- USDTHB: moving in the range 31.47-31.48 this morning, supportive level at 31.35 resistance level at 31.60
- SET Index: 1,256.9 (-0.30%), 17 Dec 2025
- S&P 500 Index: 6,721.4 (-1.2%), 17 Dec 2025
- Thai 10-year government bond yield (interpolated): 1.689 (-2.47 bps), 17 Dec 2025
- US 10-year treasury yield: 4.16 (+1.0 bps), 17 Dec 2025
- Fed’s Waller wants lower interest rates but says no rush to cut
- Eurozone inflation revised to 2.1%; UK inflation falls sharply
- Japan exports to US rise first time since tariffs
- Thailand cuts key rate to 1.25% on growth concerns
- Dollar slightly firmer, rangebound ahead of CPI
Fed’s Waller wants lower interest rates but says no rush to cut
Fed’s Waller said the labour market is very soft and inflation is under control with expectations anchored, noting policy remains 50–100bps above neutral and there is no urgency to cut rates, though gradual easing remains possible.
Eurozone inflation revised to 2.1%; UK inflation falls sharply
Eurozone consumer price inflation remained marginally above the ECB’s 2% target in November, reinforcing expectations of an unchanged policy stance this week. Headline CPI rose 2.1% year-on-year, slightly below the flash estimate of 2.2% and unchanged from October, while monthly inflation fell 0.3% after a 0.2% increase previously. Core inflation was steady at 2.4% annually. Meanwhile, UK inflation fell to an eight-month low in November, with headline CPI easing to 3.2%, driven by lower food prices and undershooting both market expectations of 3.5% and the BoE’s 3.4% forecast. The softer data has strengthened market conviction that a Bank of England rate cut is imminent.
Japan exports to US rise first time since tariffs
Japan’s exports rose 6.1% in November, led by semiconductors and medical goods, with shipments to the US and EU up 8.8% and 19.6%, respectively. Exports to the US grew for the first time since Trump’s tariffs in April, boosted by a 7.7% rise in car shipments despite lower prices. Imports edged up 1.3%, leaving an unadjusted trade surplus of ¥322.3 billion ($2.1 billion) and a US trade surplus of ¥739.8 billion, highlighting a persistent imbalance despite tariff efforts.
Thailand cuts key rate to 1.25% on growth concerns
Thailand’s central bank unanimously lowered its policy rate by 25bps to 1.25% at its final meeting of the year, citing a clear economic slowdown and rising risks that called for a more accommodative stance. While the Bank of Thailand kept its 2025 growth outlook at 2.2%, it trimmed its 2026 forecast to 1.5% from 1.6%, following estimated economic growth of 2.5% in 2024. Meanwhile, headline inflation revised down to -0.1% in 2025 and 0.3% in 2026, expected to return to target by H1 2027. Regarding recent baht movements, the Committee agreed to strengthen monitoring of exchange rates and consider appropriate measures to manage foreign exchange transactions.
Dollar slightly firmer, rangebound ahead of CPI
The 10-year government bond yield (interpolated) on the previous trading day was 1.689, -2.47 bps. The benchmark government bond yield (LB353A) was 1.672, -2.86 bps. Meantime, the latest closed US 10-year bond yields was 4.16, +1.0 bps. USDTHB on the previous trading day closed around 31.47, moving in a range of 31.47 – 31.48 this morning. USDTHB could be closed between 31.35 – 31.60 today. The dollar edged marginally higher alongside modest US yield gains but stayed rangebound ahead of US CPI, with Fed comments signalling no urgency to cut despite rates being above neutral; the euro was little changed and shrugged off final HICP data, the British pound weakened after soft UK CPI reinforced expectations of a 25bps cut, and the Japanese yen underperformed as it reversed earlier gains despite supportive Japanese data and BoJ hike expectations.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
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