- USDTHB: moving in the range 32.97 – 33.005 this morning, supportive level at 32.80 resistance level at 33.10
- SET Index: 1,432.99 (+1.10%), 20 Mar 2026
- S&P 500 Index: 6,506.48 (-1.51%), 20 Mar 2026
- Thai 10-year government bond yield (interpolated): 2.101 (+0.22 bps), 20 Mar 2026
- US 10-year treasury yield: 4.39 (+14.0 bps), 20 Mar 2026
- Iran war tensions spike with Trump’s two-day deadline
- Fed split: Waller cautious, Bowman sees cuts ahead
- South Korea’s early exports show resilience despite Iran turmoil
- South Africa imposes anti-dumping duties on Chinese, Thai steel
- Dollar gains amid Strait of Hormuz tensions and bond selloff
Iran war tensions spike with Trump’s two-day deadline
Tensions flared again after Axios reported that the Trump administration is considering a move to occupy or blockade Iran’s Kharg Island to pressure Tehran into reopening the Strait of Hormuz. However, Bloomberg later noted that Iran remains steadfast in its hardline stance, refusing to negotiate over the strait while under attack. On Saturday, President Donald Trump gave Iran a 48-hour ultimatum to reopen traffic, threatening strikes on the country’s power plants. The move marks a sharp escalation and signals mounting White House frustration over the ongoing disruption of the narrow waterway and rising oil prices. In response, Iran’s armed forces warned they would target US and Israeli energy, IT, and desalination infrastructure in the region.
Fed split: Waller cautious, Bowman sees cuts ahead
Fed Governor Waller signaled caution on rate cuts, noting that persistent high oil prices from the Middle East conflict could feed into core inflation, while he sees no need for hikes as inflation expectations remain anchored. He prefers to wait before deciding on cuts later this year if the labor market weakens. Meanwhile, dovish voter Bowman expects three cuts in 2026, remains concerned about the labor market, and welcomed new banking regulations to boost sector activity.
South Korea’s early exports show resilience despite Iran turmoil
South Korea’s exports stayed strong in early March, with growth accelerating to 40.4% year-on-year, driven by semiconductors and supported by gains in autos and oil products. The surge produced a $12.1 billion trade surplus, underscoring resilient demand.
South Africa imposes anti-dumping duties on Chinese, Thai steel
South Africa has approved new import tariffs to shield its steel industry after an investigation found that low-priced imports from China and Thailand were undercutting local producers. Trade Minister Parks Tau authorized duties of about 75% on Chinese imports and 20% on Thai shipments following a probe launched in 2024, which concluded that structural steel was being dumped at below fair value, causing material harm to domestic manufacturers.
Dollar gains amid Strait of Hormuz tensions and bond selloff
The 10-year government bond yield (interpolated) on the previous trading day was 2.101, +0.22 bps. The benchmark government bond yield (LB365A) was 2.11, +1.00 bps. Meantime, the latest closed US 10-year bond yields was 4.39, +14.0 bps. USDTHB on the previous trading day closed around 32.67, moving in a range of 32.97 – 33.005 this morning. USDTHB could be closed between 32.80 – 33.10 today. The US dollar strengthened as selloffs in US and EU bonds reinforced its safe-haven appeal. Markets are pricing in prolonged Strait of Hormuz disruptions amid surging yields, shifting rate expectations, and demand concerns. Tensions escalated after reports the Trump administration may blockade Iran’s Kharg Island, Iran vowed to hold a hardline stance, and the US reportedly prepares for potential ground troops.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
