- USDTHB: moving in the range 33.39 – 33.415 this morning, supportive level at 33.25 resistance level at 33.55
- SET Index: 1,598.11 (-1.62%), 30 July 2026
- S&P 500 Index: 7,437.63 (+1.66%), 30 July 2026
- Thai 10-year government bond yield (interpolated): 2.094 (+1.83 bps), 30 July 2026
- US 10-year treasury yield: 4.68 (+1.00 bps), 30 July 2026
- US GDP misses, but underlying demand remains resilient
- Geopolitical risks remain elevated despite diplomatic progress
- Eurozone GDP beats expectations, supporting ECB tightening outlook
- BoE holds rates as dovish tone offsets global inflation risks
- Tokyo inflation remains firm ahead of BoJ decision
- Dollar slides on softer US data and sharp yen rally
US GDP misses, but underlying demand remains resilient
US Q2 GDP growth slowed to 1.5% QoQ SAAR, below the 2.1% consensus, though the details were more encouraging. Consumer spending accelerated to 3.2% QoQ SAAR, investment remained solid, and core PCE inflation eased to 3.4% from 4.4% previously, supporting expectations for a prolonged Fed pause. In a separate report, June PCE inflation was largely in line with expectations, although core PCE rose just 0.1% MoM, below the 0.2% forecast.
Geopolitical risks remain elevated despite diplomatic progress
Geopolitical tensions remained elevated despite continued diplomatic efforts to de-escalate the Strait of Hormuz dispute. Iran, Oman and the US remained engaged in talks, while shipping activity through the Strait gradually recovered, though volumes stayed below pre-conflict levels.
Eurozone GDP beats expectations, supporting ECB tightening outlook
Eurozone GDP grew 0.4% QoQ in Q2, exceeding market expectations of 0.2% and highlighting the region’s resilience despite the impact of the US-Iran conflict and higher energy prices. Growth was broad-based, with Germany, France, and Italy each expanding 0.2% QoQ, while Spain remained the strongest performer at 0.7%.
BoE holds rates as dovish tone offsets global inflation risks
The Bank of England kept rates unchanged at 3.75% in a 6–3 vote, versus expectations of a 7–2 split. Despite acknowledging global inflation risks, policymakers struck a dovish tone, citing clear signs of easing domestic inflation pressures and little evidence that higher energy prices were feeding through to wages or broader inflation.
Tokyo inflation remains firm ahead of BoJ decision
Tokyo CPI accelerated in July, with core CPI rising to 1.9% YoY (vs. 1.8% expected, 1.6% prior), nearing the BoJ’s target as higher energy prices and a weaker yen lifted import costs. The BoJ’s preferred core-core CPI edged up to 2.0% from 1.9%, while headline inflation accelerated to 2.0% from 1.7%, underscoring persistent underlying inflationary pressures.
Dollar slides on softer US data and sharp yen rally
The 10-year government bond yield (interpolated) on the previous trading day was 2.094, +1.83 bps. The benchmark government bond yield (LB365A) was 2.06, +3.00 bps. Meantime, the latest closed US 10-year bond yields was 4.68, +1.0 bps. USDTHB on the previous trading day closed around 33.58, moving in a range of 33.39 – 33.415 this morning. USDTHB could be closed between 33.25 – 33.55 today. The US dollar weakened as markets digested an uneventful FOMC meeting, with Chair Warsh offering little new guidance. Softer-than-expected June core PCE inflation and Q2 GDP, alongside a sharp rally in the JPY, added to dollar weakness. The euro rose on stronger-than-expected GDP and a weaker dollar, while the British pound gained despite a dovish BoE hold at 3.75%, with policymakers highlighting easing inflation pressures. Meanwhile, the Japanese yen posted its biggest intraday gain since December 2023, fueling speculation of official intervention following repeated warnings from Japanese authorities and subsequent media reports suggesting BoJ intervention.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
