- USDTHB: moving in the range 36.865-36.96 this morning supportive level at 36.75 resistance level at 37.00
· SET Index: 1,357.5 (+0.59%), 23 Apr 2024
· S&P 500 Index: 5,070.6 (+1.19%), 23 Apr 2024
· Thai 10-year government bond yield (interpolated): 2.71 (-1.04 bps), 23 Apr 2024
· US 10-year treasury yield: 4.61 (-1.00 bps), 23 Apr 2024
- US business activity cools in April; inflation measures mixed
- Euro zone business in services-led bounce in April, PMI survey shows
- Japan's corporate service inflation perks up in March
- Dollar calm ahead of week's key data; euro gains after PMI release
US business activity cools in April; inflation measures mixed US business activity cooled in April to a four-month low due to weaker demand, while rates of inflation eased slightly even as input prices rose sharply, suggesting some possible relief ahead as the Federal Reserve looks for signs that the economy is ebbing enough to bring inflation down further. S&P Global said on Tuesday that its flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, fell to 50.9 this month from 52.1 in March. A reading above 50 indicates expansion in the private sector. The slowdown reflected weaker rates of growth in both the manufacturing and services sectors, with activity easing to three- and five-month lows, respectively. That in turn meant employment, which the Fed is watching closely for indications of a drop off, fell for the first time since June 2020, with the reduction focused on services.
Euro zone business in services-led bounce in April, PMI survey shows Overall business activity in the euro zone expanded at its fastest pace in nearly a year this month as a buoyant recovery in the bloc's dominant service industry more than offset a deeper downturn in manufacturing, a survey found. The divide between services firms and factories was also evident in the country breakdown for Germany and France, the bloc's two biggest economies and the only ones to publish preliminary readings of the survey. HCOB's preliminary composite euro zone Purchasing Managers' Index (PMI), compiled by S&P Global, bounced to 51.4 this month from March's 50.3, well ahead of expectations in a Reuters poll for 50.7 and marking its second month above the 50-level separating growth from contraction.
Japan's corporate service inflation perks up in March Japan's annual business-to-business service inflation accelerated for the second month to hit 2.3% in March, suggesting firms continued to pass on rising labour costs thanks to prospects for sustained wage gains. The data underscores the Bank of Japan's view that rising service prices will replace cost-push inflation as a key driver of price gains and help sustain inflation around its 2% target. The year-on-year rise in the services producer price index, which measures what companies charge each other for services, followed a 2.2% gain in February. Service price moves are closely watched by the BOJ as a key indicator of whether wages and inflation are rising in tandem, which it set as one of the prerequisites for raising interest rates.
Dollar calm ahead of week's key data; euro gains after PMI release The 10-year government bond yield (interpolated) on the previous trading day was 2.71, -1.04 bps. The benchmark government bond yield (LB31DA) was 2.71, -1.00 bps. Meantime, the latest closed US 10-year bond yields was 4.61, -1.00 bps. USDTHB on the previous trading day closed around 37.03. Moving in a range of 36.865-36.96 this morning. USDTHB could be closed between 36.75-37.00 today. The US dollar steadied in early European trading Tuesday, while a bounce in European services activity data in April helped the euro. The Dollar Index, which tracks the greenback against a basket of six other currencies, traded flat at 105.915, below the five-month peak seen last week. The easing of tensions in the Middle East, with Iranian Foreign Minister Hossein Amirabdollahian indicating that the Islamic Republic doesn't intend to retaliate against Israel for the latter's strike last week, has seen traders take profits on recent gains from the safe-haven dollar. That said, the greenback remains elevated after a run of stronger-than-expected economic data, accompanied by hawkish comments from Federal Reserve officials, have forced traders to pare back expectations of rate cuts in the summer.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
