- USDTHB: moving in the range 34.36-34.50 this morning supportive level at 34.30 resistance level at 34.55
· SET Index: 1,526.7 (+0.26%), 18 May 2023
· S&P 500 Index: 4,198.1 (+0.94%), 18 May 2023
· Thai 10-year government bond yield (interpolated): 2.51 (-2.36 bps), 18 May 2023
· US 10-year treasury yield: 3.65 (+8.00 bps), 18 May 2023
- US weekly jobless claims fall; labor market defying recession fears
- Japan CPI inflation rises as expected in April, more pressure on BOJ
- China’s fiscal revenue growth quickens as economy recovers
- US dollar hits seven-week high, bolstered by data, debt ceiling hopes
US weekly jobless claims fall; labor market defying recession fears The number of Americans filing new claims for unemployment benefits fell more than expected last week, with applications in Massachusetts decreasing sharply, suggesting the labor market remains tight. The steep decline in weekly jobless claims reported by the Labor Department on Thursday reversed the surge in the prior week, which had boosted them to the highest level since Oct. 30, 2021. That increase was largely blamed on an unusual jump in applications for unemployment insurance in Massachusetts. Initial claims for state unemployment benefits declined 22,000 to a seasonally adjusted 242,000 for the week ended May 13. The drop was the largest since Nov. 20, 2021. Economists polled by Reuters had forecast 254,000 for the latest week. Unadjusted claims decreased 18,605 to 215,810 last week, with filings in Massachusetts plunging by 14,042
Japan CPI inflation rises as expected in April, more pressure on BOJ Japanese consumer price index inflation rose as expected in April, trending back towards 40-year highs after a lull in the first quarter and heralding more pressure on the Bank of Japan to eventually tighten policy this year. National core consumer price index inflation, which excludes volatile items such as fresh food, rose an annualized 3.4% in April, according to data from the Statistics Bureau. The figure was in line with estimates and higher than last month’s reading of 3.1%. Including fresh food, national CPI inflation rose 3.5% in April, much higher than expectations of 2.5% and March’s reading of 3.2%. Inflation also grew 0.6% in April from the prior month. Food prices continued to be one of the biggest factors behind inflation, as Japan struggles with the increasing cost of food imports. This largely offset weaker fuel and electricity prices, although the latter fell due to government subsidies introduced earlier this year to curb inflation.
China’s fiscal revenue growth quickens as economy recovers China’s fiscal revenue rose 11.9% in the first four months of 2023 from the same period a year earlier, accelerating sharply from a 0.5% rise in January-March, official data showed, as the economy stages a gradual but uneven post-COVID recovery. Fiscal revenue totaled 8.32 trillion yuan ($1.20 trillion)in the first four months while fiscal expenditure grew 6.8% to 8.64 trillion yuan, the ministry said in a statement on Thursday. In April, fiscal revenue jumped about 70% from a year earlier, accelerating sharply from a 5.5% rise in March, according to Reuters calculations based on the ministry’s data.
US dollar hits seven-week high, bolstered by data, debt ceiling hopes The 10-year government bond yield (interpolated) on the previous trading day was 2.51, -2.36 bps. The benchmark government bond yield (LB31DA) was 2.54, -2.00 bps. LB31DA could be between 2.20-2.70. Meantime, the latest closed US 10-year bond yields was 3.65, +8.00 bps. USDTHB on the previous trading day closed around 34.22 Moving in a range of 34.36-34.50 this morning. USDTHB could be closed between 34.30-34.55 today. The dollar rose to seven-week peaks on Thursday as another round of solid economic data further pared back bets on easing by the Federal Reserve, with the greenback also boosted by expectations of a U.S. debt ceiling deal to a avert potential default. The dollar index, a measure of the greenback's value against six major currencies, touched a new seven-week high of 103.63, and was last up 0.7% at 103.56. Against the yen, the dollar rose to a six-month peak of 138.74 and was last up 0.7% at 138.715 yen. Negotiators for the White House and congressional Republicans met again on Capitol Hill to discuss their search for common ground on lifting the $31.4 trillion debt ceiling.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC