- USDTHB: moving in the range 32.23-32.28 this morning supportive level at 32.10 resistance level at 32.45
- SET Index: 1,208.1 (+0.1%), 21 July 2025
- S&P 500 Index: 6,305.6 (+0.14%), 21 July 2025
- Thai 10-year government bond yield (interpolated): 1.531 (-0.01 bps), 21 July 2025
- US 10-year treasury yield: 4.38 (-6.0 bps), 21 July 2025
- Bessent: US not rushing trade deals
- Bessent seeks review of Fed HQ renovation
- EU steps up retaliation plans
- Early Korean exports solid amid US tariff uncertainty
- Greenback starts week lower
Bessent: US not rushing trade deals
US Treasury Secretary Bessent said trade talks are progressing but emphasized that securing high-quality agreements is more important than meeting the August 1 deadline, adding, “we’re not going to rush.” He noted that secondary tariffs could reach as high as 100% on countries purchasing sanctioned oil if the Senate bill moves forward, citing strong bipartisan support with backing from 80 to 90 senators. Bessent also urged Europe to follow the U.S. lead should such tariffs be implemented. Regarding the EU, he observed that they have become more engaged and are likely to seek faster negotiations. Additionally, he mentioned that talks with China are expected soon and that the current state of trade relations is strong enough to begin addressing broader issues.
Bessent seeks review of Fed HQ renovation
Treasury Secretary Scott Bessent called for a review of the Fed’s renovation plans and broader non-monetary operations, warning of “mission creep” and institutional overreach. He stressed that the Fed’s independence is vital to US economic stability.
EU steps up retaliation plans
EU diplomats indicated that the bloc is weighing broader countermeasures in response to US tariffs but continues to prioritize a negotiated resolution. Meanwhile, a German government spokesperson stated that Chancellor Scholz does not currently view EU retaliatory measures as appropriate in the context of ongoing EU–US trade talks.
Early Korean exports solid amid US tariff uncertainty
South Korea’s exports rose 4.1% year-on-year in the first 20 days of July, easing from June’s 6.8% gain. Imports fell 4.3%, yielding a $465 million trade surplus. Semiconductor exports jumped 16.5%, autos rose 3.9%, while steel exports dropped 9.7% amid ongoing US tariffs.
Greenback starts week lower
The 10-year government bond yield (interpolated) on the previous trading day was 1.531, -0.01 bps. The benchmark government bond yield (LB353A) was 1.51, -2.0 bps. Meantime, the latest closed US 10-year bond yields was 4.38, -6.0 bps. USDTHB on the previous trading day closed around 32.40, moving in a range of 32.23 – 32.28 this morning. USDTHB could be closed between 32.10 – 32.45 today. The US dollar weakened, with the index falling below the 98.00 mark amid a softer yield environment and a lack of major news or data releases. With the Fed in its blackout period and a light US economic calendar, market attention is turning to trade-related developments. The euro benefitted from the dollar’s decline, briefly reclaiming the 1.1700 level. On the trade front, EU diplomats indicated the bloc is considering broader countermeasures against US tariffs, though prioritizing a negotiated resolution. The British pound also gained against the dollar, briefly rising back above 1.3500 before paring some of its gains. Meanwhile, the Japanese yen strengthened following Upper House elections in Japan, where the ruling LDP-led coalition lost its majority but remained the largest bloc in parliament. Prime Minister Ishiba confirmed he would stay in office. According to JPMorgan, the election outcome was more favorable than markets had expected, especially considering earlier JPY weakness and long-end JGB selling ahead of the vote.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
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