- USDTHB: moving in the range 32.44-32.485 this morning supportive level at 32.40 resistance level at 32.55
- SET Index: 1,251.3 (-0.9%), 26 Aug 2025
- S&P 500 Index: 6,465.9 (+0.41%), 26 Aug 2025
- Thai 10-year government bond yield (interpolated): 1.322 (-0.05 bps), 26 Aug 2025
- US 10-year treasury yield: 4.26 (-2.0 bps), 26 Aug 2025
- Trump team eyes greater control over regional Fed banks
- Durable goods orders drop less than expected
- CB consumer confidence dips slightly, but outperforms expectations
- Political uncertainty in France is mounting
- The Dollar was lower on Tuesday
Trump team eyes greater control over regional Fed banks
The Trump administration is exploring ways to increase its influence over the Federal Reserve’s 12 regional banks, beyond Washington appointments. It aims to review how regional Fed presidents—who are not subject to Senate confirmation—are selected, ahead of the Board of Governors’ scheduled reauthorization of their roles in February.
Durable goods orders drop less than expected
Headline durable goods orders fell 2.8% in July, following June’s 9.4% drop but faring better than the expected 4.0% decline. The weakness was mainly due to a drop in aircraft orders. Excluding transportation, orders rose 1.1%—beating the 0.2% consensus and marking the strongest gain since early 2022. Orders excluding defense fell 2.5%, still outperforming the -3.6% forecast. Core capital goods orders (nondefense ex-aircraft), a key investment gauge, rose 1.1%, while shipments increased 0.7%.
CB consumer confidence dips slightly, but outperforms expectations
US consumer confidence edged down to 97.4 in August, beating expectations (96.2) but below the upwardly revised July reading of 98.7. While views on current business conditions improved slightly, sentiment around the labor market worsened—those saying jobs are hard to get rose to 20.0%, the highest since February 2021, while those saying jobs are plentiful dipped to 29.7%. Inflation concerns also resurfaced, with more mentions of high prices—especially for food—pushing 12-month inflation expectations up to 6.2% from 5.7%.
Political uncertainty in France is mounting
French Prime Minister Francois Bayrou said he and President Macron agreed to bring parliament back early so the government can present its budget and hold a confidence vote. The government faces opposition to its €44 billion spending cuts and tax increases, including ending two public holidays. The far-left, Greens, far-right, and Socialists all plan to vote against the government. Bloomberg reports that if these parties vote no on September 8, Bayrou may have to resign.
The Dollar was lower on Tuesday
The 10-year government bond yield (interpolated) on the previous trading day was 1.322, -0.05 bps. The benchmark government bond yield (LB353A) was 1.300, -0.22 bps. Meantime, the latest closed US 10-year bond yields was 4.26, -2.0 bps. USDTHB on the previous trading day closed around 32.45, moving in a range of 32.44 – 32.485 this morning. USDTHB could be closed between 32.40 – 32.55 today. The US dollar softened slightly amid lingering concerns over the Federal Reserve’s independence following President Trump’s move to dismiss Fed Governor Cook, who plans to challenge the action in court. Despite this, overall market activity remained subdued due to typical summer trading conditions and a batch of economic data, including better-than-expected consumer confidence and durable goods figures. The euro gained modestly on the back of the dollar’s weakness, though further upside was limited by a lack of fresh momentum from within the Eurozone and ongoing political uncertainty in France. The Japanese yen also strengthened, though trading was choppy, with USD/JPY fluctuating in response to the Fed-related developments.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
