- USDTHB: moving in the range 32.315-32.34 this morning, supportive level at 32.20 resistance level at 32.50
- SET Index: 1,287.4 (+0.20%), 13 Nov 2025
- S&P 500 Index: 6,737.5 (-1.67%), 13 Nov 2025
- Thai 10-year government bond yield (interpolated): 1.769 (-2.10 bps), 13 Nov 2025
- US 10-year treasury yield: 4.11 (+3.0 bps), 13 Nov 2025
- Trump signs government funding bill to end shutdown
- Fed speakers delivered an overall hawkish tone
- UK economy grew marginally in the third quarter
- China credit growth hits year-low as demand slumps
- Dollar slips on broad risk-off sentiment
Trump signs government funding bill to end shutdown
US President Trump signed the government funding bill and announced an end to the government shutdown after the House approved the legislation, stating that the government would resume normal operations and reiterating his call for direct payments to individuals to purchase healthcare. Meanwhile, White House Press Secretary Leavitt said the October CPI and employment data are unlikely to be released, while the Bureau of Labor Statistics (BLS) has not provided any official update on plans for the October data. Furthermore, the White House later announced that the September BLS data will be released after the government reopening but didn't mention a specific date.
Fed speakers delivered an overall hawkish tone
Fed officials struck a cautious tone, with Musalem saying investment outside data centres is weak and further easing risks becoming too accommodative as policy is now near neutral. Hammack described the economy as resilient but warned inflation remains too high, services inflation is a concern, and a softening job market means policy should stay somewhat restrictive. Kashkari said 3% inflation is still too high, the economy is sending mixed signals, labour-market pockets are weakening, and he has no firm view on a December cut. Daly opposed raising the 2% target and said inflation risks have shifted toward balance, though she now sees slightly greater risks on employment.
UK economy grew marginally in the third quarter
UK growth nearly stalled in Q3, with GDP rising just 0.1% versus 0.3% in Q2 and below the 0.2% expected. The economy shrank 0.1% in September as modest services gains were outweighed by a sharp manufacturing drop, partly tied to a Jaguar Land Rover cyberattack. Household and government spending rose only slightly, while business investment fell for a second quarter amid concerns over looming tax increases in the upcoming budget.
China credit growth hits year-low as demand slumps
China’s credit expansion slowed to its weakest pace in over a year in October as soft government bond issuance and weak borrowing demand dragged aggregate financing to 815 billion yuan—well below the 1.2 trillion yuan expected and the lowest since July 2024. New bank loans rose just 219 billion yuan, also missing forecasts.
Dollar slips on broad risk-off sentiment
The 10-year government bond yield (interpolated) on the previous trading day was 1.769, -2.10 bps. The benchmark government bond yield (LB353A) was 1.743, -1.19 bps. Meantime, the latest closed US 10-year bond yields was 4.11, +3.0 bps. USDTHB on the previous trading day closed around 32.34, moving in a range of 32.315– 32.34 this morning. USDTHB could be closed between 32.20 – 32.50 today. The dollar weakened on risk-off sentiment, pressured by strong China tech news hitting US mega-caps. With the shutdown over, markets await delayed data, though only the jobs component will be released. Fed comments were hawkish, cutting year-end rate cut expectations to 12bps. The euro rose to 1.1600 on the softer dollar, the British pound recovered from 1.3100 after weak GDP, and the Japanese yen gained slightly despite the risk-off mood.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
