- USDTHB: moving in the range 32.90 – 32.92 this morning, supportive level at 32.80 resistance level at 33.00
- SET Index: 1,617.89 (-0.25%), 9 Sep 2026
- S&P 500 Index: 7,636.36 (-0.48%), 9 Sep 2026
- Thai 10-year government bond yield (interpolated): 2.290 (+2.96 bps), 9 Sep 2026
- US 10-year treasury yield: 4.83 (+3.00 bps), 9 Sep 2026
- Middle East tensions surge as US and Iran exchange attacks
- Treasury buyback falls short of expectations, pushing yields higher
- China CPI, PPI pressures revived by energy spike
- BoT minutes signal high bar for further rate cuts
- Dollar holds steady in choppy trade ahead of US inflation data
Middle East tensions surge as US and Iran exchange attacks
US-Iran tensions escalated sharply after the US struck several Iranian tankers linked to the IRGC in response to attempted missile attacks on a US Navy warship. Iran retaliated with missile launches against regional targets and bases in Jordan, while the IRGC threatened tanker crews in Kuwaiti and Bahraini ports and reports emerged of another tanker being targeted in the Strait of Hormuz, raising concerns over further disruption to regional shipping. Geopolitical risks broadened further as Pakistan reportedly considered strikes against Houthi targets in Yemen under a defense framework with Saudi Arabia and Turkey. Trump later said he was not seeking a deal with Iran, reinforcing concerns that tensions could remain elevated.
Treasury buyback falls short of expectations, pushing yields higher
US Treasury yields rose after the Treasury announced a maximum USD 6bn buyback of 10–20Y nominal coupons, above its previous guidance of at least USD 4bn but below market expectations that purchases could reach USD 10bn. The smaller-than-hoped buyback disappointed investors and triggered further selling in long-dated Treasuries, pushing yields higher. The selloff subsequently provided a sizable concession into the 10Y auction, which attracted strong demand and helped Treasuries recover from session lows.
China CPI, PPI pressures revived by energy spike
China’s inflation pressures picked up in August, with consumer inflation accelerating for the first time since April and producer prices rising faster than expected amid higher food and energy costs. Headline CPI rose 0.8% YoY from 0.5% in July, in line with expectations, while PPI inflation increased to 3.8% from 3.5%, above the 3.6% forecast. Core CPI also edged up to 1.0%, its first increase in four months. Energy accounted for 0.28ppt of the headline CPI gain, while seasonal and weather-related factors pushed up prices of fresh vegetables, eggs and pork.
BoT minutes signal high bar for further rate cuts
The BoT released minutes from its August MPC meeting, where the Committee unanimously kept the policy rate at 1.00%. Growth remains low and uneven, as AI-related exports and investment provide limited domestic spillovers, while consumption remains weak and SME lending contracts. With inflation lower than expected, the MPC maintained an accommodative stance but sees limited benefits from further easing and emphasized preserving policy space.
Dollar holds steady in choppy trade ahead of US inflation data
The 10-year government bond yield (interpolated) on the previous trading day was 2.290, +2.96 bps. The benchmark government bond yield (LB365A) was 2.24, +2.00 bps. Meantime, the latest closed US 10-year bond yields was 4.83, +3.0 bps. USDTHB on the previous trading day closed around 32.86, moving in a range of 32.90 – 32.92 this morning. USDTHB could be closed between 32.80 – 33.00 today. The dollar was broadly flat in choppy Wednesday trade, initially weakening before reversing after the US Treasury’s buyback announcement disappointed some expectations, with a maximum USD 6bn purchase of 10–20Y Treasuries falling short of hopes for as much as USD 10bn. Dollar-specific catalysts remained limited ahead of US PPI and CPI on Thursday and Friday. The euro edged higher in indecisive trade ahead of an expected ECB rate hike, while GBP finished little changed amid a quiet calendar. JPY outperformed, with USD/JPY briefly testing below 153.00 amid persistent BoJ rate-hike expectations and recent Bessent comments on the yen.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
