- USDTHB: moving in the range 32.42-32.49 this morning, supportive level at 32.30 resistance level at 32.60
- SET Index: 1,309.5 (-0.39%), 31 Oct 2025
- S&P 500 Index: 6,840.2 (+0.26%), 31 Oct 2025
- Thai 10-year government bond yield (interpolated): 1.736 (+1.33 bps), 31 Oct 2025
- US 10-year treasury yield: 4.11 (+0.0 bps), 31 Oct 2025
- Fed talk overall stays hawkish
- Eurozone inflation eases slightly in October, core holds steady
- Tokyo inflation accelerates, strengthening BOJ hike case
- China PMI hits longest slump in nearly a decade
- Dollar firms broadly against peers on Friday
Fed talk overall stays hawkish
Fed hawks struck a cautious tone on further easing. Logan saw no case for another cut, citing a balanced but cooling labor market and lingering inflation risks, and urged shifting the policy focus toward repo rates. Schmid dissented to hold, pointing to solid momentum and sticky inflation that keeps policy only modestly restrictive. Hammack said she wouldn’t have backed October’s cut, warning inflation remains persistent and policy should stay tight despite mild labor softness. Nonetheless, Waller said the Fed should continue cutting interest rates at its next meeting in December, citing the risk of a continued slowdown in hiring.
Eurozone inflation eases slightly in October, core holds steady
Eurozone consumer inflation eased slightly in October, reinforcing the ECB’s view that price pressures remain contained. Headline CPI rose 2.1% y/y, down from 2.2% in September and in line with forecasts, while m/m inflation ticked up 0.2% after 0.1% previously. Core CPI unexpectedly held steady at 2.4%, as services inflation accelerated to 3.4%. National data showed mixed trends, with price pressures building in Spain, easing less than expected in Germany, and remaining subdued in France and Italy.
Tokyo inflation accelerates, strengthening BOJ hike case
Tokyo’s core CPI (excluding fresh food) rose 2.8% y/y in October, exceeding forecasts of 2.6% and up from 2.5% in September, driven mainly by higher water charges. Overall inflation also printed at 2.8%, reinforcing the case for the Bank of Japan to continue its gradual normalization path. Separately, industrial production rebounded more than expected in September after two months of decline, while retail sales improved but missed forecasts.
China PMI hits longest slump in nearly a decade
The official manufacturing PMI fell to 49.0 from 49.8 in September, below the 49.6 consensus. Meanwhile, the non-manufacturing PMI, covering construction and services, edged up to 50.1 after slipping to the threshold of contraction last month. The weakness partly reflects seasonal factors, as this year’s October holidays were longer than in 2024.
Dollar firms broadly against peers on Friday
The 10-year government bond yield (interpolated) on the previous trading day was 1.736, +1.33 bps. The benchmark government bond yield (LB353A) was 1.719, +2.00 bps. Meantime, the latest closed US 10-year bond yields was 4.11, +0.0 bps. USDTHB on the previous trading day closed around 32.33, moving in a range of 32.42– 32.49 this morning. USDTHB could be closed between 32.30 – 32.60 today. The dollar firmed broadly as comments from Fed officials Schmid, Logan, and Hammack pushed back on expectations for a December rate cut, echoing Chair Powell’s note of division within the FOMC. Risk sentiment briefly soured after Trump denied reports of planned US strikes on Venezuelan drug sites. The dollar index trades near October highs. Across G10 FX, most currencies weakened versus the USD, led by the euro. Meanwhile, the Japanese yen outperformed slightly after hotter Tokyo CPI.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
