading day closed around 32.365 Moving in a range of 32.385-32.39 this morning. USDTHB could be closed between 32.25-32.50 today. The US Dollar has seen a small correction early Thursday, despite firmly US ADP labor market data. Meanwhile, sterling rose after the BoE kept rates unchanged ahead of this month's budget, although markets had attached a one-in-three chance of a cut earlier on. Apart from currencies, gold steadies, as traders weighed comments from Federal Reserve Officials as well as data showing a dramatic weakening in the US job markets, rising the prospect of lower interest rate.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
