- USDTHB: moving in the range 35.90-35.95 this morning supportive level at 35.85 resistance level at 36.15
· SET Index: 1,388.4 (-0.02%), 9 Feb 2024
· S&P 500 Index: 5,026.6 (+0.57%), 9 Feb 2024
· Thai 10-year government bond yield (interpolated): 2.57 (+2.01 bps), 9 Feb 2024
· US 10-year treasury yield: 4.17 (+2.00 bps), 9 Feb 2024
- Mixed US consumer price revisions leave slowing inflation trend intact
- BOJ eyes new indices to capture labor cost impact on services inflation
- China new bank loans in Jan hit record high on policy support
- Dollar eases as market shrugs off inflation revision data
Mixed US consumer price revisions leave slowing inflation trend intact US monthly consumer prices rose less than initially thought in December, but the overall inflation revisions were mixed, and did not shift expectations on the timing of an anticipated interest rate cut from the Federal Reserve this year. The consumer price index rose 0.2% in December instead of 0.3% as reported last month, the revisions of the CPI data published by the Labor Department's Bureau of Labor Statistics (BLS) showed. But data for November was revised up to show the CPI increasing 0.2% rather than 0.1% as previously estimated. The CPI gained 0.1% in October. Prices were previously reported to have been unchanged in October. The 3-month annualized increase in the CPI was revised up to a 1.9% rate from a 1.8% pace. The revisions emanated from the recalculation of seasonal adjustment factors; the model used by the government to strip out seasonal fluctuations from the data.
BOJ eyes new indices to capture labor cost impact on services inflation The Bank of Japan said it will consider publishing new indices that shed more light on the degree to which labor costs are affecting inflation in the service sector, amid a growing focus on whether inflationary pressures are broadening. The move is part of the central bank's plan to upgrade its services producer price index, which tracks the prices firms charge each other for services, when its base year changes to 2020 from the current 2015 around the middle of this year. As part of the base-year revision plan, the BOJ is considering publishing as reference an index that tracks the price moves of services for which the ratio of personnel fees to total costs is high, such as transportation and information services. It will also consider publishing another index that tracks service prices for sectors with a low personnel fee-to-total cost ratio such as leasing, advertising and real estate. Service prices for such sectors are swayed more by raw material input costs.
China new bank loans in Jan hit record high on policy support New bank loans in China jumped by more than expected to an all-time high in January, as the central bank moved to shore up the sputtering economy, reinforcing expectations for more stimulus in the coming months. Policymakers have pledged to roll out further measures to support the weaker-than-expected post-COVID recovery in the world's second-largest economy, amid a deep property crisis and prolonged stock market rout. Chinese lenders tend to front-load loans at the beginning of the year to get higher-quality customers and win market share. Banks extended 4.92 trillion yuan ($683.7 billion) in new yuan loans in January, hitting a record high, up sharply from December and beating analysts' expectations, data from the People's Bank of China (PBOC) showed.
Dollar eases as market shrugs off inflation revision data The 10-year government bond yield (interpolated) on the previous trading day was 2.57, +2.01 bps. The benchmark government bond yield (LB31DA) was 2.56, +2.00 bps. Meantime, the latest closed US 10-year bond yields was 4.17, +2.00 bps. USDTHB on the previous trading day closed around 35.94 Moving in a range of 35.90-35.95 this morning. USDTHB could be closed between 35.85-36.15 today. The dollar eased as it headed for a fourth week of gains while traders reduced their bets on how quickly the Bank of Japan might raise interest rates and how soon the Federal Reserve will cut them. Traders shrugged off revised US monthly consumer prices that rose less than initially estimated in December. While underlying inflation remained a bit warm, the mixed picture did not alter the market's outlook on the timing of Fed rate cuts. The annual revisions published by the Labor Department also showed the consumer price index (CPI) increasing slightly more than previously reported in October and November.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
