- USDTHB: moving in the range 30.96 – 31.01 this morning, supportive level at 30.80 resistance level at 31.10
- SET Index: 1,311.6 (-0.45%), 23 Jan 2026
- S&P 500 Index: 6,915.6 (+0.03%), 23 Jan 2026
- Thai 10-year government bond yield (interpolated): 1.906 (-3.09 bps), 23 Jan 2026
- US 10-year treasury yield: 4.24 (-2.0 bps), 23 Jan 2026
- US PMI edges higher, hiring stays weak
- Rick Rieder gains ground in race for Fed chair position
- Euro zone PMI misses forecasts as services weaken
- BOJ keeps rates steady as expected, ups growth and inflation forecasts
- Thai exports in 2025 set new record at $339.6 billion, marking 12.9% growth
- The US dollar posts its first weekly decline of 2026
US PMI edges higher, hiring stays weak
The composite PMI inched up to 52.8 in January from 52.7 in December, as manufacturing ticked up to 51.9 from 51.8 but narrowly missed expectations, while services underperformed, holding at 52.5 versus a 52.8 forecast. Employment rose only marginally, with hiring remaining subdued as firms pointed to rising costs and softer sales growth.
Rick Rieder gains ground in race for Fed chair position
BlackRock’s Rick Rieder is gaining momentum as a potential Federal Reserve chair, Bloomberg reported, citing sources close to White House deliberations. His reform-minded proposals and lack of prior Fed experience have appealed to President Donald Trump. Polymarket odds show Rieder’s chances jumping to 35% from 6% earlier this week, while Kevin Warsh’s odds slipped to 41% from nearly 60%.
Euro zone PMI misses forecasts as services weaken
The flash composite PMI held steady at 51.5, below forecasts of 51.8, while the services PMI slipped to a four-month low of 51.9 from 52.4, missing expectations of 52.6. Manufacturing stayed in contraction but showed signs of easing.
BOJ keeps rates steady as expected, ups growth and inflation forecasts
The Bank of Japan held its policy rate at 0.75% as expected in an 8–1 vote, with one dissenter backing a 25bp hike. The BoJ raised its 2025–26 GDP forecasts and lifted its 2026 inflation outlook to 1.9%, while trimming 2027 growth. Governor Ueda said inflation may dip below 2% near term but reaffirmed a tightening bias if the outlook holds, stressing policy remains accommodative and the Bank stands ready for nimble market operations.
Thai exports in 2025 set new record at $339.6 billion, marking 12.9% growth
Thailand’s exports rose 16.8% year on year in December, surpassing expectations and accelerating from a 7.1% increase in November; excluding oil-related goods, gold, and arms, growth was 16.6%. Imports climbed 18.8% to $29.28 billion, resulting in a $352 million trade deficit. The export surge was driven mainly by strong electronics shipments to the United States. For the whole of 2025, exports increased 12.9% from a year earlier, the fastest growth in four years.
The US dollar posts its first weekly decline of 2026
The 10-year government bond yield (interpolated) on the previous trading day was 1.906, -3.09 bps. The benchmark government bond yield (LB365A) was 1.95, +2.00 bps. Meantime, the latest closed US 10-year bond yields was 4.24, -2.0 bps. USDTHB on the previous trading day closed around 31.20, moving in a range of 30.96 – 31.01 this morning. USDTHB could be closed between 30.80 – 31.10 today. The dollar weakened broadly as investors diversified away from USD amid uncertainty over US trade policy, geopolitics, and the Fed, with moves reflecting hedging rather than a full “Sell America” trade. The Japanese yen outperformed after a slightly hawkish BoJ decision and strong official rhetoric on FX, though price action suggested policy reassessment rather than outright intervention. Elsewhere, all G10 currencies ended firmer versus the dollar, led by GBP on strong UK economic data.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
