- USDTHB: moving in the range 32.00-32.07 this morning, supportive level at 31.95 resistance level at 32.20
- SET Index: 1,276.6 (+1.57%), 1 Dec 2025
- S&P 500 Index: 6,812.6 (-0.53%), 1 Dec 2025
- Thai 10-year government bond yield (interpolated): 1.737 (+2.87 bps), 1 Dec 2025
- US 10-year treasury yield: 4.09 (+7.0 bps), 1 Dec 2025
- US ISM manufacturing slump deepens in November
- BOJ’s Ueda signals possibility of December rate hike
- China’s private manufacturing PMI returns to contraction in November
- Thai central bank proposes measures to curb baht strength
- Dollar flat as yen gains counter losses in other G10 currencies
US ISM manufacturing slump deepens in November
The US ISM Manufacturing PMI fell to 48.2 from 48.7, missing expectations for 49.0 and marking a ninth straight month of contraction, though the broader economy remained in expansion for a 67th month. New Orders declined to 47.4, while Production returned to growth at 51.4. Supplier Deliveries improved sharply to 49.3, and Inventories rose to 48.9. Prices Paid increased to 58.5, driven by higher steel and aluminum costs and import tariffs. The Employment Index slipped to 44, its tenth consecutive month of contraction, with firms continuing to reduce headcount amid uncertain demand.
BOJ’s Ueda signals possibility of December rate hike
Bank of Japan Governor Kazuo Ueda offered his clearest signal yet that the board may soon raise interest rates, pointing to the possibility of action at the December meeting. He said the BOJ will “consider the pros and cons” of a rate hike by assessing economic conditions, inflation, and financial markets at home and abroad.
China’s private manufacturing PMI returns to contraction in November
China’s manufacturing activity contracted in November, as stronger overseas demand following a US trade truce failed to offset a deepening economic slowdown. The RatingDog China manufacturing PMI unexpectedly fell to 49.9, dipping below the 50 mark that separates growth from contraction for the first time in four months, with new export orders posting the largest gain among subcomponents.
Thai central bank proposes measures to curb baht strength
The Bank of Thailand plans new measures to ease upward pressure on the baht and tighten oversight of gold-related FX transactions after the currency strengthened about 1% over the past week. The central bank proposes raising the limit on foreign income companies can keep offshore, expected to take effect by year-end, to give firms more flexibility while reducing baht appreciation pressure. It is also tightening scrutiny of gold flows, instructing financial institutions to strengthen due diligence and recommending that large gold traders report transactions to the Ministry of Finance for improved monitoring and assessment of currency impact.
Dollar flat as yen gains counter losses in other G10 currencies
The 10-year government bond yield (interpolated) on the previous trading day was 1.737, +2.87 bps. The benchmark government bond yield (LB353A) was 1.736, +5.26 bps. Meantime, the latest closed US 10-year bond yields was 4.09, +7.0 bps. USDTHB on the previous trading day closed around 32.07, moving in a range of 32.00 – 32.07 this morning. USDTHB could be closed between 31.95 – 32.20 today. The dollar was ultimately flat as JPY strength was offset by weakness in GBP, CHF, and CAD, while the latest ISM manufacturing PMI unexpectedly declined. The euro posted slight gains and was largely unmoved by mixed PMI readings, with ECB commentary reinforcing the low likelihood of near-term policy shifts. Meanwhile, the Japanese yen outperformed following hawkish remarks from BoJ Governor Ueda, and Morgan Stanley noted that the probability of a December rate hike has increased, highlighting the Governor’s unusual choice to reference a specific meeting in his comments.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
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