- USDTHB: moving in the range 31.83-31.85 this morning, supportive level at 31.80 resistance level at 31.95
- SET Index: 1,292.7 (-0.3%), 19 Sep 2025
- S&P 500 Index: 6,664.4 (+0.49%), 19 Sep 2025
- Thai 10-year government bond yield (interpolated): 1.341 (-2.77 bps), 19 Sep 2025
- US 10-year treasury yield: 4.14 (+3.0 bps), 19 Sep 2025
- Trump’s $100,000 H-1B Visa change sparks uncertainty
- Bank of Japan keeps interest rates unchanged; outlines ETF sale plans
- UK budget deficit overshoots forecast, pressuring Reeves ahead of autumn budget
- Thailand plans 8% cut in borrowing as debt approaches limit
- Dollar closed flat as FOMC gains offset earlier losses
Trump’s $100,000 H-1B Visa change sparks uncertainty
The Trump administration’s sudden move to impose a US$100,000 fee on H-1B visa applications sparked widespread confusion over the weekend. Many U.S. tech firms urged H-1B employees to return and limit travel amid fears the fee might apply to renewals or re-entry. Panic grew after Commerce Secretary Howard Lutnick suggested the charge could be annual. The White House later clarified: the fee applies only to new applications, not renewals or current holders, it is a one-time charge, and existing H-1B visa holders can travel without incurring the fee.
Bank of Japan keeps interest rates unchanged; outlines ETF sale plans
The BoJ held rates steady at 0.50% as expected, with a 7–2 vote. Dissenting members Takata and Tamura called for a 25bps hike. However, the central bank surprised markets by announcing plans to begin selling its ETF and J-REIT holdings at annual paces of JPY 330bln and JPY 5bln, respectively—decided unanimously. BoJ noted the pace may be adjusted after sales begin, based on principles and experience. At the post-meeting press conference, Governor Ueda echoed the moderate recovery view, noted lingering downside risks, and said rates may rise further if data aligns with forecasts. He added that future hikes would depend on US tariff impacts and food inflation, though BoJ doesn’t need to wait for full effects before acting.
UK budget deficit overshoots forecast, pressuring Reeves ahead of autumn budget
UK government borrowing surged in August, dealing a setback to Chancellor Rachel Reeves ahead of a tough autumn budget. The deficit hit £18 billion ($24.4 billion), well above the OBR’s £12.5 billion forecast and marking the highest August borrowing in five years. Cumulative borrowing for the fiscal year reached £83.8 billion—£11.4 billion above target and the second-highest on record, trailing only 2020’s pandemic-driven levels. By comparison, the deficit stood at £67.6 billion this time last year.
Thailand plans 8% cut in borrowing as debt approaches limit
Thailand plans to cut government borrowing by around 8% in the fiscal year starting October to uphold fiscal discipline as public debt nears the 70% of GDP ceiling. Of the planned borrowing, 992 billion baht will be new issuance to fund the budget deficit, with the remainder allocated to refinancing and debt restructuring. The government aims to issue about 1.3 trillion baht in bonds next year, with no more than 322 billion baht scheduled for the October–December quarter.
Dollar closed flat as FOMC gains offset earlier losses
The 10-year government bond yield (interpolated) on the previous trading day was 1.341, -2.77 bps. The benchmark government bond yield (LB353A) was 1.337, -2.10 bps. Meantime, the latest closed US 10-year bond yields was 4.14, +3.0 bps. USDTHB on the previous trading day closed around 31.87, moving in a range of 31.83 – 31.85 this morning. USDTHB could be closed between 31.80 – 31.95 today. The dollar ended the week flat, as post-FOMC strength offset earlier weakness. The index now trades around 97.66, rebounding from earlier lows of 97.27. Meanwhile, G10 FX traded with a downside bias. The British pound underperformed against the dollar after UK borrowing data came in well above expectations. The Japanese yen was little changed following a hawkish split decision from the BoJ, which held rates steady as expected.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
