- USDTHB: moving in the range 32.59-32.61 this morning supportive level at 32.50 resistance level at 32.70
- SET Index: 1,235.8 (-0.5%), 19 Aug 2025
- S&P 500 Index: 6,411.4 (-0.59%), 19 Aug 2025
- Thai 10-year government bond yield (interpolated): 1.351 (+0.43 bps), 19 Aug 2025
- US 10-year treasury yield: 4.30 (-4.0 bps), 19 Aug 2025
- US housing starts unexpectedly rise despite permit decline
- Japan records surprise trade deficit in July as exports weaken further
- PBOC keeps loan prime rates steady
- Thai lending slump for four straight quarters flags growth risks
- Dollar gains gradually amid Fed watch ahead of Jackson Hole
US housing starts unexpectedly rise despite permit decline
US housing starts rose 5.2% in July to 1.428 million, exceeding expectations and surpassing the upper end of forecasts, while June’s figure was revised up to 1.358 million. In contrast, building permits—considered a more forward-looking indicator—fell 2.8% to 1.354 million, missing the 1.386 million forecast.
Japan records surprise trade deficit in July as exports weaken further
Japan’s exports posted their sharpest drop in over four years in July, falling 2.6% year-on-year—worse than the expected 2.1% decline—as US tariffs continued to pressure global trade. The fall, led by cars, auto parts, and steel, marked the steepest decline since February 2021. Despite a 1.2% rise in export volumes, suggesting exporters are cutting prices to maintain market share, imports dropped 7.5% due to sharp declines in crude oil, coal, and LNG shipments. As a result, the trade balance swung to a ¥117.5 billion deficit.
PBOC keeps loan prime rates steady
China held its benchmark lending rates steady for a third straight month in August, as expected, signaling caution on monetary easing despite recent weak economic data. The one-year loan prime rate remained at 3.0%, and the five-year rate stayed at 3.5%.
Thai lending slump for four straight quarters flags growth risks
Thai commercial bank loans contracted for the fourth consecutive quarter, falling 0.9% in Q2—slower than the 1.3% decline seen in Q1—as rising credit risks and economic slowdown concerns weighed on lending. Non-performing loans edged up to 2.91% (554.9 billion baht) from 2.9% (548.1 billion baht) in Q1. Banks have tightened lending standards for SMEs and consumers amid persistently high household debt—the highest in Southeast Asia. Loan demand is expected to remain subdued in Q3 as cautious lending continues.
Dollar gains gradually amid Fed watch ahead of Jackson Hole
The 10-year government bond yield (interpolated) on the previous trading day was 1.351, +0.43 bps. The benchmark government bond yield (LB353A) was 1.346, +0.56 bps. Meantime, the latest closed US 10-year bond yields was 4.30, -4.0 bps. USDTHB on the previous trading day closed around 32.51, moving in a range of 32.59 – 32.61 this morning. USDTHB could be closed between 32.50 – 32.70 today. The US dollar edged slightly higher amid a cautious, risk-off trading environment and a lack of major economic data or commentary from the Federal Reserve. Mixed housing figures showed a sharper-than-expected drop in building permits, while housing starts unexpectedly jumped above forecasts. Despite these movements, overall market activity remained subdued as traders looked ahead to Wednesday’s FOMC Minutes and Fed Chair Powell’s upcoming speech at the Jackson Hole Symposium on Friday. Meanwhile, the euro softened after EUR/USD lost momentum near the 1.1700 level, the British pound weakened slightly after failing to hold above 1.3500 ahead of UK inflation data, and the Japanese yen saw mild gains as USD/JPY drifted lower in response to softer US yields and the risk-off tone.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
