- USDTHB: moving in the range 32.62 – 32.64 this morning, supportive level at 32.40 resistance level at 32.70
- SET Index: 1,532.67 (+0.28%), 21 May 2026
- S&P 500 Index: 7,445.72 (+0.17%), 21 May 2026
- Thai 10-year government bond yield (interpolated): 2.385 (-2.84 bps), 21 May 2026
- US 10-year treasury yield: 4.57 (+0.00 bps), 21 May 2026
- Markets swing on conflicting US-Iran headlines
- US data shows mixed signals with little market reaction
- Eurozone PMI contracts at fastest pace since 2023
- Japan CPI cools in April; core inflation falls further below BOJ target
- South Korea’s early trade data reflect sustained chip boom
- The dollar is little changed amid conflicting US-Iran headlines
Markets swing on conflicting US-Iran headlines
Reports initially suggested that a final US-Iran agreement had been reached through Pakistani mediation, with Iranian media citing Al Arabiya and expectations that a formal announcement could come within hours. However, Al Arabiya later denied the report, triggering another reversal in market sentiment. Conflicting headlines also emerged over key unresolved issues, particularly whether Iran’s enriched uranium stockpile would remain in the country or be transferred abroad, as well as the future reopening and control of the Strait of Hormuz. Reuters later reported that no final agreement had been reached, although negotiations had narrowed differences between both sides, with Pakistan continuing to play a central mediation role.
US data shows mixed signals with little market reaction
Continuing jobless claims remained low and broadly stable, indicating ongoing labour market resilience. The Philly Fed Manufacturing Index pointed to weak current conditions, though firms grew more optimistic about the outlook. S&P Global Flash PMIs were mixed, with manufacturing surprising to the upside while services activity disappointed.
Eurozone PMI contracts at fastest pace since 2023
Euro area business activity contracted at the fastest pace in 2½ years, with the composite PMI falling to 47.5 in May from 48.8, missing expectations and remaining below the 50-expansion threshold. Manufacturing was supported by stock-building, while services weakened further. Price pressures also intensified, with input and output costs rising at the fastest pace in over three years.
Japan CPI cools in April; core inflation falls further below BOJ target
Japan’s CPI eased in April, with core inflation falling further below the BoJ’s 2% target. Core CPI rose 1.4% YoY, below expectations and down from 1.8%, while core-core inflation dropped to 1.9%, both at multi-year lows. Headline inflation also eased to 1.4%, its lowest in four years, driven mainly by government subsidies on energy costs.
South Korea’s early trade data reflect sustained chip boom
South Korea’s exports remained strong in the first 20 days of May, signalling resilient external demand despite higher oil prices and inflation concerns. Chip exports surged 202.1% YoY, driven by strong AI and data centre demand.
The dollar is little changed amid conflicting US-Iran headlines
The 10-year government bond yield (interpolated) on the previous trading day was 2.385, -2.84 bps. The benchmark government bond yield (LB365A) was 2.38, -4.00 bps. Meantime, the latest closed US 10-year bond yields was 4.57, +0.0 bps. USDTHB on the previous trading day closed around 32.66, moving in a range of 32.62 – 32.64 this morning. USDTHB could be closed between 32.40 – 32.70 today. The dollar ended little changed amid conflicting headlines on US-Iran negotiations, with reports of a finalized agreement briefly pressuring the dollar before later being denied. Uncertainty over Iran’s enriched uranium and Pakistan’s role in mediation also kept markets cautious, while mixed US data offered little direction. The euro and the British pound traded choppily amid mixed economic signals, while the Japanese yen hovered around the 159.00 level.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
