- USDTHB: moving in the range 32.32-32.37 this morning, supportive level at 32.25 resistance level at 32.50
- SET Index: 1,248.8 (+0.3%), 2 Sep 2025
- S&P 500 Index: 6,415.5 (-0.69%), 2 Sep 2025
- Thai 10-year government bond yield (interpolated): 1.272 (-2.09 bps), 2 Sep 2025
- US 10-year treasury yield: 4.28 (+5.0 bps), 2 Sep 2025
- ISM manufacturing PMI inches up, below forecast
- Euro-Zone CPI exceeds 2%, backing ECB’s steady-rate stance
- DM yields surge on fiscal fears
- Thai Senate passes budget amid political uncertainty
- Dollar strengthens on haven demand
ISM manufacturing PMI inches up, below forecast
The ISM Manufacturing PMI for August rose slightly to 48.7 from 48.0, falling short of the expected 49.0. A similar trend was observed in the employment index, which came in at 43.8—below the forecast of 44.5 but above the prior reading of 43.4. Meanwhile, the prices paid index declined to 63.7 from 64.8, dipping below the lower bound of the expected range. On a more positive note, new orders returned to expansionary territory, rising to 51.4 from 47.1. Survey responses highlighted ongoing challenges from tariffs.
Euro-Zone CPI exceeds 2%, backing ECB’s steady-rate stance
Euro-area inflation edged up to 2.1% in August from 2% in July, slightly above the ECB’s target and in line with expectations. Core inflation, excluding energy and food, held steady at 2.3%, while services inflation eased to 3.1%. The data reinforces expectations that the ECB will keep rates unchanged at its Sept. 11 meeting, as officials remain comfortable with inflation trends and the region’s resilience to rising US tariffs.
DM yields surge on fiscal fears
European long-term bond yields surged to multi-year highs on Tuesday as mounting concerns over global fiscal stability rattled investors. In Europe, political tensions added to the uncertainty: French Prime Minister François Bayrou is expected to lose a confidence vote next week as opposition parties push back against his proposed spending cuts, while UK Chancellor Rachel Reeves is anticipated to announce tax increases in the upcoming autumn budget to stay on track with her fiscal objectives.
Thai Senate passes budget amid political uncertainty
Thailand’s Senate approved a 3.78 trillion baht ($117 billion) budget for the fiscal year starting Oct. 1, easing investor concerns following last week’s dismissal of Prime Minister Paetongtarn Shinawatra. The spending plan, equal to roughly 20% of the country’s $550 billion economy, passed with support from 148 of 200 senators and now awaits royal endorsement after clearing the lower house last month. It includes a projected deficit of 860 billion baht, or 4.3% of GDP, and is slightly higher than last year’s allocation.
Dollar strengthens on haven demand
The 10-year government bond yield (interpolated) on the previous trading day was 1.272, -2.09 bps. The benchmark government bond yield (LB353A) was 1.253, -2.79 bps. Meantime, the latest closed US 10-year bond yields was 4.28, +5.0 bps. USDTHB on the previous trading day closed around 32.31, moving in a range of 32.32 – 32.37 this morning. USDTHB could be closed between 32.25 – 32.50 today. The dollar extended broad-based gains amid a pronounced risk-off tone, as surging global bond yields—driven by concerns over heavier debt issuance—dominated market sentiment. The move overshadowed softer-than-expected US data, including a subdued ISM manufacturing PMI print. The euro slipped below the 1.1700 handle, with firmer eurozone inflation numbers and mixed ECB commentary failing to offer much support. The British pound lagged as UK debt fears intensified, pushing 30-year gilt yields to a 27-year high and weighing heavily on the currency. Meanwhile, the Japanese yen pushed toward 149.00, with yield differentials remaining the key driver, though the pair later eased off highs.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
