- USDTHB: moving in the range 32.89 – 32.94 this morning, supportive level at 32.80 resistance level at 33.05
- SET Index: 1,576.92 (+0.12%), 3 Sep 2026
- S&P 500 Index: 7,747.71 (+1.06%), 3 Sep 2026
- Thai 10-year government bond yield (interpolated): 2.244 (-2.01 bps), 3 Sep 2026
- US 10-year treasury yield: 4.77 (-2.00 bps), 3 Sep 2026
- Waller favors September hold but remains data-dependent
- US data point to resilient services and a stable labor market
- Japan household spending slumps for eighth straight month
- China Services PMI rebounds, but domestic demand remains soft
- Fitch sees Thailand credit risks easing ahead of rating review
- Dollar falls ahead of NFP as Waller tempers rate-hike bets
Waller favors September hold but remains data-dependent
Fed Governor Waller signaled support for holding rates in September if inflation continues to ease, but left the door open to a hike if price pressures reaccelerate. He argued there is little cost to waiting another meeting amid heightened uncertainty, shifting his near-term bias from tightening toward a hold.
US data point to resilient services and a stable labor market
US data remained mixed but broadly resilient, with ISM Services PMI rising to 55.4, well above expectations, as new orders and business activity strengthened, though employment remained in contraction and the prices index climbed to its highest since August 2022, signaling renewed inflation pressures. Meanwhile, Challenger layoffs rose in August but remained relatively low, while hiring plans softened, pointing to a low-layoff, low-hiring labor market. Jobless claims were little changed at 206k, with continuing claims edging up to 1.779mn.
Japan household spending slumps for eighth straight month
Japan’s household spending remained weak in July as persistent inflation continued to squeeze consumers. Inflation-adjusted spending fell 3.6% YoY, significantly worse than the 1.6% decline expected, marking an eighth consecutive month of contraction, although spending edged up 0.5% MoM.
China Services PMI rebounds, but domestic demand remains soft
China’s RatingDog Services PMI rose to 51.4 in August from 50.4, beating the 50.6 consensus, alongside stronger employment and higher prices. However, the rebound contrasted with contraction in the official PMI and remains weak by historical standards, suggesting domestic demand is still subdued.
Fitch sees Thailand credit risks easing ahead of rating review
Fitch sees Thailand’s credit risks easing on greater political stability and better-than-expected economic resilience, supported by AI-related exports, investment and fiscal stimulus. With public debt stabilizing near 60% of GDP and external buffers remaining strong, the improving backdrop could support a return to a stable outlook, though Fitch will assess whether these gains are sustainable.
Dollar falls ahead of NFP as Waller tempers rate-hike bets
The 10-year government bond yield (interpolated) on the previous trading day was 2.244, -2.01 bps. The benchmark government bond yield (LB365A) was 2.20, -3.00 bps. Meantime, the latest closed US 10-year bond yields was 4.77, -2.0 bps. USDTHB on the previous trading day closed around 33.03, moving in a range of 32.89 – 32.94 this morning. USDTHB could be closed between 32.80 – 33.05 today. The dollar weakened broadly after Fed Governor Waller’s dovish-leaning remarks pushed September policy odds back toward 50/50, while further yen strength added pressure to the index. The euro and the British pound benefited from broad dollar weakness, rising above 1.1600 and 1.3500, respectively, with limited currency-specific catalysts. The Japanese yen outperformed on intervention optimism and reports that the BoJ favors a 25bp hike while retaining flexibility over further tightening. Focus now turns to Friday’s NFP report, with consensus expecting a 56k payroll gain.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
