- USDTHB: moving in the range 31.70-31.73 this morning, supportive level at 31.60 resistance level at 31.85
- SET Index: 1,269.9 (+0.67%), 9 Dec 2025
- S&P 500 Index: 6,886.7 (+0.67%), 10 Dec 2025
- Thai 10-year government bond yield (interpolated): 1.711 (+1.89 bps), 9 Dec 2025
- US 10-year treasury yield: 4.13 (-5.0 bps), 10 Dec 2025
- The Fed cut rates with three dissents, signaling one cut in 2026
- US job openings rise slightly after surging in September
- China CPI inflation rises in November, PPI falls further
- Dollar tumbles following Fed rate cut and Powell’s comments
The Fed cut rates with three dissents, signaling one cut in 2026
The FOMC cut rates by 25bps to 3.50–3.75%, as expected, with a 9–3 vote split as Miran backed a 50bps cut while Goolsbee and Schmid preferred no change. The Fed said it will assess incoming data, the evolving outlook, and risks when determining further adjustments, and reiterated it is prepared to alter policy if risks threaten its goals. It noted slower job gains, a slight rise in unemployment through September, and inflation that has firmed since earlier in the year and remains somewhat elevated. The updated SEP left Fed Funds projections essentially unchanged, signalling a steady path back toward the longer-run rate. Notably, six officials projected 2025 rates at 3.75–4.00%, implying four non-voters would have favored holding rates today. The Fed Funds projections remained at 3.625% for 2025, 3.375% for 2026, 3.125% for 2027–28, and 3.00% for the longer run. In his press conference, Powell reiterated the dovish view, suggesting job growth may be overstated by about 60,000 per month and that the economy does not seem overheated.
US job openings rise slightly after surging in September
The September and October JOLTS reports show a mild strengthening in labour-market conditions, with job openings rising from 7.227 million in August to 7.658 million in September and 7.670 million in October, and the vacancy rate increasing to 4.6% in September before holding steady in October; meanwhile, the quits rate edged up to 2.0% in September but fell to 1.8% in October. Although the pickup in openings may bolster the hawks, economists note that the layoff rate nudged up to 1.2% in October from 1.1%, still within its recent 1.0–1.2% band, giving doves some support.
China CPI inflation rises in November, PPI falls further
Chinese consumer inflation firmed slightly in November but remained subdued, while producer prices extended their long decline. Annual CPI rose 0.7%—in line with expectations and the strongest reading since August—helped by holiday and Singles Day spending as well as a low base, though CPI still fell 0.1% month-on-month, missing forecasts. Factory-gate prices weakened further, with PPI contracting 2.2%, marking a 38th straight month of decline as manufacturers continued to face soft domestic demand, elevated production capacity, and ongoing tariff-related pressure on exports.
Dollar tumbles following Fed rate cut and Powell’s comments
The 10-year government bond yield (interpolated) on the previous trading day was 1.711, +1.89 bps. The benchmark government bond yield (LB353A) was 1.695, +1.14 bps. Meantime, the latest closed US 10-year bond yields was 4.13, -5.0 bps. USDTHB on the previous trading day closed around 31.88, moving in a range of 31.70 – 31.73 this morning. USDTHB could be closed between 31.60 – 31.85 today. The dollar weakened around the Fed’s 25bps cut to 3.50–3.75%, with losses accelerating after a more dovish-than-expected vote split showing only two members favored leaving rates unchanged. The Fed highlighted rising employment risks, and Powell reinforced the dovish tone by noting payrolls may be overstated by about 60k per month. The euro rose toward 1.1700, the British pound held firmly above 1.3300, and the Japanese yen strengthened on narrowing US–Japan yield differentials, briefly returning to the 155.00 level.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
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