- USDTHB: moving in the range 33.81 – 33.84 this morning, supportive level at 33.75 resistance level at 33.95
- SET Index: 1,641.03 (+0.10%), 23 July 2026
- S&P 500 Index: 7,408.30 (-1.21%), 23 July 2026
- Thai 10-year government bond yield (interpolated): 2.096 (+3.30 bps), 23 July 2026
- US 10-year treasury yield: 4.71 (+4.00 bps), 23 July 2026
- Middle east tensions escalate as Trump signals potential military action
- US imposes new tariffs on 60 trading partners over forced labour
- ECB holds at 2.25%, keeps September options open
- Japan inflation rises, but core CPI remains below BOJ target
- Dollar extends gains on higher treasury yields, strong US data and geopolitical tensions
Middle east tensions escalate as Trump signals potential military action
Middle East tensions remained elevated as the US and Iran exchanged strikes for a 12th consecutive night, while the Houthis attacked oil tankers in the Red Sea, raising supply disruption concerns. President Trump said he was considering “a massive attack greater than anything before,” keeping geopolitical risks elevated. Against this backdrop, Brent rose above USD 100/bbl.
US imposes new tariffs on 60 trading partners over forced labour
The Trump administration announced new tariffs on 60 major trading partners over their failure to effectively prohibit imports of goods produced with forced labour. Countries that have adopted forced labour import bans, including Canada, Mexico, the UK and India, will face a 10% tariff, while those without such measures will be subject to a 12.5% tariff. The USTR said the action follows investigations launched in March, concluding that the targeted countries had failed to adequately enforce forced labour restrictions.
ECB holds at 2.25%, keeps September options open
The ECB left its Deposit Facility Rate unchanged at 2.25%, as expected, while reiterating its data-dependent, meeting-by-meeting approach without pre-committing to a future rate path. The central bank maintained that inflation risks remain tilted to the upside and stands ready to tighten policy further if needed. President Lagarde said the decision was unanimous, although some policymakers favoured a rate hike, adding that the ECB is well positioned to wait while assessing incoming data and geopolitical developments ahead of the September meeting.
Japan inflation rises, but core CPI remains below BOJ target
Japanese inflation accelerated in June, with headline CPI rising to 1.7% YoY from 1.5% and core CPI increasing to 1.6%, in line with expectations but still below the BOJ’s 2% target. Meanwhile, the BOJ’s preferred core-core CPI eased to 1.7% from 1.8%, suggesting underlying inflation remains contained and supporting expectations that the BOJ will keep rates unchanged at its upcoming meeting.
Dollar extends gains on higher treasury yields, strong US data and geopolitical tensions
The 10-year government bond yield (interpolated) on the previous trading day was 2.096, +3.30 bps. The benchmark government bond yield (LB365A) was 2.07, +3.00 bps. Meantime, the latest closed US 10-year bond yields was 4.71, +4.0 bps. USDTHB on the previous trading day closed around 33.80, moving in a range of 33.81 – 33.84 this morning. USDTHB could be closed between 33.75 – 33.95 today. The dollar strengthened as US treasury yields rose to fresh YTD highs, supported by escalating geopolitical tensions, stronger-than-expected US labour data, and a risk-off tone following Alphabet’s earnings. Oil prices extended gains after the Houthis attacked two Saudi oil tankers in the Red Sea, while President Trump signalled he was considering a larger military strike. Meanwhile, initial jobless claims fell to a nearly 60-year low, reinforcing the Fed’s higher-for-longer outlook. The euro weakened after the ECB maintained its data-dependent stance, though reports suggested another rate hike remains possible in September. The British pound slipped toward 1.3300, while the Japanese yen underperformed, with USD/JPY nearing 164.00 amid higher US yields and oil prices.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
