- USDTHB: moving in the range 31.76-31.80 this morning, supportive level at 31.70 resistance level at 31.90
- SET Index: 1,293.6 (+0.4%), 12 Sep 2025
- S&P 500 Index: 6,584.3 (-0.05%), 12 Sep 2025
- Thai 10-year government bond yield (interpolated): 1.397 (+10.48 bps), 12 Sep 2025
- US 10-year treasury yield: 4.06 (+5.0 bps), 12 Sep 2025
- Michigan consumer sentiment dips below forecast
- Fitch cuts France’s credit rating amid rising debt and political turmoil
- UK economy makes weak start to second half of the year
- China investigates US chipmakers ahead of trade talks
- Dollar holds firm ahead of Fed policy decision
Michigan consumer sentiment dips below forecast
Preliminary University of Michigan data for September showed consumer sentiment falling to 55.4 from 58.2, below the expected 58.0. Current conditions slipped to 61.2, and expectations dropped sharply to 51.8, missing the 54.9 forecast. One-year inflation expectations held at 4.8%, while 5–10-year expectations rose to 3.9% from 3.5%. Surveys noted improved buying conditions for durables but declines across all other components. Consumers remain concerned about economic vulnerabilities, including business conditions, labor markets, and inflation.
Fitch cuts France’s credit rating amid rising debt and political turmoil
Fitch ratings downgraded France’s credit rating to A+ from AA-, citing rising public debt and increasing political instability. The move follows the collapse of another French government and growing concerns over the country’s ability to rein in its debt. Fitch warned that the approach of the 2027 presidential election will likely constrain fiscal consolidation efforts. The agency expects France’s fiscal deficit to remain above 5% of GDP through 2026–2027 and anticipates a weaker-than-expected budget package from upcoming negotiations.
UK economy makes weak start to second half of the year
The UK economy showed no growth in July, with GDP remaining flat after a 0.4% rise in June. This outcome met economists’ expectations. The data highlighted a near-stagnant services sector and a steep 0.9% fall in industrial output, driven by a 1.3% decline in manufacturing. The stagnation is largely attributed to the drag from previous tax increases and the possibility of more tax hikes in the forthcoming budget, leading economists to anticipate subdued growth in the latter half of the year.
China investigates US chipmakers ahead of trade talks
The Ministry of Commerce announced an anti-dumping probe into analog IC chips, starting Sept. 13, alongside an anti-discrimination investigation into US actions against Chinese chipmakers. The moves follow earlier accusations from Beijing that the US unfairly subsidizes its chip industry and dumps low-end chips.
Dollar holds firm ahead of Fed policy decision
The 10-year government bond yield (interpolated) on the previous trading day was 1.397, +10.48 bps. The benchmark government bond yield (LB353A) was 1.374, +10.44 bps. Meantime, the latest closed US 10-year bond yields was 4.06, +5.0 bps. USDTHB on the previous trading day closed around 31.69, moving in a range of 31.76 – 31.80 this morning. USDTHB could be closed between 31.70 – 31.90 today. The dollar traded broadly flat on Friday in a quiet session, as markets wound down into the weekend ahead of a high-risk week dominated by the upcoming FOMC meeting. Still, data offered some movement as Michigan consumer sentiment disappointed. G10 FX broadly weakened against the dollar, though losses were modest overall. The euro and the British pound were flat on the day, making them the relative outperformers in G10 FX. Meanwhile, The Japanese yen underperformed, with USD/JPY breaking above 148, despite the move lacking a clear catalyst.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
