- USDTHB: moving in the range 32.39-32.41 this morning, supportive level at 32.30 resistance level at 32.50
- SET Index: 1,300.5 (-0.44%), 11 Nov 2025
- S&P 500 Index: 6,846.6 (+0.21%), 11 Nov 2025
- Thai 10-year government bond yield (interpolated): 1.811 (+2.94 bps), 11 Nov 2025
- US 10-year treasury yield: 4.13 (+2.0 bps), 10 Nov 2025
- ADP report shows US firms cut jobs in late October
- German investor confidence slides, clouding recovery hopes
- UK unemployment rose in September, but wage growth slowed
- Thailand opens door to US corn under its zero-tariff pledge
- Dollar slips after weak ADP jobs data
ADP report shows US firms cut jobs in late October
The preliminary ADP report for the four weeks ending October 25 showed private employers cutting an average of 11,250 jobs per week, underscoring a softening labour market in late October. With official government data still unavailable, the ADP series has become a key gauge of labour market health. The report heightened concerns over job growth and prompted traders to increase Fed rate-cut bets.
German investor confidence slides, clouding recovery hopes
Investor confidence in Germany weakened in November, with the ZEW expectations index easing to 38.5, reflecting doubts over the government’s ability to address key economic challenges, according to ZEW President Achim Wambach. While there are tentative signs of improvement, recent data remain underwhelming — industrial output rose less than expected in September, and the Economy Ministry continues to describe the situation as fragile.
UK unemployment rose in September, but wage growth slowed
The UK labour market continues to show signs of weakness. The latest data revealed a larger-than-expected 32,000 drop in payrolled employees in October, alongside an upward revision to September job losses of the same magnitude. These figures indicate that the labour market downturn is deepening ahead of the Autumn Statement. Meanwhile, the unemployment rate climbed to a new cyclical high of 5.0%, pointing to increasing slack in the economy. Private sector pay excluding bonuses slowed to 4.2% (3M YoY) in September, down from just above 6% at the end of last year.
Thailand opens door to US corn under its zero-tariff pledge
Thailand plans to remove import levies and significantly expand its feed-corn quota next year to accommodate US shipments as part of trade concessions with Washington. The annual quota will be increased to 1 million tons from 54,700, while the 20% in-quota tariff will be scrapped, aligning with Thailand’s pledge to boost US agricultural imports in return for reduced tariffs on Thai exports.
Dollar slips after weak ADP jobs data
The 10-year government bond yield (interpolated) on the previous trading day was 1.811, +2.94 bps. The benchmark government bond yield (LB353A) was 1.784, +2.78 bps. Meantime, the latest closed US 10-year bond yields was 4.13, +2.0 bps. USDTHB on the previous trading day closed around 32.39, moving in a range of 32.39– 32.41 this morning. USDTHB could be closed between 32.30 – 32.50 today. The dollar came under pressure after the ADP report showed private employers cut an average of 11,250 jobs per week in the four weeks to October 25, prompting a dovish shift in Fed pricing, with markets now assigning a 67% probability of a 25bps December cut (prev. 60%). The move was compounded by the NFIB Business Optimism Index slipping to a six-month low on weaker sales and profits. The euro capitalised on the softer dollar, briefly reclaiming the 1.1600 handle despite lacklustre German ZEW data. The British pound initially sold off following weak UK labour numbers — with unemployment rising to 5.0% from 4.8% — but later pared losses as sentiment stabilised. The Japanese yen finished the session broadly unchanged, with USD/JPY holding near 154.00, as dollar downside from the data was offset by steady risk appetite.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
