- USDTHB: moving in the range 32.825 – 32.865 this morning, supportive level at 32.75 resistance level at 32.95
- SET Index: 1,609.99 (+0.01%), 20 Aug 2026
- S&P 500 Index: 7,641.16 (-0.87%), 20 Aug 2026
- Thai 10-year government bond yield (interpolated): 2.130 (-0.38 bps), 20 Aug 2026
- US 10-year treasury yield: 4.69 (+4.00 bps), 20 Aug 2026
- US-Iran tensions remain elevated as deal prospects fade
- US economic data remain resilient
- Daly cautious, Musalem maintains hawkish stance
- Japan inflation picks up, bolstering BoJ hike case
- PBOC leaves loan prime rates unchanged in August
- Dollar edges higher but lags rebound in US yields
US-Iran tensions remain elevated as deal prospects fade
US-Iran tensions escalated as Trump reportedly ordered talks paused for several weeks amid fading prospects for a deal, while Washington signalled a shift toward greater economic pressure rather than military action. Iran responded by threatening withdrawal from the NPT, while regional risks rose as the Houthis reportedly prepared further escalation against Saudi Arabia.
US economic data remain resilient
US data remained resilient, with initial jobless claims falling to 206k (exp. 210k), signalling limited layoffs, although continuing claims rose to 1.799mn. Meanwhile, the Philly Fed Manufacturing Index jumped to 47.4 (exp. 25.0), its highest since 2021, with stronger employment and easing price pressures. Future business conditions surged to their highest since 1983, pointing to strong optimism over manufacturing growth and investment.
Daly cautious, Musalem maintains hawkish stance
Fed commentary was mixed. Daly backed the July hold, saying policy is well positioned to assess incoming data, while Musalem remained hawkish, arguing that an earlier hike could reduce the need for more aggressive tightening later.
Japan inflation picks up, bolstering BoJ hike case
Japan’s inflation accelerated for a third consecutive month in July, with headline CPI rising to 1.9% YoY from 1.6%, while core CPI increased to 1.8%, in line with expectations. Core-core inflation also climbed to 1.9% from 1.7%, reflecting greater pass-through of higher energy and input costs despite government subsidies. Persistent inflationary pressures reinforce expectations that the BoJ could raise rates further in September or October.
PBOC leaves loan prime rates unchanged in August
China kept its benchmark lending rates unchanged for a 15th consecutive month in August, as policymakers held off on further monetary easing despite signs of renewed weakness in domestic demand. The People’s Bank of China (PBOC) kept the one-year loan prime rate (LPR) at 3.00% and the five-year LPR at 3.50%, matching market expectations.
Dollar edges higher but lags rebound in US yields
The 10-year government bond yield (interpolated) on the previous trading day was 2.130, -0.38 bps. The benchmark government bond yield (LB365A) was 2.09, +0.00 bps. Meantime, the latest closed US 10-year bond yields was 4.69, +4.0 bps. USDTHB on the previous trading day closed around 32.83, moving in a range of 32.825 – 32.865 this morning. USDTHB could be closed between 32.75 – 32.95 today. The dollar edged higher but lagged the rebound in long-end Treasury yields, as the Treasury’s apparent preference to contain rising yields may be limiting the dollar’s rate advantage. US data remained resilient, with jobless claims near 200k and the Philly Fed survey beating expectations, while Fed officials maintained a cautious-to-hawkish tone. Elsewhere, the euro finished broadly flat after reversing early gains amid limited catalysts, the British pound edged higher to reclaim 1.3600 ahead of UK retail sales, while the Japanese yen underperformed as higher US yields and rising oil prices weighed on the currency.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
