- USDTHB: moving in the range 33.59 – 33.63 this morning, supportive level at 33.45 resistance level at 33.70
- SET Index: 1,644.39 (+0.20%), 24 July 2026
- S&P 500 Index: 7,411.98 (+0.05%), 24 July 2026
- Thai 10-year government bond yield (interpolated): 2.119 (+2.25 bps), 24 July 2026
- US 10-year treasury yield: 4.69 (-2.00 bps), 24 July 2026
- Middle east tensions stay elevated despite diplomatic signals
- US PMI beats expectations, reinforcing economic resilience
- Eurozone PMI returns to expansion in July
- UK retail sales unexpectedly rebound in June
- Thailand’s exports continue robust expansion on electronics strength
- Dollar slides as treasury yields and oil prices retreat
Middle east tensions stay elevated despite diplomatic signals
Geopolitical tensions remained elevated, although markets saw tentative signs of diplomacy. Oil prices briefly retreated after reports that Pakistan, backed by China, was seeking to revive US-Iran talks, while President Trump said Xi Jinping and Vladimir Putin had pledged not to supply weapons to Iran. However, prospects for de-escalation remained uncertain, with Trump reportedly meeting senior advisers to consider expanding military action against Iran. Over the weekend, markets saw tentative signs of de-escalation after the US paused strikes on Iran. However, attacks in the Red Sea and the Caspian Sea underscored that geopolitical risks remain elevated.
US PMI beats expectations, reinforcing economic resilience
The US composite PMI rose to an eight-month high of 53.6 in July (exp. 52.3, prev. 51.9), driven by a strong rebound in services, while manufacturing softened slightly. Inflation pressures intensified, with input costs hitting a 14-month high and selling prices rising at the fastest pace since August 2022, while Middle East-related supply disruptions raised concerns over renewed inflation and downside risks to growth.
Eurozone PMI returns to expansion in July
The Eurozone composite PMI rose to 51.9 in July (exp. 50.3, prev. 50.0), returning to expansion for the first time in four months as stronger manufacturing and services activity drove a rebound in new orders. Germany returned to growth for the first time in four months, France’s contraction eased, while the rest of the euro area recorded its strongest expansion in eight months.
UK retail sales unexpectedly rebound in June
UK retail sales rose 1.0% MoM in June, beating expectations for a 0.3% decline after a 1.2% increase in May. The rebound was driven by stronger spending on clothing, air conditioning products, and online purchases amid hot weather and the FIFA World Cup. Online sales reached their highest share since April 2021 as the heatwave boosted demand for cooling products and kept shoppers away from physical stores.
Thailand’s exports continue robust expansion on electronics strength
Thailand’s June exports surged 20.8% YoY, well above market expectations of 13.7%-15.2%, marking a 24th consecutive month of growth, driven by strong electronics shipments amid continued AI-related investment. Imports jumped 50.3% YoY, resulting in a trade deficit of USD 6.5bn. In the first half of 2026, exports increased 17.6% YoY, while imports rose 38.0%, leaving a cumulative trade deficit of USD 31.7bn.
Dollar slides as treasury yields and oil prices retreat
The 10-year government bond yield (interpolated) on the previous trading day was 2.119, +2.25 bps. The benchmark government bond yield (LB365A) was 2.10, +3.00 bps. Meantime, the latest closed US 10-year bond yields was 4.69, -2.0 bps. USDTHB on the previous trading day closed around 33.79, moving in a range of 33.59 – 33.63 this morning. USDTHB could be closed between 33.45 – 33.70 today. The US dollar weakened as easing geopolitical tensions pushed oil prices and treasury yields lower. However, further USD downside may be limited as diplomatic hurdles remain and Trump is reportedly considering military action against Iran. The euro gained modestly on broad USD weakness and firmer eurozone PMIs. Meanwhile, the Japanese yen was little changed amid expectations of an unchanged BoJ policy.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
