- USDTHB: moving in the range 32.61-32.63 this morning supportive level at 32.40 resistance level at 32.70
- SET Index: 1,140.6 (+0.8%), 5 June 2025
- S&P 500 Index: 5,939.3 (-0.53%), 5 June 2025
- Thai 10-year government bond yield (interpolated): 1.712 (-4.15 bps), 5 June 2025
- US 10-year treasury yield: 4.40 (+3.0 bps), 5 June 2025
- Trump, Xi agree to more trade talks as rare earths dispute cools
- Musk and Trump feud escalates
- ECB cuts rates again but hints at pause
- China Caixin services sector grows more than expected in May
- The dollar little changed as markets await NFP data
Trump, Xi agree to more trade talks as rare earths dispute cools
The phone call between US President Trump and Chinese President Xi concluded on an optimistic note, with Trump characterizing the outcome as very positive. The discussion centered on trade issues, and both sides plan to meet again in the near future.
Musk and Trump feud escalates
Elon Musk and US President Trump escalated their public feud in a heated social media exchange. The clash intensified after Trump threatened to revoke Musk’s government contracts, prompting Musk to allege that Trump appears in the Epstein files—claiming this as the reason those records have not been released.
ECB cuts rates again but hints at pause
The ECB cut rates by 25bps as expected and made minimal changes to its statement, maintaining a data-dependent, meeting-by-meeting approach. Key updates included a lower 2025 inflation forecast (2.0% from 2.3%) and a sharp drop for 2026 (1.6% from 1.9%), though growth projections were mostly unchanged. While ECB President Lagarde’s prepared remarks were uneventful, she confirmed one dissenting vote—likely Holzmann—and hinted that current rates may mark the end of the cutting cycle, though she stopped short of confirming a pause.
China Caixin services sector grows more than expected in May
The Caixin China Services PMI increased to 51.1 in May from 50.7 in April, slightly exceeding expectations. Service sector employment improved, but deflationary pressures remained, with discounting hitting its highest level in eight months. This contrasts with recent weak manufacturing PMIs, which highlighted a continued slump in factory output amid falling overseas demand.
The dollar little changed as markets await NFP data
The 10-year government bond yield (interpolated) on the previous trading day was 1.712, -4.15 bps. The benchmark government bond yield (LB353A) was 1.695, -5.12 bps. Meantime, the latest closed US 10-year bond yields was 4.40, +3.0 bps. USDTHB on the previous trading day closed around 32.57, moving in a range of 32.61– 32.63 this morning. USDTHB could be closed between 32.40 – 32.70 today. The dollar ended Thursday largely flat. It initially gained following reports of a call between US President Trump and Chinese President Xi, but later came under pressure from weaker-than-expected US data—particularly an unexpected rise in initial jobless claims—and reactions to the ECB press conference. Remarks from several Fed officials had little impact, as market focus shifted to the escalating Trump-Musk dispute and anticipation of the upcoming NFP report. The euro saw modest gains after briefly nearing 1.1500 following ECB President Lagarde’s upbeat comments and mention of a dissenting vote on the rate cut. However, it later trimmed most of its advance. A meeting between German Chancellor Merz and US President Trump offered little impact, with Merz calling it a good discussion. The Japanese yen weakened, though gains in USD/JPY were limited by resistance around the 144.00 level and mixed risk sentiment.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
