- USDTHB: moving in the range 31.885-31.90 this morning, supportive level at 31.80 resistance level at 32.00
- SET Index: 1,274.8 (-0.22%), 3 Dec 2025
- S&P 500 Index: 6,829.7 (+0.30%), 3 Dec 2025
- Thai 10-year government bond yield (interpolated): 1.679 (-4.46 bps), 3 Dec 2025
- US 10-year treasury yield: 4.06 (-3.0 bps), 3 Dec 2025
- US ADP payrolls fall in November, boosting Fed cut prospects
- ISM Services PMI rises modestly, exceeds expectations
- China services PMI slows, signaling economic fragility
- Thai inflation records eighth straight monthly decline in November
- Dollar slips on dovish Fed Chair prospects and mixed US data
US ADP payrolls fall in November, boosting Fed cut prospects
The ADP report showed private payrolls falling by 32k in November, missing the +10k forecast and down from October’s revised +47k, though still within the expected -50k to +50k range. ADP highlighted choppy hiring amid cautious consumers and an uncertain macro backdrop, with the slowdown led by small businesses.
ISM Services PMI rises modestly, exceeds expectations
The ISM Services PMI unexpectedly rose to 52.6 from 52.4 (vs. 52.1 expected), with business activity steady at 54.5, new orders slipping to 52.9, employment edging up to 48.9 but still contracting, and prices paid falling sharply to 65.4 from 70.0. Economists noted the employment index’s three-month average points to only modest private-services payroll gains of about 50k—still below breakeven—and said the drop in prices paid suggests tariff-driven inflation is losing momentum, with no sign of second-round effects.
China services PMI slows, signaling economic fragility
China’s services sector showed weaker growth in November, with the RatingDog Services PMI slipping to 52.1 from 52.6, the slowest expansion since June, broadly mirroring the official services PMI drop to 49.5. New orders grew at a five-month low, while new export business returned to expansion amid easing US-China trade tensions. The Composite Output Index, combining manufacturing and services, fell to 51.2 from 51.8.
Thai inflation records eighth straight monthly decline in November
Thailand’s headline inflation remained negative for an eighth straight month in November, with the Commerce Ministry attributing the decline to lower energy costs and government measures aimed at easing living expenses. The CPI fell 0.49% year-on-year, after a 0.76% drop in October. Severe flooding in the south had only minimal inflation impact. Core CPI rose 0.66% from a year earlier, while headline inflation for the first 11 months of 2025 was down 0.12% compared with the same period last year. Officials expect inflation to range between 0.0% and 1.0% next year.
Dollar slips on dovish Fed Chair prospects and mixed US data
The 10-year government bond yield (interpolated) on the previous trading day was 1.679, -4.46 bps. The benchmark government bond yield (LB353A) was 1.671, -4.37 bps. Meantime, the latest closed US 10-year bond yields was 4.06, -3.0 bps. USDTHB on the previous trading day closed around 31.90, moving in a range of 31.885 – 31.90 this morning. USDTHB could be closed between 31.80 – 32.00 today. The dollar weakened broadly on expectations of a dovish 2026 Fed Chair, with mixed US data—a surprise ADP decline of 32k and a stronger ISM Services PMI—eliciting a muted response. The euro rose on dollar softness and ECB comments supporting household spending and a resilient labor market. The British pound outperformed, aided by cyclical strength and a stronger UK Services PMI, reclaiming 1.3300, while the Japanese yen gained on USD selling and narrower US–Japan yield spreads, with USD/JPY finding support near 155.00.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
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