- USDTHB: moving in the range 31.11 – 31.18 this morning, supportive level at 31.10 resistance level at 31.30
- SET Index: 1,338.9 (+0.33%), 28 Jan 2026
- S&P 500 Index: 6,978.0 (-0.01%), 28 Jan 2026
- Thai 10-year government bond yield (interpolated): 1.924 (+0.37 bps), 28 Jan 2026
- US 10-year treasury yield: 4.26 (+2.0 bps), 28 Jan 2026
- Fed holds rates, flags elevated inflation and stabilising jobs
- Bessent backs strong dollar after Trump shrugs off slide
- BoJ minutes keep door open to further rate hikes
- Thailand to tighten gold trading controls to curb baht strength
- Dollar supported as Bessent backs strong USD, Fed holds steady
Fed holds rates, flags elevated inflation and stabilising jobs
The FOMC held rates at 3.50–3.75% as expected, with a 10–2 split as Miran and Waller dissented for a 25bp cut. The statement reiterated a data-dependent approach and willingness to adjust policy if risks threaten its goals, while January language upgrades pointed to solid growth, stabilising unemployment and streamlined inflation wording. References to rising downside risks to employment and prior balance-sheet guidance were removed, signalling a more balanced risk outlook. Fed Chair Powell said the economy remains on firm footing, expanding at a solid pace, with resilient consumer spending despite low job gains. He noted inflation is still somewhat elevated, judged the current policy stance as appropriate, and reiterated that rates are around neutral, with decisions to be taken on a meeting-by-meeting, data-dependent basis.
Bessent backs strong dollar after Trump shrugs off slide
US Treasury Secretary Bessent said the US is not intervening in USD/JPY, stressed that it does not speculate on market intervention, and reaffirmed the long-standing commitment to a strong dollar policy.
BoJ minutes keep door open to further rate hikes
BoJ minutes from the December 18–19 meeting indicated that further rate hikes would be appropriate if the outlook is met, while most members stressed the need to avoid pre-committing to a hiking path and instead assess conditions meeting by meeting. Some noted that adjusting monetary accommodation could help stabilise markets and support the economy, while others warned that delaying hikes could be risky given FX-driven inflation pressures and the risk of real rates remaining below equilibrium.
Thailand to tighten gold trading controls to curb baht strength
Thailand’s central bank said it will tighten controls on gold trading to address baht overvaluation and support economic growth. Daily gold transactions will be capped at 50 million baht from March. The Bank of Thailand is also strengthening scrutiny of large cash withdrawals, introducing enhanced due diligence and reporting requirements after identifying unusually large transactions.
Dollar supported as Bessent backs strong USD, Fed holds steady
The 10-year government bond yield (interpolated) on the previous trading day was 1.924, +0.37 bps. The benchmark government bond yield (LB365A) was 1.94, +1.00 bps. Meantime, the latest closed US 10-year bond yields was 4.26, +2.0 bps. USDTHB on the previous trading day closed around 30.95, moving in a range of 31.11 – 31.18 this morning. USDTHB could be closed between 31.10 – 31.30 today. The dollar firmed ahead of the Fed’s expected hold, aided by Treasury Secretary Bessent reaffirming a strong dollar policy and rejecting USD/JPY intervention talk, before turning choppy post-decision and trimming gains. The Fed struck a slightly more optimistic tone on growth, saw reduced employment risks, and faced two dovish dissents for 25bp cuts, with Chair Powell noting that peaking tariff-driven price pressures could open the door to easing. Elsewhere, the euro slipped below 1.2000 despite largely ignored ECB remarks, the British pound edged lower but held above 1.3800, and the Japanese yen weakened as haven demand faded amid the firmer dollar and Bessent’s comments.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
