- USDTHB: moving in the range 33.38 – 33.41 this morning, supportive level at 33.25 resistance level at 33.50
- SET Index: 1,621.90 (-0.11%), 3 Aug 2026
- S&P 500 Index: 7,600.50 (+1.48%), 3 Aug 2026
- Thai 10-year government bond yield (interpolated): 2.090 (+0.67 bps), 3 Aug 2026
- US 10-year treasury yield: 4.70 (-5.00 bps), 3 Aug 2026
- De-escalation hopes rise after Trump halts Iran strikes
- US ISM manufacturing expands at fastest pace since 2022
- Eurozone manufacturing recovery remains uneven in July
- Japan confirms coordinated FX intervention with US
- China factory growth slows, while ASEAN manufacturing rebounds
- Dollar gains against major peers, lags yen
De-escalation hopes rise after Trump halts Iran strikes
Geopolitical tensions eased after President Trump cancelled planned strikes on Iran over the weekend to allow for diplomatic talks. Although Iran denied holding direct talks with the US and ruled out near-term bilateral meetings, Trump’s remarks on reopening the Strait of Hormuz and pursuing denuclearization negotiations reinforced hopes for de-escalation.
US ISM manufacturing expands at fastest pace since 2022
US manufacturing activity accelerated sharply in July, with the ISM Manufacturing PMI rising to 55.6, its highest level since May 2022 and well above expectations. Growth was broad-based, driven by stronger production, new orders, employment, exports and order backlogs, while prices paid eased only slightly, signalling persistent cost pressures.
Eurozone manufacturing recovery remains uneven in July
Eurozone manufacturing activity improved modestly in July, with the final Manufacturing PMI rising to 51.9 from 51.4, although it came in slightly below expectations. Germany remained the main driver of the recovery, with its PMI climbing to 52.2, while France slipped back into contraction at 49.8 and Italy slowed more than expected to 51.3, highlighting an uneven manufacturing recovery across the region.
Japan confirms coordinated FX intervention with US
Japan’s Ministry of Finance confirmed it jointly intervened with the US to support the yen on Friday—the first coordinated FX intervention since 2011—and warned it stands ready to act again if needed. President Trump backed the move, saying it reflected close US–Japan cooperation to stabilise the yen and support the global economy.
China factory growth slows, while ASEAN manufacturing rebounds
China’s manufacturing growth slowed to a four-month low in July, with the private Manufacturing PMI easing to 50.9 from 51.7, missing expectations and reinforcing signs of weakening economic momentum after official data showed factory activity unexpectedly slipped into contraction. In a separate report, Southeast Asia’s manufacturing sector rebounded, with the regional PMI rising to 52.8 as new orders and production grew at their fastest pace since the Middle East conflict began.
Dollar gains against major peers, lags yen
The 10-year government bond yield (interpolated) on the previous trading day was 2.090, +0.67 bps. The benchmark government bond yield (LB365A) was 2.07, +2.00 bps. Meantime, the latest closed US 10-year bond yields was 4.70, -5.0 bps. USDTHB on the previous trading day closed around 33.33, moving in a range of 33.38 – 33.41 this morning. USDTHB could be closed between 33.25 – 33.50 today. The US dollar traded slightly firmer, supported by resilient US yields and stronger-than-expected economic data despite lower oil prices, easing geopolitical tensions, and improving risk sentiment. The euro slipped but held support near 1.1500, and the British pound weakened after softer UK manufacturing data. Meanwhile, the Japanese yen outperformed, with USD/JPY falling to a fresh post-intervention low as Japan reiterated its readiness to conduct further coordinated FX intervention.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
