- USDTHB: moving in the range 32.45-32.46 this morning, supportive level at 32.30 resistance level at 32.50
- SET Index: 1,272.2 (+0.17%), 19 Nov 2025
- S&P 500 Index: 6,642.2 (+0.37%), 19 Nov 2025
- Thai 10-year government bond yield (interpolated): 1.710 (+0.89 bps), 19 Nov 2025
- US 10-year treasury yield: 4.13 (+1.0 bps), 19 Nov 2025
- Fed minutes show most officials against December cut
- BLS postpones jobs data, FOMC lacks October-November figures
- UK inflation slows ahead of Reeves’ budget
- BI keeps key rate steady amid weak rupiah
- Dollar rises on lower December Fed cut odds
Fed minutes show most officials against December cut
FOMC minutes showed a divided committee, with many favouring a 25bp cut, several preferring to keep rates steady, and one pushing for a larger 50bp move. Supporters of easing highlighted rising labour-market risks and limited evidence of renewed inflation, while opponents stressed stalled progress toward the 2% goal and a lack of confidence that disinflation is firmly on track. Although most agreed policy is gradually moving toward neutral, they differed on how restrictive current settings remain. Most participants felt additional cuts would be warranted, though several viewed a December move as unlikely, while others said it could be justified if the data unfold as expected. In addition, Most members backed ending balance-sheet runoff on December 1 and shifting toward a larger Treasury-bill share, while several warned that stretched—especially AI-linked—valuations leave markets vulnerable to sharp corrections.
BLS postpones jobs data, FOMC lacks October-November figures
The US November jobs report has been moved to December 16, with the October nonfarm payrolls data to be released at the same time but without an accompanying unemployment rate. The BLS explained that the October Employment Situation Report has been cancelled: Establishment Survey (NFP) data will be issued alongside November’s release on December 16, while Household Survey data—used to calculate the unemployment rate—could not be collected.
UK inflation slows ahead of Reeves’ budget
UK annual inflation slowed to 3.6% in October from 3.8% in September, easing for the first time in seven months and hinting that price pressures may have peaked. Smaller energy price rises and a dip in services inflation to 4.5% contributed to the slowdown. Monthly CPI rose 0.4%, while core inflation climbed 0.3%, bringing the annual rate to 3.4%.
BI keeps key rate steady amid weak rupiah
Indonesia’s central bank kept its benchmark interest rate steady for the second consecutive month, holding the BI-Rate at 4.75% as expected. The move could help support the rupiah, which has been Asia’s weakest currency this year. Heavy outflows from Indonesia’s government bond market have intensified, reinforcing the case for maintaining current interest rates.
Dollar rises on lower December Fed cut odds
The 10-year government bond yield (interpolated) on the previous trading day was 1.710, +0.89 bps. The benchmark government bond yield (LB353A) was 1.680, +1.81 bps. Meantime, the latest closed US 10-year bond yields was 4.13, +1.0 bps. USDTHB on the previous trading day closed around 32.41, moving in a range of 32.45 – 32.46 this morning. USDTHB could be closed between 32.30 – 32.50 today. The dollar strengthened across the board on Wednesday amid a hawkish repricing in Fed money markets, with the probability of a December 25bp cut dropping to about 26% from 48%. G10 currencies broadly weakened, mostly on dollar strength, though the Japanese yen saw additional pressure after Finance Minister Katayama said she had not held specific FX discussions with BoJ Governor Ueda. Meanwhile, British pound traded between 1.3044–1.3155, softening after UK CPI, where the headline matched expectations but services inflation came in cooler than forecast.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
