- USDTHB: moving in the range 32.495-32.51 this morning supportive level at 32.40 resistance level at 32.60
- SET Index: 1,217.2 (+0.4%), 25 July 2025
- S&P 500 Index: 6,389.8 (+0.02%), 28 July 2025
- Thai 10-year government bond yield (interpolated): 1.493 (+0.06 bps), 25 July 2025
- US 10-year treasury yield: 4.42 (+2.0 bps), 28 July 2025
- EU reaches tariff deal with US
- Durable goods orders slide less than expected
- Tokyo inflation eases but remains above BOJ target
- Thailand, Cambodia agree to ceasefire After trade threat, ASEAN push
- Dollar rallies on trade deal relief
EU reaches tariff deal with US
The US and European Union reached an agreement to impose 15% tariffs on most EU exports, including cars, in an effort to avoid a trade war. Announced by President Donald Trump and European Commission President Ursula von der Leyen, the deal aims to bring “stability” and “predictability.” As part of the agreement, the EU committed to buying $750 billion in US energy and investing $600 billion in the American economy, among other pledges.
Durable goods orders slide less than expected
Durable goods orders fell 9.3% in May, a sharp reversal from April’s 16.5% surge, though the decline was less severe than the anticipated 10.8% drop. The headline figure was dragged down by significant decreases in new orders for transportation equipment, nondefense aircraft and parts and capital goods. Nonetheless, core capital goods orders (nondefense excluding aircraft) unexpectedly slipped 0.7%, missing forecasts for a 0.2% rise and down from a revised 2.0% increase in April.
Tokyo inflation eases but remains above BOJ target
Tokyo’s CPI excluding fresh food rose 2.9% in July, down from 3.1% in June—the first drop below 3% since March. The slowdown reflected waived summer water charges and lower energy prices. Water costs fell 34.6% for the second month, the largest decline since 1971. Core CPI, excluding fresh food and energy, held steady at 3.1%, while headline inflation eased to 2.9% from 3.1%.
Thailand, Cambodia agree to ceasefire After trade threat, ASEAN push
Thailand and Cambodia agreed Monday to an immediate ceasefire after five days of deadly border clashes that left at least 36 dead. The deal was reached during ASEAN-hosted talks in Malaysia between Thai Acting Prime Minister Phumtham Wechayachai and Cambodian Prime Minister Hun Manet. The ceasefire, influenced by regional pressure following U.S. tariff threats, takes effect at midnight local time. U.S. and Chinese envoys attended the talks, though their roles remain unclear.
Dollar rallies on trade deal relief
The 10-year government bond yield (interpolated) on the previous trading day was 1.493, +0.06 bps. The benchmark government bond yield (LB353A) was 1.49, +1.00 bps. Meantime, the latest closed US 10-year bond yields was 4.40, -3.0 bps. USDTHB on the previous trading day closed around 32.32, moving in a range of 32.495 – 32.51 this morning. USDTHB could be closed between 32.40 – 32.60 today. The dollar gained strength early in the week, firmly rising above 98.00 following the US-EU trade deal, while US-China talks in Stockholm resumed Tuesday. Monday’s data was light, but a busy week of risk events is expected. The euro weakened as Chancellor Merz flagged tariff risks to Germany’s economy, while France pressured the EU for a tougher approach on the US despite the trade deal. The British pound slipped below 1.3400 against the stronger dollar, with UK PM Starmer’s meeting with President Trump in Scotland offering little new information. The Japanese yen weakened against the dollar, with USD/JPY rising above 148.00 due to the dollar rally and widening yield gaps.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
