- USDTHB: moving in the range 31.29 – 31.31 this morning, supportive level at 31.20 resistance level at 31.50
- SET Index: 1,280.1 (+1.60%), 5 Jan 2026
- S&P 500 Index: 6,902.1 (+0.64%), 5 Jan 2026
- Thai 10-year government bond yield (interpolated): 1.687 (+2.84 bps), 5 Jan 2026
- US 10-year treasury yield: 4.17 (-2.0 bps), 5 Jan 2026
- ISM manufacturing PMI dips lower than expected
- Ueda signals BOJ will keep raising rates
- China services PMI slows to six-month low
- Thailand to review CPI amid gap with household costs
- Dollar gives back overnight gains after weak ISM PMI
ISM manufacturing PMI dips lower than expected
The ISM manufacturing PMI fell to 47.9 from 48.2, undershooting expectations and marking the lowest level of 2025, as declines in production and inventories drove a faster contraction in activity. While new orders and employment edged higher and prices paid held steady at 58.5 despite forecasts for a decline, the report highlighted persistent uncertainty in the sector. Analysts noted that price pressures remain well below earlier peaks and that broader survey data point to underlying core inflation easing meaningfully by mid-2026, potentially allowing the Fed to resume its easing cycle.
Ueda signals BOJ will keep raising rates
Bank of Japan Governor Kazuo Ueda said on Monday that the central bank will continue raising interest rates if wages, growth, and inflation track its forecasts. Speaking at a banking conference, he described the economy as resilient, with wages and prices expected to “rise together moderately,” while noting that monetary conditions remain supportive.
China services PMI slows to six-month low
China’s services sector grew in December as expected, but at its slowest pace in six months, with the RatingDog Services PMI slipping to 52.0. Expansion was supported by domestic demand and new orders, yet weaker exports—especially fewer tourists from Japan—and ongoing job cuts weighed on activity, marking the fifth consecutive month of staffing declines.
Thailand to review CPI amid gap with household costs
Thailand plans to review its inflation basket after the central bank noted that persistently low figures don’t reflect the true cost of living. The Bank of Thailand’s Monetary Policy Committee said prices for items such as rents, cars, and telecom services showed “persistent rigidity” and didn’t fully match household expenses. Discussions with relevant agencies are underway to improve both data inputs and calculation methods, though no timeline was given. The Commerce Ministry updates inflation calculations every four to five years.
Dollar gives back overnight gains after weak ISM PMI
The 10-year government bond yield (interpolated) on the previous trading day was 1.687, +2.84 bps. The benchmark government bond yield (LB353A) was 1.626, +3.56 bps. Meantime, the latest closed US 10-year bond yields was 4.17, -2.0 bps. USDTHB on the previous trading day closed around 31.39, moving in a range of 31.29 – 31.31 this morning. USDTHB could be closed between 31.20 – 31.50 today. The dollar reversed its overnight advances after an unexpected decline in the ISM manufacturing PMI offset earlier strength and safe-haven demand triggered by the US strike on Venezuela and the capture of President Maduro, while dovish remarks from Fed’s Kashkari—highlighting a cooling labor market despite still-elevated inflation—also weighed on sentiment. The euro posted modest gains, recovering gradually in the wake of the softer ISM data amid a quiet eurozone news backdrop. The British pound outperformed, rising back above the 1.3500 mark, supported by cyclical strength and a sharp upside surprise in the BoE’s Consumer Credit data. Meanwhile, the Japanese yen strengthened against the softer dollar, with USD/JPY moving lower as US-Japan yield differentials narrowed following the data release.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
