- USDTHB : moving in the range 33.22 – 33.38 this morning, supporting level of USDTHB is around 33.30 and resistance level is around 33.45
- SET Index: 1,698.4 (+0.5%), 30 Mar 2022
- S&P 500 Index: 4,602.5 (-0.6%), 30 Mar 2022
- Thai 10-year government bond yield (interpolated) : 2.41% (-9.53 bps), 30 Mar 2022
- US 10-year treasury yield: 2.35 (-6.00bps), 30 Mar 2022
- Euro holds at one-month high, yen set for worst month since 2016
- BOJ stands its ground on benchmark yield as global rates pressure builds
- China’s factories were hit harder this quarter than last year as Covid drags on, survey says
- Oil prices dive as Biden weighs massive reserves release
Euro holds at one-month high, yen set for worst month since 2016
The euro held at a one-month high against the dollar on Thursday, having rallied on hopes the war in Ukraine might be entering a new de-escalating phase, while the yen was set for its worst month since November 2016. The European single currency was at $1.1175 holding its highest in a month, having gained 1.7% so far this week. The Japanese currency has fallen sharply this month, dropping to its lowest since November 2015 on Monday. Intervention by the Bank of Japan to prevent government bond yields rising too high has reinforced the contrast with rising rates in the United States, causing the yen to decline.
BOJ stands its ground on benchmark yield as global rates
pressure builds
Japan's
central bank stepped up efforts on Wednesday to keep a key bond yield below a
red line, offering to buy more government debt, including through ad-hoc
purchases, to hold down interest rates against a pull higher by global yields.
BOJ increased purchases of Japanese government bonds (JGB) with maturities of
three to 10 years, and offered to buy super-long bonds in unscheduled,
emergency operations.Combined, the BOJ offered to buy more than 2 trillion yen
($16.40 billion) worth of JGBs on Wednesday, in addition to separate offers for
unlimited purchases of 10-year JGBs at a fixed rate of 0.25%.
China’s factories were hit harder this quarter than last year as Covid drags on, survey says
Manufacturing, one of the main drivers of China’s growth since the pandemic began, saw slower growth in the first quarter, according to an independent survey by China Beige Book. It’s another sign that China’s economy may not benefit as much from overseas demand as Covid control policies diverge. The core problem for manufacturers right now is soft domestic demand and the threat of additional Covid outbreaks, which could further derail growth. Retail businesses also saw double-digit year-on-year declines in the rate of revenue and profit growth, as well as a slowdown in hiring. Overall, the survey found that major government stimulus for the economy has yet to arrive, while the pace of borrowing fell to the lowest on record.
Oil prices dive as Biden weighs massive reserves release
Oil prices dived more than $5 a barrel on Thursday as the United States is considering the release of up to 180 million barrels from its strategic petroleum reserve (SPR) over several months to calm soaring crude prices. Brent futures for May fell $5.47, or 4.8%, to $107.98 a barrel at 0317 GMT. The May contract expires today and the most actively traded June future was down $5.22 to $106.22. U.S. WTI futures for May delivery fell $6.06, or 5.6%, to $101.76 a barrel after earlier slipping to a low of $100.85.
The 10-year government bond yield (interpolated) on the previous trading day was 2.41, -9.53 bps. The benchmark government bond yield (LB31DA) was 2.34, -10.00 bps. LB31DA could be between 2.30-2.40. Meantime, the latest closed US 10-year bond yields was 2.35%, -6.00bps. USDTHB on the previous trading day closed around 33.45 Moving in a range from 33.22-33.38 this morning. USDTHB could be closed between 33.30-33.45 today.
Sources : Bloomberg, CNBC, Investing, CEIC
