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Daily Market Insight: 14 September 2023

14 Sep 2023
  •   USDTHB: moving in the range 35.65-35.71 this morning supportive level at 35.50 resistance level at 35.75

·         SET Index: 1,535.3 (-0.66%), 13 Sep 2023

·         S&P 500 Index: 4,467.4 (-0.45%), 13 Sep 2023

·         Thai 10-year government bond yield (interpolated): 3.06 (+6.24 bps), 13 Sep 2023

·         US 10-year treasury yield: 4.25 (-2.00 bps), 13 Sep 2023


  • U.S. inflation accelerates to 3.7% in August amid jump in gas prices
  • German govt sees economy shrinking up to 0.3% this year
  • UK economy stumbles in July as strikes and rain weigh
  • Dollar steadies ahead of inflation data; Sterling falls on weak GDP


U.S. inflation accelerates to 3.7% in August amid jump in gas prices U.S. consumer prices accelerated by more than expected on a yearly basis in August, as a sharp uptick in gas prices contributed to lingering inflationary pressures in the world's largest economy that may impact the Federal Reserve's interest rate path for the rest of the year. The Labor Department's closely-watched consumer price index (CPI), a measure of price gains, increased by 3.7% annually during the month, up from 3.2% in July and faster than economists' estimates of 3.6%. Month-on-month, the CPI reading was 0.6%, picking up the pace from 0.2% and in line with projections. Gasoline prices were the largest contributor to the quickening monthly rise, accounting for more than half of the jump. The index for gas costs surged by 10.6% in August after climbing by just 0.2% in the prior month.


German govt sees economy shrinking up to 0.3% this year The German government will downgrade its economic forecast for this year to a contraction of as much as 0.3%. The government had predicted economic growth of 0.4% for 2023 in its April forecast. The economy was likely to shrink in the third quarter and expand only slightly in the fourth, people familiar with the forecast told Bloomberg. However, those figures could still change before the economy ministry publishes its autumn forecast next month. Earlier this week, the European Commission cut its forecast for the German economy to a 0.4% contraction this year, compared with the 0.2% growth projected previously.


UK economy stumbles in July as strikes and rain weigh Britain's economy contracted in July at an unexpectedly sharp rate after strikes in hospitals and schools as well as unusually rainy weather weighed on output, according to official figures on Wednesday that will add to worries about the outlook. The Office for National Statistics said gross domestic product shrank 0.5% in July from June, worse than all forecasts in a Reuters poll of economists that had pointed to a contraction in gross domestic product (GDP) of 0.2% from June. Output had risen 0.5% in June, and the economy grew 0.2% over the three months to the end of July. Sterling shed around a third of a cent against the dollar on the data, which showed all major sectors of the economy - services, manufacturing and construction - declined in July.


Dollar steadies ahead of inflation data; Sterling falls on weak GDP The 10-year government bond yield (interpolated) on the previous trading day was 3.06, +6.24 bps. The benchmark government bond yield (LB31DA) was 2.96, +5.00 bps. Meantime, the latest closed US 10-year bond yields was 4.25, -2.00 bps. USDTHB on the previous trading day closed around 35.70. Moving in a range of 35.65-35.71 this morning. USDTHB could be closed between 35.50-35.75 today. The U.S. dollar stabilized in early European trade Wednesday, as traders cautiously awaited the latest U.S. inflation data, while sterling weakened after the U.K. economy contracted by more than expected in July . The Dollar Index traded just higher at 104.377, after falling to a one-week low on Monday. Fed officials have signaled they could pause when they meet next week, having raised rates at 11 of its past 12 meetings, while they assess their progress so far. But inflation remaining sticky could point to the likelihood of further increases before the year ends.


Sources : ttb analytics , Bloomberg, CNBC, Trading economics