- USDTHB: moving in the range 35.85-35.96 this morning supportive level at 35.70 resistance level at 36.00
· SET Index: 1,398.1 (-0.31%), 23 Feb 2024
· S&P 500 Index: 5,069.5 (-0.38%), 23 Feb 2024
· Thai 10-year government bond yield (interpolated): 2.56 (-0.11 bps), 23 Feb 2024
· US 10-year treasury yield: 4.28 (+2.00 bps), 23 Feb 2024
- US new home sales rise less than expected in January
- Japan's inflation beats forecasts, end of negative rates in sight
- China's new home prices extend declines despite policy support
- Dollar dips at the start of heavy week of data
US new home sales rise less than expected in January Sales of new US single-family homes rose less than expected in January amid a sharp decline in the South region, but demand for new construction remains underpinned by a persistent shortage of previously owned homes. New home sales increased 1.5% to a seasonally adjusted annual rate of 661,000 units last month, the Commerce Department's Census Bureau said on Monday. The sales pace for December was revised lower to 651,000 units from the previously reported 664,000 units. Economists polled by Reuters had forecast new home sales, which account for about 14.2% of US home sales, would rise to a rate of 680,000 units. Large parts of the country experienced freezing temperatures in January, which could have kept some potential buyers home. The frigid weather weighed on retail sales, homebuilding and factory production in January.
Japan's inflation beats forecasts, end of negative rates in sight Japan's core consumer inflation slowed for a third straight month in January but beat forecasts and held at the central bank's 2% target, keeping alive expectations it will end negative interest rates by April. The 2.0% gain in the core consumer prices index (CPI) was slower than the 2.3% increase in December, internal affairs and communications ministry data showed, underscoring views waning cost-push inflation from commodity imports could ease the pain of higher living costs. However, the gain beat median market forecasts for a 1.8% rise, reaffirming expectations hefty pay hikes will be offered by big firms at labor-management wage talks on March 13 that would pave the way for the Bank of Japan (BOJ) to end negative interest rates in March or April.
China's new home prices extend declines despite policy support China's new home prices slowed their month-on-month declines in January with the biggest cities seeing some stabilization, but the nationwide downward trend persisted despite Beijing's efforts to revive demand. New home prices fell 0.3% month-on-month in January after dipping 0.4% in December, according to Reuters calculations based on National Bureau of Statistics (NBS) data. China has been ramping up measures to arrest a property downturn, including ordering state banks to boost lending to residential projects under a "whitelist" mechanism. More big cities including Shanghai have also eased purchase curbs to lure homebuyers. Last month, home prices in tier-one cities fell 0.3% on month, smaller than their 0.4% decline in December, partly due to additional support measures including a reduction in down-payments.
Dollar dips at the start of heavy week of data The 10-year government bond yield (interpolated) on the previous trading day was 2.56, -0.11 bps. The benchmark government bond yield (LB31DA) was 2.57, +0.00 bps. Meantime, the latest closed US 10-year bond yields was 4.28, +2.00 bps. USDTHB on the previous trading day closed around 36.00 Moving in a range of 35.85-35.96 this morning. USDTHB could be closed between 35.70-36.00 today. The dollar was mostly lower ahead of US durable goods orders and an inflation reading this week that could provide more information on how soon the Federal Reserve may begin cutting interest rates. The dollar index, a measure of the greenback against a basket of currencies, was last down 0.2% at 103.78 - though the US currency strengthened 0.1% to 150.71 against the Japanese yen. In cryptocurrencies, ether rose 8% at $3,177, while bitcoin gained 6.89% at $54,506. US durable goods data is due Tuesday, while January's US personal consumption expenditures price index, which is the Fed's preferred measure of inflation. The market has recently reduced expectations for the size and how soon it expects the Fed to cut rates, as the US economy remains strong.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
