- USDTHB: moving in the range 33.14 – 33.175 this morning, supportive level at 33.00 resistance level at 33.30
- SET Index: 1,588.22 (-0.78%), 28 Aug 2026
- S&P 500 Index: 7,711.76 (-0.25%), 28 Aug 2026
- Thai 10-year government bond yield (interpolated): 2.155 (+2.05 bps), 28 Aug 2026
- US 10-year treasury yield: 4.73 (+6.00 bps), 28 Aug 2026
- Warsh strikes hawkish tone as inflation remains elevated
- US payrolls revised down while consumer sentiment improves
- US-Iran tensions escalate after strike on Larak island
- Spanish and French inflation accelerate on higher energy costs
- Japan’s July data signal resilient domestic and external demand
- Dollar gains as Warsh strikes hawkish tone
Warsh strikes hawkish tone as inflation remains elevated
Fed Chair Warsh struck a hawkish tone at Jackson Hole, stressing that inflation remains too high and underlying trends have yet to improve meaningfully. With the economy resilient, labour markets near full employment and financial conditions relatively easy, he signalled little urgency to ease policy. While offering no explicit September guidance, the speech pushed the implied probability of a rate hike to around 60% from 36%.
US payrolls revised down while consumer sentiment improves
The preliminary annual NFP revision came in at -79k, pointing to slightly weaker payroll growth than previously estimated, while final UoM sentiment data were modestly better than expected and one-year inflation expectations edged lower.
US-Iran tensions escalate after strike on Larak island
The US struck two IRGC missile launchers on Iran’s Larak Island that were reportedly prepared to target the Strait of Hormuz with sea mines, prompting Tehran to vow retaliation after reporting military and civilian casualties. Separately, President Trump said the US will take majority control over a significant share of Venezuela’s oil wealth, with some supply earmarked to replenish US strategic reserves.
Spanish and French inflation accelerate on higher energy costs
Euro-area inflation pressures intensified in August, strengthening the case for an ECB rate hike. Spanish inflation accelerated to 4.5% YoY, its highest since 2023, while French inflation rose to 2.7%, the highest since May, largely driven by higher energy costs amid the Middle East conflict. Inflation risks remain tilted higher, with consumer price expectations rising sharply and firms’ selling-price expectations remaining above long-term averages.
Japan’s July data signal resilient domestic and external demand
Japan’s July data pointed to continued resilience, with industrial production unexpectedly rising 0.1% MoM, supported by strong exports of autos, electronics, and semiconductors. Meanwhile, retail sales surged 4.0% YoY, well above expectations, as steady wage growth and government subsidies helped sustain consumer spending despite persistent inflation.
Dollar gains as Warsh strikes hawkish tone
The 10-year government bond yield (interpolated) on the previous trading day was 2.155, +2.05 bps. The benchmark government bond yield (LB365A) was 2.11, +2.00 bps. Meantime, the latest closed US 10-year bond yields was 4.73, +6.0 bps. USDTHB on the previous trading day closed around 32.95, moving in a range of 33.14 – 33.175 this morning. USDTHB could be closed between 33.00 – 33.30 today. The dollar index strengthened on Friday after Fed Chair Warsh delivered a more hawkish-than-expected message, stressing that inflation has yet to show meaningful improvement and reaffirming the Fed’s firm commitment to its 2% PCE target. His remarks pushed front-end yields higher while longer-dated yields declined, supporting broad-based dollar gains across G10 currencies. Other Fed speakers, including Goolsbee and Hammack, offered little new, while the preliminary annual NFP revision came in at -79k.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
