- USDTHB: moving in the range 31.69 – 31.72 this morning, supportive level at 31.50 resistance level at 31.80
- SET Index: 1,346.5 (+0.78%), 4 Feb 2026
- S&P 500 Index: 6,882.7 (-0.51%), 4 Feb 2026
- Thai 10-year government bond yield (interpolated): 1.938 (-1.10 bps), 4 Feb 2026
- US 10-year treasury yield: 4.29 (+1.0 bps), 4 Feb 2026
- US ADP non-farm employment change disappointed
- China's Xi and Trump talk by phone, ahead of expected meeting in April
- US shutdown ends as Trump signs his funding deal with Democrats
- UK service output growth rebounds to a five-month high in January
- BOJ unlikely to intervene as Takaichi's fiscal push fuels bond market turmoil
- Dollar takes soft labor market data in stride
US ADP non-farm employment change disappointed
The US ADP private-sector employment increased by 22,000 jobs in January. Leading the slowdown was manufacturing, which has lost jobs every month since March 2024, following by professional and business services, and large employers. Job creation took a step back in 2025, with private employers adding 398,000 jobs, down from 771,000 in 2024. While we've seen a continuous and dramatic slowdown in job creation for the past three years. Meanwhile, wage growth has remained stable. Pay growth for job-stayers was up 4.5%YoY, and for job-changers, pay growth slowed to 6.4%YoY from 6.6%YoY.
China's Xi and Trump talk by phone, ahead of expected meeting in April
President Donald Trump spoke with Chinese President Xi Jinping on Wednesday in wide-ranging talks on geopolitics ahead of Trump's expected visit to China in April, hours after Xi's virtual meeting with Russian President Vladimir Putin. Trump said the two leaders had "a long and thorough call" on trade, military issues, Taiwan, Russia's war in Ukraine, Iran, airplane engine deliveries, and oil and gas purchases by China from the US. Besides, Trump said China had agreed to increase its purchases of US-produced soybeans. "All very positive," Trump also said that about the relationship with China in a post on his Truth Social platform.
US shutdown ends as Trump signs his funding deal with Democrats
The partial US government shutdown ended late Tuesday after President Donald Trump signed into law a funding deal he negotiated with Senate Democrats, overcoming opposition from both ends of the political spectrum amid a standoff over his administration’s immigration crackdown. Still, a more limited funding lapse looms within days since the Department of Homeland Security is only funded through Feb 13 while Trump negotiates with Democrats over their demands for new restraints on immigration enforcement agents. The rest of the government is funded through the Sept. 30 end of the fiscal year.
UK service output growth rebounds to a five-month high in January
The S&P Global UK Services PMI Business Activity Index registered 54.0 in January, up from 51.4 in December and above the 50.0 no-change mark for the ninth consecutive month. Moreover, the latest reading signaled the fastest pace of expansion since August 2025. Higher levels of business activity were linked to greater confidence among clients, new project starts and a post budget improvement in investment sentiment. Rising export orders supported overall new business gains in January. Although only modest, the rate of growth was the second-fastest since October 2024. However, there were also many reports that geopolitical uncertainties and fragile consumer demand had weighed on growth in January.
BOJ unlikely to intervene as Takaichi's fiscal push fuels bond market turmoil
Japan’s bond market has been rattled by sharp yield rises following Prime Minister Sanae Takaichi’s decision to call a snap election and unveil expansionary fiscal pledges, reviving fears about the country’s already heavy debt burden. Investors have responded by dumping Japanese government bonds, triggering volatility that has spilled into global debt markets. Despite mounting pressure, sources familiar with the Bank of Japan’s thinking say the central bank is unlikely to step in to stabilise bond yields, citing the high costs and risks of intervention, particularly the danger of renewed yen depreciation.
Dollar takes soft labor market data in stride
The 10-year government bond yield (interpolated) on the previous trading day was 1.938, -1.10 bps. The benchmark government bond yield (LB365A) was 1.950, -0.39 bps. Meantime, the latest closed US 10-year bond yields was 4.29, +1.00 bps. USDTHB on the previous trading day closed around 31.66 Moving in a range of 31.69-31.72 this morning. USDTHB could be closed between 31.50-31.80 today. Dollar is also holding within tight ranges. The latest ADP report reinforced the “low hiring, low firing” narrative that has dominated recent labor market data. While hiring momentum is cooling, the adjustment is not yet feeding through to wage dynamics. A brief government shutdown appeared to have had little bearing on the dollar, as policymakers approved more government funding this week, but it does mean that the release of crucial employment data, due on Friday, will be delayed.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
