- USDTHB: moving in the range 32.225-32.285 this morning supportive level at 32.15 resistance level at 32.40
- SET Index: 1,212.5 (-0.6%), 24 July 2025
- S&P 500 Index: 6,363.4 (+0.07%), 24 July 2025
- Thai 10-year government bond yield (interpolated): 1.492 (-0.67 bps), 24 July 2025
- US 10-year treasury yield: 4.43 (+3.0 bps), 24 July 2025
- US PMI rises in July on strong service sector
- The ECB holds rates amid tariff uncertainty
- Euro Zone PMIs rise to highest level in 11 months
- Thai-Cambodia conflict heats up
- Thai exports grow ahead of tariffs but miss forecast
- Dollar edges up on data support
US PMI rises in July on strong service sector
The composite PMI rose to 54.6 in July from 52.9, signaling stronger economic growth led by services. The services PMI jumped to 55.2, beating all forecasts, while manufacturing PMI slumped to 48.5—well below expectations and into contraction.
The ECB holds rates amid tariff uncertainty
The ECB left rates unchanged as expected, keeping the deposit rate at 2%. The statement offered little new, reiterating a data-dependent, meeting-by-meeting approach and that the inflation outlook remains broadly unchanged. Lagarde downplayed the euro moves and US tariff risks, reaffirming no shift in the June baseline and stressing policy remains appropriate.
Euro Zone PMIs rise to highest level in 11 months
Euro zone composite PMI rose to an 11-month high of 51.0 in July, beating expectations. Services PMI climbed to 51.2, while manufacturing PMI improved to 49.84 — its highest since July 2022 — nearing expansion territory.
Thai-Cambodia conflict heats up
Tensions between Thailand and Cambodia surged as a long-standing border dispute turned violent. Both nations blamed each other. The escalation prompted international concern, with the US and China issuing advisories, and Malaysia urging immediate dialogue, warning that “peace is the only option.”
Thai exports grow ahead of tariffs but miss forecast
Thailand’s exports rose 15.5% YoY in June to US$28.65bn, maintaining strong momentum ahead of expected August tariffs, though slightly below May’s 18.4% rise and missing the 18.7% forecast. Imports grew 13.1% YoY to US$27.59bn. The export surge was driven by front-loaded orders, especially to the US, and strong electronics demand. For 1H25, exports rose 15.0% YoY, while imports climbed 11.6%.
Dollar edges up on data support
The 10-year government bond yield (interpolated) on the previous trading day was 1.492, -0.67 bps. The benchmark government bond yield (LB353A) was 1.488, +0.13 bps. Meantime, the latest closed US 10-year bond yields was 4.43, +3.0 bps. USDTHB on the previous trading day closed around 32.21, moving in a range of 32.225 – 32.285 this morning. USDTHB could be closed between 32.15 – 32.40 today. The dollar strengthened broadly, marking its first DXY gain this week as momentum from recent trade deals faded. Mixed US PMIs and a further drop in jobless claims offered some support, while President Trump’s Fed visit had little market impact despite renewed calls for rate cuts and some disagreement with Powell on renovation data. The euro edged lower amid choppy trading around the ECB meeting. Some support came after Lagarde said policy remains appropriate. The British pound weakened after disappointing UK PMI data, with manufacturing contracting and services missing expectations. The Japanese yen softened slightly as USD/JPY climbed back toward the 147.00 level on broader dollar strength.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
