- USDTHB: moving in the range 33.345-33.365 this morning supportive level at 33.20 resistance level at 33.50
- SET Index: 1,159.5 (+0.05%), 28 Apr 2025
- S&P 500 Index: 5,528.8 (+0.1%), 28 Apr 2025
- Thai 10-year government bond yield (interpolated): 1.899 (-1.18 bps), 28 Apr 2025
- US 10-year treasury yield: 4.23 (-6.0 bps), 28 Apr 2025
- Bessent states China must take the lead in easing the trade war
- Texas manufacturing slumps to lowest since 2020 on tariffs
- US boosts net quarterly borrowing estimate to $514 billion
- Putin declares 72-hour Ukraine truce to mark WWII victory
- The dollar softened ahead key data
Bessent states China must take the lead in easing the trade war
Treasury Secretary Scott Bessent said the US is in contact with China, but it’s up to Beijing to lead efforts to ease the tariff dispute due to the trade imbalance. He noted that the US is currently focused on trade deals with 15-17 other countries, with India likely being the first to announce a deal. Bessent also mentioned that US and Chinese officials met during last week’s IMF-World Bank meetings to discuss financial stability, but trade was not a topic.
Texas manufacturing slumps to lowest since 2020 on tariffs
The Dallas Fed Manufacturing Business Index fell sharply to -35.8 in April from -16.3, marking its lowest level since May 2020. Similarly, the company outlook index dropped to -28.3, its weakest point since the pandemic began. The outlook uncertainty index rose by 11 points to 47.1. The production index held steady at 5.1, suggesting modest growth. The report highlighted a slight decline in employment and shorter workweeks. Meanwhile, price pressures intensified, and wage growth stayed relatively stable.
US boosts net quarterly borrowing estimate to $514 billion
The US Treasury has revised its borrowing estimate for the current quarter to $514 billion, an increase from the previously projected $123 billion, due to a lower-than-expected starting cash balance. The Treasury had anticipated that lawmakers would raise or suspend the federal debt limit, but this issue remains unresolved. Looking ahead, the Treasury plans to borrow $554 billion in the July-to-September quarter, assuming a cash balance of $850 billion at the end of that period. It will also announce its plans for note and bond sales on Wednesday.
Putin declares 72-hour Ukraine truce to mark WWII victory
Vladimir Putin announced a temporary ceasefire in the Ukraine conflict from May 8-10, drawing criticism from the White House, while Trump aims to negotiate a permanent peace. Kyiv expressed its readiness to comply with a complete ceasefire for at least 30 days.
The dollar softened ahead key data
The 10-year government bond yield (interpolated) on the previous trading day was 1.899, -1.18 bps. The benchmark government bond yield (LB353A) was 1.897, -1.39 bps. Meantime, the latest closed US 10-year bond yields was 4.23, -6.0 bps. USDTHB on the previous trading day closed around 33.66, moving in a range of 33.345 – 33.365 this morning. USDTHB could be closed between 33.20 – 33.50 today. The dollar softened against all G10 currencies during a quiet trading session marked by limited news and a lack of major economic data. This decline comes ahead of a busy week featuring key economic reports—such as GDP, PCE, NFP, and ISM Manufacturing—as well as earnings from major US tech companies. The euro gained support from the weaker US dollar and climbed back above the 1.1400 level. Comments from central bank officials also drew attention, with ECB’s Rehn remarking that the euro’s strength is making the inflation outlook more challenging, although underlying price pressures are beginning to ease. The Japanese yen gained ground as USD/JPY moved lower, approaching the 142.00 level, driven by early risk-off sentiment and falling US Treasury yields.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
