- USDTHB: moving in the range 32.49-32.55 this morning supportive level at 32.30 resistance level at 32.60
- SET Index: 1,132.0 (-1.5%), 4 June 2025
- S&P 500 Index: 5,970.8 (+0.01%), 4 June 2025
- Thai 10-year government bond yield (interpolated): 1.754 (-4.69 bps), 4 June 2025
- US 10-year treasury yield: 4.37 (-9.0 bps), 4 June 2025
- US ISM services contracts for first time in nearly a year
- ADP employment cools to slowest pace in two years
- Bank of Canada holds rates steady
- Australia Q1 GDP grows less than expected
- China considers ordering hundreds of airbus jets in major deal
- The dollar fell on weak US data
US ISM services contracts for first time in nearly a year
US ISM Services unexpectedly contracted in May, dropping to 49.9. Input costs surged, with prices paid rising to 68.7, highlighting the impact of tariffs. New orders and business activity weakened, while employment ticked up but remained below 50. Respondents cited tariff-related cost pressures, mostly passed to customers.
ADP employment cools to slowest pace in two years
ADP employment data showed a sharp slowdown in hiring, with just 37,000 private-sector jobs added in May—the lowest since March 2023 and well below expectations of 110,000. The forecast range’s bottom was 69,000. Hiring has slowed, with sectors including business services, education, and health shedding jobs.
Bank of Canada holds rates steady
The Bank of Canada (BoC) kept its policy rate unchanged at 2.75%, the midpoint of its estimated neutral range (2.25–3.25%). While some had hoped for a 25bps cut, the decision aligned with the majority expectation. The BoC cited a desire to wait for more clarity on US trade policy and its economic effects, emphasizing a cautious approach.
Australia Q1 GDP grows less than expected
Australia’s GDP grew 0.2% QoQ in Q1, slower than expected due to weak public demand and exports affected by extreme weather. Year-on-year growth was 1.3%, below the 1.5% forecast but steady from Q4. The Reserve Bank of Australia is likely to cut rates by 25bps in July, with nearly a 90% chance, as the economy lags its 20-year pre-pandemic average.
China considers ordering hundreds of airbus jets in major deal
China may place an order for hundreds of Airbus aircraft as early as next month during a visit by European leaders to Beijing, sources say. The deal could involve 200 to 500 planes, including both narrowbody and widebody models. Airbus declined to comment, and Chinese aviation officials did not respond to requests.
The dollar fell on weak US data
The 10-year government bond yield (interpolated) on the previous trading day was 1.754, -4.69 bps. The benchmark government bond yield (LB353A) was 1.746, -4.88 bps. Meantime, the latest closed US 10-year bond yields was 4.37, -9.0 bps. USDTHB on the previous trading day closed around 32.66, moving in a range of 32.49– 32.55 this morning. USDTHB could be closed between 32.30 – 32.60 today. The dollar weakened on soft US data and falling yields, as ADP jobs figures missed sharply ahead of Friday’s NFP, though analysts question the link between the two. ISM Services data also disappointed. The euro gained on dollar weakness and stronger-than-expected EU PMI data, with attention now turning to Thursday’s ECB meeting. The Japanese yen strengthened as USD/JPY fell below 143.00, driven by narrower US-Japan yield spreads after weak US data.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
