- USDTHB : moving in the range 33.25 – 33.35 this morning, supporting level of USDTHB is around 33.00,33.25 resistance level is around 33.40
- SET Index: 1,695.2 (-0.19%), 31 Mar 2022
- S&P 500 Index: 4,530.4 (-1.58%), 31 Mar 2022
- Thai 10-year government bond yield (interpolated) : 2.34% (-6.40 bps), 31 Mar 2022
- US 10-year treasury yield: 2.32 (-3.00bps), 31 Mar 2022
- U.S. Spending Slows in February as Stimulus Fades, Inflation Bites
- China’s March Manufacturing, Services Activity Contract
- Japan business mood sours as Ukraine war, inflation take toll
- Dollar eyes 2.8% quarterly gain as safe-haven flows support, bond yield continued to retreat
U.S. Spending Slows in February as Stimulus Fades, Inflation Bites
U.S. consumer spending slowed sharply in February as the effect of pandemic-driven stimulus programs faded and high inflation started to bite. Personal spending rose only 0.2% on the month, down from an upwardly revised 2.7% in January, according to figures released by the Bureau of Economic Analysis. At the same time, the index for personal consumer expenditures rose 0.6% on the month, taking the annual rate to 6.4%. The core rate of PCE inflation rose to 5.2%, both figures representing 40-year highs. The numbers provided fresh evidence of consumer spending reverting to more normal patterns, after two years punctuated by lockdowns and dominated by working-from-home.
China’s March Manufacturing, Services Activity Contract
China’s manufacturing and services sectors simultaneously contracted in March 2022 for the first time in two years and highlighted the urgency for more policy intervention to stabilize the economy. National Bureau of Statistics (NBS) data released earlier in the day showed that the manufacturing purchasing managers' index (PMI) was at 49.5. Forecasts prepared by Investing.com predicted a 49.9 figure, while February’s figure was 50.2. The non-manufacturing PMI was at 48.4, compared to the previous month’s 51.6 figure. The last time both PMIs were both below the 50- mark separating contraction from growth was in February 2020, as COVID began to spread after being detected in the city of Wuhan. More recent outbreaks in cities such as Shanghai and Shenzhen are now pushing the indexes into contraction.
Japan business mood sours as Ukraine war, inflation take toll
Japanese business confidence hit a nine-month low in the first quarter, a central bank survey showed, as companies took a hit from supply disruptions and surging raw material costs caused by the Ukraine crisis. The tankan's headline index gauging big manufacturers' mood slipped to plus 14 in March from plus 17 in December, worsening for the first time in seven quarters and hitting the lowest level since June 2021. The survey also showed companies expect inflation to hit 1.8% a year from now, up from 1.1% in the December poll and the highest forecast on record - highlighting Japan's rising upward price pressure.
Dollar eyes 2.8% quarterly gain as safe-haven flows support, bond yield continued to retreat
The 10-year government bond yield (interpolated) on the previous trading day was 2.34, -6.40 bps. The benchmark government bond yield (LB31DA) was 2.26, -8.00 bps. LB31DA could be between 2.20-2.30. Meantime, the latest closed US 10-year bond yields was 2.32%, -3.00bps. USDTHB on the previous trading day closed around 33.31 Moving in a range from 33.25-33.35 this morning. USDTHB could be closed between 33.25-33.40 today. The dollar has attracted safe-haven flows since Russia's Feb. 24 invasion of Ukraine, and is on track for a rise of around 1.6% for the month of March, and around 2.8% for the first quarter.
Sources : ttb analytics , Bloomberg, CNBC, Investing, CEIC
