- USDTHB: moving in the range 32.45 – 32.49 this morning, supportive level at 32.35 resistance level at 32.55
- SET Index: 1,461.35 (-1.24%), 23 Apr 2026
- S&P 500 Index: 7,108.40 (-0.41%), 23 Apr 2026
- Thai 10-year government bond yield (interpolated): 2.142 (+3.08 bps), 23 Apr 2026
- US 10-year treasury yield: 4.34 (+4.00 bps), 23 Apr 2026
- Geopolitics continues to dominate market sentiment
- US PMI picks up while prices rise most since 2022
- Euro-Zone PMI unexpectedly shrinks as services slump
- Japan inflation rises on higher energy costs
- The dollar firms as risk sentiment deteriorates
Geopolitics continues to dominate market sentiment
Risk sentiment deteriorated after reports that Ghalibaf had stepped down from negotiations and air defence sirens were heard in Tehran, though losses later eased as those claims were subsequently denied. Meanwhile, Israel was on high alert for a possible renewed conflict. The risk-off move later partially reversed after Israel denied strikes, the Ghalibaf report was refuted, and the air defence activity was described as a test. In addition, according to people familiar with the matter, prospects for further in-person US–Iran talks are said to be hampered by Trump’s threats and forceful social media rhetoric. Separately, Trump said on Truth Social that the Israel–Lebanon ceasefire would be extended by three weeks.
US PMI picks up while prices rise most since 2022
US April PMI data surprised to the upside, with manufacturing rising to 54.0 from 52.3 (above the 52.5 forecast) and services increasing to 51.3 from 49.8 (beating 50.1), lifting the composite index to 52.0 from 50.3; this leaves manufacturing at a 47-month high, services at a two-month high, and the composite at a three-month high. Despite the strong headline, pricing points to broad cost pressures and the most concerning inflation outlook in nearly four years.
Euro-Zone PMI unexpectedly shrinks as services slump
Euro area PMI unexpectedly contracted for the first time since late 2024 as a sharp drop in services offset resilient industry amid Iran war-related consumer weakness, with the Composite PMI falling to 48.6 from 50.7 (vs 50.1 expected). Germany saw manufacturing hold up while services slumped, France’s manufacturing surprised to the upside despite weaker services, and price pressures continued to build across the region. The UK PMI, meanwhile, rebounded quickly after a brief war-related slowdown.
Japan inflation rises on higher energy costs
Japan’s CPI rose more than expected in March, rebounding from a four-year low on higher energy costs, though core inflation remained below the Bank of Japan’s target. Headline CPI climbed to 1.5% y/y from 1.3%, while core CPI rose to 1.8% from 1.6%, both slightly above expectations. However, inflation excluding fresh food and fuel eased to 2.4% from 2.5%.
The dollar firms as risk sentiment deteriorates
The 10-year government bond yield (interpolated) on the previous trading day was 2.142, +3.08 bps. The benchmark government bond yield (LB365A) was 2.15, +3.00 bps. Meantime, the latest closed US 10-year bond yields was 4.34, +4.0 bps. USDTHB on the previous trading day closed around 32.38, moving in a range of 32.45 – 32.49 this morning. USDTHB could be closed between 32.35 – 32.55 today. Dollar firmed Thursday on risk-off flows driven by geopolitical headlines—later partly refuted—which trimmed but did not reverse the move, leaving sentiment fragile. The euro weakened on softer Eurozone flash PMIs, though French data showed limited price pass-through, while German and bloc-wide prints signaled pandemic-era price pressures, complicating the ECB outlook. The British pound rose on strong PMIs but surrendered gains as the dollar strengthened. The Japanese yen briefly firmed after Finance Minister Katsunobu Katayama said Japan has a “free hand” to intervene, with USD/JPY dipping to 159.30 before reversing.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
