- USDTHB: moving in the range 33.28 – 33.35 this morning, supportive level at 33.20 resistance level at 33.50
- SET Index: 1,588.68 (-0.41%), 1 Sep 2026
- S&P 500 Index: 7,631.47 (-0.71%), 1 Sep 2026
- Thai 10-year government bond yield (interpolated): 2.212 (+3.46 bps), 1 Sep 2026
- US 10-year treasury yield: 4.79 (+4.00 bps), 1 Sep 2026
- US-Iran strikes escalate, driving oil prices higher
- US ISM PMI moderates, JOLTS signals cooling labour market
- EU inflation surge keeps ECB on tightening path
- China’s private manufacturing PMI expands as export demand strengthens
- Dollar gains as Middle East tensions escalate
US-Iran strikes escalate, driving oil prices higher
Crude oil rallied sharply and settled near session highs as the US and Iran exchanged further strikes and increasingly aggressive rhetoric. Prices initially rose after reports that two supertankers were hit in the Strait of Hormuz before accelerating following confirmed US attacks on Iran and subsequent Iranian retaliation against US bases and interests.
US ISM PMI moderates, JOLTS signals cooling labour market
US ISM manufacturing PMI eased to 54.6 in August from 55.6, below expectations, as new orders and employment softened while price pressures remained elevated. Despite the moderation, manufacturing remained firmly in expansion, supported by strong tech-related capex. Meanwhile, JOLTS job openings rose to 7.27mn but missed expectations, while weaker hiring and quits reinforced signs of a low-hiring, low-turnover labour market.
EU inflation surge keeps ECB on tightening path
Euro-area inflation accelerated to a near three-year high of 3.3% YoY in August from 2.9%, matching expectations and strengthening the case for an ECB rate hike next week. Core inflation unexpectedly eased to 2.4%, while services inflation fell to 3.0%. Nevertheless, elevated energy prices linked to the Iran war and resilient economic growth have led markets to fully price a 25bp hike on Sept. 10, with further tightening expected. Inflation also accelerated across major economies, including Germany, France, Italy and Spain.
China’s private manufacturing PMI expands as export demand strengthens
China’s RatingDog manufacturing PMI rose to a two-month high of 51.5 in August from 50.9, matching expectations and marking a ninth consecutive month of expansion. Growth was supported by stronger output and new orders, with export demand rising at its fastest pace in six months. However, input-cost inflation accelerated on higher metals and oil prices, while intense competition pushed factory-gate prices lower.
Dollar gains as Middle East tensions escalate
The 10-year government bond yield (interpolated) on the previous trading day was 2.212, +3.46 bps. The benchmark government bond yield (LB365A) was 2.17, +4.00 bps. Meantime, the latest closed US 10-year bond yields was 4.79, +4.0 bps. USDTHB on the previous trading day closed around 33.20, moving in a range of 33.28 – 33.35 this morning. USDTHB could be closed between 33.20 – 33.50 today. The dollar strengthened as Middle East tensions escalated following renewed attacks inside Iran, with Tehran warning of a larger response to US strikes, triggering a risk-off move that lifted the dollar and oil while Treasuries, gold, and US equities sold off. Markets now await Iran’s response and potential further US retaliation after President Trump warned of a much stronger counterattack. US data were softer, with ISM manufacturing PMI slightly missing expectations and JOLTS job openings declining more than expected, while Fed Governor Barr warned that a rate hike may be warranted if inflation does not moderate soon. The euro slipped below 1.1600 amid broad dollar strength despite limited reaction to EU inflation data, while the British pound edged lower but held around 1.3500 despite hawkish comments from BoE’s Mann. The Japanese yen underperformed as higher oil prices and US yields pushed USD/JPY back toward 160.00, putting intervention risks in focus, while BoJ Governor Ueda reportedly met US Treasury Secretary Bessent on the sidelines of the G20 to discuss monetary policy.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
