- USDTHB: moving in the range 31.46 – 31.48 this morning, supportive level at 31.35 resistance level at 31.55
- SET Index: 1,244.3 (+0.73%), 14 Jan 2026
- S&P 500 Index: 6,927.0 (-0.53%), 14 Jan 2026
- Thai 10-year government bond yield (interpolated): 1.797 (-3.55 bps), 14 Jan 2026
- US 10-year treasury yield: 4.15 (-3.0 bps), 14 Jan 2026
- US PPI rose, but core hit the brakes
- US retail sales remain resilient on auto buying, solid holiday spending
- BoJ’s Ueda sticks to rate-hike path
- China’s 2025 trade surplus hit $1.2 trillion as exports soar
- The dollar was little changed mid-week as US data failed to move markets
US PPI rose, but core hit the brakes
The BLS released the October and November PPI, showing headline prices rising 0.1% m/m in October and 0.2% in November, with the y/y rate firming from 2.8% to 3.0%. Core PPI was flat in November after a 0.3% gain in October, while the core y/y rate also rose to 3.0%. Overall, the data ran slightly hotter than expected, though PCE-related components softened, led by a sharp cooling in portfolio management prices and a larger decline in passenger airline services, partially offset by modest firming in select healthcare categories.
US retail sales remain resilient on auto buying, solid holiday spending
US retail sales rose in November by the most since July, fueled by a rebound in auto purchases and resilient holiday shopping. The data beat expectations, with the headline up 0.6% m/m and the y/y rate firming to 3.3%, as ten of 13 categories posted increases. Sales excluding autos and excluding autos and gas also exceeded forecasts, while the retail control group rose a solid 0.4%.
BoJ’s Ueda sticks to rate-hike path
BoJ Governor Kazuo Ueda reiterated that rate hikes remain on the table when conditions allow, signalling that election-related market volatility has not altered the BOJ’s policy path, with policy expected to remain unchanged at the Jan. 23 meeting. Meanwhile, in a separate report, Finance Minister Satsuki Katayama warned speculators after the yen fell to an 18-month low, saying authorities are prepared to act and are not ruling out direct intervention.
China’s 2025 trade surplus hit $1.2 trillion as exports soar
China’s trade surplus rose to $1.2trn in 2025, extending its record streak as export growth surprised to the upside late in the year. December exports rose 6.6% y/y, the fastest pace in three months and well above expectations, while imports also beat forecasts, up 5.7%, leaving a $114bn surplus—the largest in six months. For the year, export growth was strongest to Africa (+26%), followed by ASEAN (+13%), the EU (+8%) and Latin America (+7%), while shipments to the US fell sharply by 20%.
The dollar was little changed mid-week as US data failed to move markets
The 10-year government bond yield (interpolated) on the previous trading day was 1.797, -3.55 bps. The benchmark government bond yield (LB353A) was 1.714, -3.73 bps. Meantime, the latest closed US 10-year bond yields was 4.15, -3.0 bps. USDTHB on the previous trading day closed around 31.48, moving in a range of 31.46 – 31.48 this morning. USDTHB could be closed between 31.35 – 31.55 today. The dollar was little changed mid-week as lagging US data failed to generate a strong market response, despite November retail sales beating expectations and mixed PPI prints for October and November. The yen firmed, supported by jawboning from Japanese officials and reports that opposition parties, including the CDP and Komeito, have begun talks on forming a new party. Elsewhere, G10 FX was modestly firmer against the dollar, though gains were uneven with the euro and Australian dollar lagging, as light data and newsflow featured policy commentary.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
