- USDTHB: moving in the range 31.395-31.42 this morning, supportive level at 31.30 resistance level at 31.50
- SET Index: 1,252.2 (+0.17%), 19 Dec 2025
- S&P 500 Index: 6,834.5 (+0.9%), 19 Dec 2025
- Thai 10-year government bond yield (interpolated): 1.698 (+1.46 bps), 19 Dec 2025
- US 10-year treasury yield: 4.16 (+4.0 bps), 19 Dec 2025
- Fed’s Williams sees no urgency for additional rate cuts
- Michigan consumer sentiment inches up but misses forecast
- BOJ hikes interest rates to highest in 30 years
- UK retail sales dip again amid pre-budget tax concerns
- Dollar rises as yen weakens after BoJ hike
Fed’s Williams sees no urgency for additional rate cuts
Fed’s Williams commented that recent CPI data show signs of disinflation, though some distortions affected the reading, while private sector job gains remain steady with no sharp labor market deterioration. He sees no urgency to change policy, describing it as well-positioned and mildly restrictive, with room to return toward neutral, and emphasized the need to monitor incoming data. On the balance sheet, he clarified that the Fed is not doing QE, with T-Bill purchases aimed at supplying banking reserves rather than influencing long-term rates.
Michigan consumer sentiment inches up but misses forecast
December’s University of Michigan consumer sentiment index was revised down to 52.9 from 53.3 (consensus 53.4), with other components also lowered. Current conditions fell to 50.4 from 50.7, while expectations eased to 54.6 from 55.0. One-year inflation expectations rose to 4.2% from 4.1%, while the five-year outlook remained unchanged at 3.2%.
BOJ hikes interest rates to highest in 30 years
The BoJ delivered a widely expected 25bp rate hike, lifting its policy rate to a 30-year high while reiterating that real rates remain significantly low. The bank said further hikes will depend on growth and inflation tracking its forecasts, reaffirmed its commitment to sustainably achieving the 2% inflation target, and noted a modest economic recovery with wages and prices rising gradually. It also projected inflation dipping below 2% in the first half of the next fiscal year before picking up again. At the post-meeting press conference, Governor Ueda offered no explicit guidance on the future policy path, repeatedly stressing a data-dependent approach, though he noted the bank would act swiftly in markets under exceptional conditions. Overall, the tone was viewed as dovish due to the lack of forward guidance.
UK retail sales dip again amid pre-budget tax concerns
UK retail sales unexpectedly fell 0.1% in November, following a revised 0.9% drop in October, missing the 0.3% gain economists had forecast. On an annual basis, sales were up 0.6%, unchanged from October, highlighting ongoing weakness ahead of Chancellor Reeves’ budget.
Dollar rises as yen weakens after BoJ hike
The 10-year government bond yield (interpolated) on the previous trading day was 1.698, +1.46 bps. The benchmark government bond yield (LB353A) was 1.683, +1.68 bps. Meantime, the latest closed US 10-year bond yields was 4.16, +4.0 bps. USDTHB on the previous trading day closed around 31.44, moving in a range of 31.395 – 31.42 this morning. USDTHB could be closed between 31.30 – 31.50 today. The dollar index edged higher, driven mainly by post-BoJ weakness in the yen. US catalysts for the dollar were sparse, with remarks from New York Fed President Williams the key highlight. Williams signaled no urgency to adjust policy, noting it remains well positioned and mildly restrictive, while suggesting there is some scope to move back toward neutral over time. Meanwhile, the Japanese yen rose to a one-month high despite the BoJ’s rate hike, partly fueled by Governor Ueda’s speech, which provided unclear guidance on the future policy path.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
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