- USDTHB: moving in the range 32.17 – 32.21 this morning, supportive level at 32.10 resistance level at 32.30
- SET Index: 1,483.50 (+0.11%), 21 Apr 2026
- S&P 500 Index: 7,064.01 (-0.63%), 21 Apr 2026
- Thai 10-year government bond yield (interpolated): 2.103 (-4.12 bps), 21 Apr 2026
- US 10-year treasury yield: 4.30 (+4.00 bps), 21 Apr 2026
- Trump extends Iran ceasefire while keeping Hormuz blockade in place
- Kevin Warsh emphasized central bank independence
- Retail sales surge above expectations
- Moody’s upgrades Thailand outlook to stable, affirms Baa1 rating
- Dollar strengthens as geopolitics dominate markets
Trump extends Iran ceasefire while keeping Hormuz blockade in place
Donald Trump extended the ceasefire with Iran until all negotiations are concluded and ordered the military to maintain its blockade of Iranian shipping. Vice President JD Vance reportedly canceled his planned trip to Islamabad for talks. Meanwhile, Iran has confirmed its decision not to attend the Islamabad talks on Wednesday as final, informing the US via a Pakistani intermediary that it will not participate for various reasons, with no current prospect of engagement.
Kevin Warsh emphasized central bank independence
Fed Chair nominee Kevin Warsh stressed central bank independence, saying he would resist political pressure and had not been asked by Donald Trump to pre-commit to rate cuts. He reaffirmed a focus on returning inflation to target, called for a revamped policy framework, and favored interest rates over balance sheet expansion, advocating for smaller holdings.
Retail sales surge above expectations
Retail sales increased 1.7% month-on-month in March, accelerating from 0.6% and beating the 1.4% forecast, largely driven by a sharp 15.5% surge in gasoline sales due to higher fuel prices following the US–Iran conflict; excluding gas and autos, sales still rose a solid 0.6%, while the control group climbed 0.7%, both above expectations. Despite the headline strength, gains were broad but mixed, with most retail categories improving and only miscellaneous stores declining, while some sectors cooled from February.
Moody’s upgrades Thailand outlook to stable, affirms Baa1 rating
Moody’s Ratings has upgraded Thailand’s outlook to “Stable” from “Negative” while affirming its Baa1 rating, citing reduced risks from U.S. tariffs and improving investment momentum; despite pressure from higher oil prices, Thailand’s economic and fiscal outlook remains in line with peers.
Dollar strengthens as geopolitics dominate markets
The 10-year government bond yield (interpolated) on the previous trading day was 2.103, -4.12 bps. The benchmark government bond yield (LB365A) was 2.10, -4.00 bps. Meantime, the latest closed US 10-year bond yields was 4.30, +4.0 bps. USDTHB on the previous trading day closed around 32.07, moving in a range of 32.17 – 32.21 this morning. USDTHB could be closed between 32.10 – 32.30 today. The US dollar strengthened as geopolitical tensions dominated market sentiment, particularly around the US–Iran situation, with talks uncertain and mixed signals from Washington—including a ceasefire extension alongside continued military blockade—driving volatility. Stronger-than-expected US retail sales and solid housing data also supported the dollar, while Fed Chair nominee Kevin Warsh reinforced confidence by emphasizing central bank independence. The euro drifted lower, pressured by weak German and EU ZEW surveys, while sterling eased in choppy trading around 1.3500 ahead of UK CPI data. Meanwhile, the yen weakened, with USD/JPY rising above 159.00 amid higher oil prices and expectations that the Bank of Japan may delay further rate hikes.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
