- USDTHB: moving in the range 32.065-32.11 this morning, supportive level at 32.00 resistance level at 32.20
- SET Index: 1,278.4 (+0.4%), 24 Sep 2025
- S&P 500 Index: 6,638.0 (-0.29%), 24 Sep 2025
- Thai 10-year government bond yield (interpolated): 1.355 (+0.71 bps), 24 Sep 2025
- US 10-year treasury yield: 4.16 (+4.0 bps), 24 Sep 2025
- US New home sales surge, beating forecast and previous numbers
- Japan manufacturing PMI contracts more than expected in September
- Fitch lowers Thailand outlook to negative amid political uncertainty
- Thailand’s export growth slows as US tariffs take toll
- The dollar firmed on Wednesday, trimming earlier weekly losses
US New home sales surge, beating forecast and previous numbers
August new home sales jumped 20.5% to 800k, well above expectations (650k) and the revised July figure (664k). Median prices rose 1.9% YoY to $413.5k, while supply fell to 7.4 months from July’s 9 months. Analysts cautioned the sharp rise likely overstates housing strength, though they expect sales to improve as mortgage rates fall and the labor market stabilizes.
Japan manufacturing PMI contracts more than expected in September
Japan’s manufacturing activity weakened further in September, with the manufacturing PMI falling to 48.4, below expectations (49.5) and August’s 49.7. The sector has been under pressure from sluggish exports, especially in autos and steel, amid high US tariffs. In contrast, services remained resilient, with the services PMI at 53.0, just below August’s 53.1.
Fitch lowers Thailand outlook to negative amid political uncertainty
Fitch Ratings revised Thailand’s credit outlook to negative from stable, pointing to increasing pressure on public finances due to ongoing political instability and weakening economic growth. While the country’s long-term foreign-currency rating remains at “BBB+”, Fitch highlighted the erosion of fiscal buffers, with government debt rising to 59.4% of GDP in August. The agency warned that continued heavy stimulus, delays in fiscal tightening, and lack of a clear fiscal strategy pose growing risks to Thailand’s medium-term financial stability—especially amid sluggish growth and mounting demographic challenges.
Thailand’s export growth slows as US tariffs take toll
Thailand’s export growth slowed in August, rising just 5.8%—the weakest pace since September 2022 and below the 7% forecast—as U.S. tariffs began weighing on demand. Electronics and electrical goods held steady, but agricultural exports struggled amid rising price competition, especially in rice, rubber, and tapioca. Meanwhile, imports jumped 15.8%, far above expectations, pushing the trade balance into a $1.96 billion deficit—Thailand’s first since April.
The dollar firmed on Wednesday, trimming earlier weekly losses
The 10-year government bond yield (interpolated) on the previous trading day was 1.355, +0.71 bps. The benchmark government bond yield (LB353A) was 1.357, +0.47 bps. Meantime, the latest closed US 10-year bond yields was 4.16, +4.0 bps. USDTHB on the previous trading day closed around 31.95, moving in a range of 32.065 – 32.11 this morning. USDTHB could be closed between 32.00 – 32.20 today. The dollar strengthened on Wednesday, recovering some of its earlier losses for the week, with the index reaching a high of 97.926 after dipping to 97.22 earlier. There wasn’t a specific catalyst behind the dollar’s move—it appeared to be a rebound from recent weakness. US data and Fed commentary were limited. G10 currencies were broadly weaker, pressured by the rising dollar. The euro weakened, weighed down by poor German Ifo survey results—business climate, current conditions, and expectations all declined more than anticipated. Elsewhere, Bloomberg reported that the US will officially lower auto tariffs on EU imports to 15% starting August 1st, 2025. The Japanese yen underperformed among G10 currencies, showing slight weakness following disappointing Japanese S&P data, with both manufacturing and services sectors declining. Market attention remains on the upcoming LDP leadership election on October 4th, where Takaichi is still seen as the leading candidate.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
