- USDTHB: moving in the range 31.00 – 31.02 this morning, supportive level at 30.86 resistance level at 31.07
- SET Index: 1,479.71 (-0.95%), 20 Feb 2026
- S&P 500 Index: 6,909.51 (+0.69%), 20 Feb 2026
- Thai 10-year government bond yield (interpolated): 1.896 (-0.48 bps), 20 Feb 2026
- US 10-year treasury yield: 4.08 (+0.0 bps), 20 Feb 2026
- US Supreme Court strikes down Trump tariffs
- US GDP grows 1.4%, missing forecasts on shutdown and trade
- PCE price index surpasses expectations
- G3 PMI beat expectation except US
- Dollar slips after SCOTUS tariff ruling, but still gains on the week
US Supreme Court strikes down Trump tariffs
The US Supreme Court struck down President Donald Trump’s sweeping global tariffs. Voting 6-3, the court said Trump exceeded his authority by invoking a federal emergency-powers law to impose his “reciprocal” tariffs across the globe as well as targeted import taxes the administration says address fentanyl trafficking. The justices didn’t address the extent to which importers are entitled to refunds, leaving it to a lower court to sort out those issues. Following the Supreme Court’s decision to strike down the IEEPA tariffs, President Trump moved quickly to impose a 10% global tariff, later raising it to 15% under Section 122, while reaffirming that existing Section 232 and 301 tariffs remain in place.
US GDP grows 1.4%, missing forecasts on shutdown and trade
US Q4 2025 growth came in weaker than expected, with headline GDP rising just 1.4%, well below the 3.0% forecast and slowing sharply from 4.4% previously. The government shutdown weighed heavily, with the BEA estimating it shaved around 1 percentage point off real GDP, though growth would have remained subdued even without that drag. Activity was supported by gains in consumer spending and investment, partly offset by declines in government outlays and exports.
PCE price index surpasses expectations
December PCE came in firm, with headline prices rising 0.4% M/M and 2.9% Y/Y, while core PCE increased 0.4% on the month, lifting the annual rate to 3.0%—both above forecasts. Income and spending growth were in line with expectations.
G3 PMI beat expectation except US
US PMIs underwhelmed, with manufacturing slipping to 51.2, services easing to 52.3, and the composite falling to 52.3 from 53. In contrast, Eurozone PMI expanded at its fastest pace in three months during February, with the manufacturing sector showing particular strength. Meanwhile, Japan PMIs printed better-than-expectations, benefiting from increased optimism following Takaichi’s landslide victory.
Dollar slips after SCOTUS tariff ruling, but still gains on the week
The 10-year government bond yield (interpolated) on the previous trading day was 1.896, -0.48 bps. The benchmark government bond yield (LB365A) was 1.90, -2.00 bps. Meantime, the latest closed US 10-year bond yields was 4.08, +0.0 bps. USDTHB on the previous trading day closed around 31.20, moving in a range of 31.00 – 31.02 this morning. USDTHB could be closed between 30.86 – 31.07 today. The dollar Index was little changed Friday, with mixed G10 performance as GBP outperformed while traditional havens, CHF and JPY, lagged. The US session was eventful, featuring heavy data releases, geopolitical headlines, and a Supreme Court ruling that struck down the Trump administration’s IEEPA tariffs. President Trump responded by confirming that Section 232 and 301 national security tariffs remain in place and that a 15% global tariff would be layered on top, noting Section 122 allows tariffs of up to 15% for 150 days. On the data front, December PCE beat forecasts, Q4 GDP rose just 1.4% versus expectations for 2.8%, and February’s S&P Global Flash PMIs and final University of Michigan sentiment disappointed, though inflation expectations eased.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
