- USDTHB: moving in the range 32.63-32.66 this morning supportive level at 32.40 resistance level at 32.70
- SET Index: 1,149.2 (-1.3%), 30 May 2025
- S&P 500 Index: 5,970.4 (+0.58%), 3 June 2025
- Thai 10-year government bond yield (interpolated): 1.801 (-3.03 bps), 30 May 2025
- US 10-year treasury yield: 4.46 (+0.0 bps), 3 June 2025
- Trump signs order hiking steel, aluminum tariffs to 50%
- US job openings unexpectedly rose in April
- US manufacturing PMI contracted in May for a third month
- China's Caixin PMI drops to lowest level in more than two years
- Euro-Zone inflation below 2%, boosting ECB rate cut outlook
- Dollar gains slightly from six-week low
Trump signs order hiking steel, aluminum tariffs to 50%
President Trump signed a proclamation to double steel and aluminum tariffs to 50% under Section 232, effective Wednesday. The order exempts the UK from the increased tariffs, allowing the two nations to work on new levies or quotas by a July 9 deadline, as part of a framework to lower trade barriers on steel. In addition, last week, Trump also criticized China for allegedly breaking a recent tariff truce.
US job openings unexpectedly rose in April
Job openings rose to 7.4 million in April from 7.2 million, beating the 7.1 million forecast, driven by private-sector industries such as professional and business services and health care and social assistance. The vacancy rate edged up to 4.4%, while the quits rate dipped to 2.0%.
US manufacturing PMI contracted in May for a third month
The ISM Manufacturing PMI fell to 48.5 in May from 48.7, missing expectations of 49.5. Prices paid dipped slightly, while new orders and employment ticked up but remained in contraction. Inventories fell sharply, though production, supplier deliveries, and backlogs improved. Export orders and imports declined significantly.
China's Caixin PMI drops to lowest level in more than two years
China’s manufacturing saw its sharpest decline since September 2022, hit by higher U.S. tariffs despite a trade truce. The Caixin PMI fell to 48.3 in May from 50.4, missing the expected 50.7. Export orders and output dropped on weak demand, with new orders shrinking at the fastest pace in 2.5 years. The data aligns with official PMI showing a second month of contraction.
Euro-Zone inflation below 2%, boosting ECB rate cut outlook
Euro-area inflation declined more than expected in May, slipping beneath the European Central Bank’s 2% target and reinforcing the case for further interest rate reductions. The CPI increased by 1.9% year-on-year, down from 2.2% in April and under the forecasted 2%. Meanwhile, core CPI also eased to 2.3%, and price pressures in the key services sector saw a significant decline.
Dollar gains slightly from six-week low
The 10-year government bond yield (interpolated) on the previous trading day was 1.801, -3.03 bps. The benchmark government bond yield (LB353A) was 1.795, -3.12 bps. Meantime, the latest closed US 10-year bond yields was 4.46, +0.0 bps. USDTHB on the previous trading day closed around 32.66, moving in a range of 32.63– 32.66 this morning. USDTHB could be closed between 32.40 – 32.70 today. The dollar recovered Monday’s losses, helped briefly by stronger-than-expected April JOLTS data. Although factory orders declined more than expected, it had little effect on the dollar’s rebound. Comments from several Fed officials had minimal market impact. The euro weakened, falling below the 1.1400 level, as the dollar rebounded and softer CPI data weighed on the currency. The Japanese yen came under pressure as dollar strength and improved risk sentiment pushed USD/JPY briefly back toward the 144.00 level.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
