- USDTHB: moving in the range 32.17-32.195 this morning supportive level at 32.15 resistance level at 32.30
- SET Index: 1,191.8 (-1.4%), 22 July 2025
- S&P 500 Index: 6,309.6 (+0.06%), 22 July 2025
- Thai 10-year government bond yield (interpolated): 1.500 (-3.04 bps), 22 July 2025
- US 10-year treasury yield: 4.35 (-3.0 bps), 22 July 2025
- Trump announced a 15% Japan tariff deal
- Trump announced 19% tariffs on Philippine and Indonesian imports
- Thailand nears deal to cut 36% US export tariff
- Thai cabinet picks Vitai Ratanakorn as next central bank chief
- The dollar extended its decline against G10 currencies
Trump announced a 15% Japan tariff deal
President Donald Trump announced a trade deal with Japan that would impose a 15% tariff on Japanese imports and bring $550 billion in Japanese investment to the U.S. Posting on Truth Social, Trump said the agreement would require Japan to open its market to more US auto and agricultural products, including rice, though he gave few specifics. Trump has long targeted Japan’s trade surplus with the US, which is heavily driven by auto exports. It’s unclear whether Japanese cars and parts will be exempt from separate 25% tariffs. Japan’s NHK reported the 15% rate would also apply to autos.
Trump announced 19% tariffs on Philippine and Indonesian imports
US President Trump announced new trade deals with the Philippines and Indonesia, stating that both countries will open their markets to American goods with zero tariffs, while their exports to the US will face a 19% tariff. Trump said the Philippines is becoming an “open market” for the US, echoing similar terms in the agreement with Indonesia. Meanwhile, US Treasury Secretary Bessent noted that an extension for the August 12 deadline with China is likely and confirmed that trade talks with Chinese officials are scheduled for next Monday and Tuesday in Stockholm.
Thailand nears deal to cut 36% US export tariff
Thailand is close to reaching a deal with the US to avoid a new tariff on its exports, according to Finance Minister Pichai Chunhavajira. He said over 90% of the negotiations are done, and the agreement could be finalized in the next few days—before the new tariff is applied. To help reduce its trade surplus with the US, Thailand has agreed to buy more American goods and invest more in the US. It has also expanded the list of US products that won’t face any Thai tariffs to cover 90% of all items.
Thai cabinet picks Vitai Ratanakorn as next central bank chief
Thailand has selected Vitai Ratanakorn, a supporter of interest rate cuts with close ties to the government, as its next central bank governor. He, currently president of the Government Savings Bank, was chosen over Bank of Thailand Deputy Governor Roong Mallikamas, with officials citing his “knowledge, expertise, and experience in economics and banking” as the main reasons.
The dollar extended its decline against G10 currencies
The 10-year government bond yield (interpolated) on the previous trading day was 1.500, -3.04 bps. The benchmark government bond yield (LB353A) was 1.48, -3.0 bps. Meantime, the latest closed US 10-year bond yields was 4.35, -3.0 bps. USDTHB on the previous trading day closed around 32.28, moving in a range of 32.17 – 32.195 this morning. USDTHB could be closed between 32.15 – 32.30 today. The dollar continued to weaken against other major G10 currencies, mainly due to a softer yield environment. There were no strong reasons driving the move, and with Fed officials in a blackout period and little new economic data. The euro rose as the dollar fell, pushing the euro above 1.1700. There wasn’t much news from the eurozone. Meanwhile, The Japanese yen continued its recent strength, with USD/JPY dropping below 147.00. This was driven by dollar selling and narrowing yield gaps between Japan and the US.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
