- USDTHB: moving in the range 32.37-32.40 this morning supportive level at 32.30 resistance level at 32.55
- SET Index: 1,121.1 (+1.0%), 11 July 2025
- S&P 500 Index: 6,259.8 (-0.3%), 11 July 2025
- Thai 10-year government bond yield (interpolated): 1.553 (+0.94 bps), 11 July 2025
- US 10-year treasury yield: 4.43 (+8.0 bps), 11 July 2025
- Trump announces 30% tariffs on EU and Mexico amid ongoing talks
- White House pressures Powell over Fed renovation
- US tariff revenue sets new record
- UK monthly GDP contracts again, increasing pressure on Starmer
- The dollar continues to rise amid tariff developments
Trump announces 30% tariffs on EU and Mexico amid ongoing talks
US President Trump announced 30% tariffs on EU and Mexican imports starting August 1st, separate from sectoral tariffs. Mexican President Sheinbaum remains hopeful for a deal before then but insists Mexico’s sovereignty is non-negotiable. Mexico’s Economy Ministry confirmed ongoing talks aimed at protecting businesses and workers. Meanwhile, EU Commission President von der Leyen warned the tariffs would harm transatlantic supply chains but said the EU is open to a deal, extending its suspension of counter-tariffs while preparing potential countermeasures.
White House pressures Powell over Fed renovation
The Trump administration is reportedly considering whether the renovation at the Federal Reserve’s headquarters could provide a valid reason to dismiss Fed Chair Jerome Powell. Although the legal basis for this action is uncertain, it highlights growing political pressure on the Fed to pursue more aggressive rate cuts.
US tariff revenue sets new record
US customs duty revenue has exceeded $100 billion this fiscal year for the first time, driven by increased tariffs under the Trump administration. The Treasury Department reported $27 billion in customs revenue for June alone, pushing the total for the fiscal year to $113 billion so far. Treasury Secretary Scott Bessent stated that total tariff collections could surpass $300 billion by year-end.
UK monthly GDP contracts again, increasing pressure on Starmer
The UK economy shrank for the second month in a row, with GDP falling 0.1% in May after a 0.3% drop in April, missing expectations. This raises concerns of stagnation in the second quarter, adding pressure on Prime Minister Starmer and Chancellor Reeves. Manufacturing and construction saw their sharpest declines in nearly a year, while exports to the US struggled despite a tariff deal. The auto industry, pharmaceuticals, and metals were notably affected.
The dollar continues to rise amid tariff developments
The 10-year government bond yield (interpolated) on the previous trading day was 1.553, +0.94 bps. The benchmark government bond yield (LB353A) was 1.553, +1.32 bps. Meantime, the latest closed US 10-year bond yields was 4.43, +8.0 bps. USDTHB on the previous trading day closed around 32.55, moving in a range of 32.37 – 32.40 this morning. USDTHB could be closed between 32.30 – 32.55 today. The dollar’s recovery in July continued into the weekend, as trade tensions with Canada intensified following President Trump’s announcement of a 35% tariff on Canadian goods. On Friday, US economic data was light, though the federal budget showed a sharp turnaround: a $316 billion deficit in May shifted to a $27 billion surplus in June, largely driven by record-high customs duties, thanks to tariffs. The euro edged slightly lower. In Europe, the focus was on the ECB, where Schnabel maintained her hawkish stance, opposing further rate cuts. Meanwhile, the Japanese yen was hit by rising US yields, pushing USD/JPY up to 147.50.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
