- USDTHB: moving in the range 34.76-34.84 this morning, supportive level at 34.70 resistance level at 35.00
· SET Index: 1,648.4 (+0.80%), 1 Dec 2022
· S&P 500 Index: 4,076.6 (-0.09%), 1 Dec 2022
· Thai 10-year government bond yield (interpolated): 2.67 (-5.46 bps), 1 Dec 2022
· US 10-year treasury yield: 3.53 (-15.0 bps), 1 Dec 2022
- U.S. consumer spending powers ahead in October; inflation cooling
- Global manufacturing gloom dims UK activity
- German retail sales fall in October as inflation takes hold
- Dollar index lowest since August as inflation moderates
U.S. consumer spending powers ahead in October; inflation cooling U.S. consumer spending increased solidly in October, while inflation moderated, giving the economy a powerful boost at the start of the fourth quarter as it faces rising headwinds from the Federal Reserve's aggressive monetary policy tightening. The labor market, the economy's other pillar of support, continues to show resilience. The number of Americans filing new claims for unemployment benefits declined last week, almost unwinding the prior week's jump, which had lifted claims to a three-month high, other data showed. The outlook was, however, darkened by news that manufacturing activity contracted in November for the first time in 2-1/2 years, with factories reporting weakening demand. Still, economists remain cautiously optimistic that an anticipated recession next year would be short and mild.
Global manufacturing gloom dims UK activity British manufacturing activity fell for a fourth month in a row in November, as businesses faced the weakest overseas demand in two-and-a-half years, leading to job cuts and reduced confidence about the year ahead, a survey showed. The figures add to signs that Britain’s economy has fallen into recession, although there was a glimmer of light for the Bank of England as factory output price inflation slowed to its lowest since March 2021. The S&P Global/CIPS manufacturing Purchasing Managers’ Index (PMI) edged up to 46.5 in November from October’s 46.2 two-and-a-half-year low. November’s reading is well below the 50 mark that divides growth from contraction, though a shade stronger than an earlier ‘flash’ reading that was unchanged from October.
German retail sales fall in October as inflation takes hold German retail sales fell more-than-expected in October, data showed on Thursday, as inflation had consumers holding back on non-essential purchases at the start of the fourth quarter. Retail sales were down 2.8% on the month in October, a further drop than the 0.6% dip in price-adjusted terms expected by analysts polled by Reuters. Compared with October 2021, retail sales were down 5.0% Germany's HDE retail association is forecasting the strongest slump in Christmas sales since 2007, with retail sales in the crucial November-December period seen dropping by 4% year-on-year on a price-adjusted basis.
Dollar index lowest since August as inflation moderates The 10-year government bond yield (interpolated) on the previous trading day was 2.67, -5.46 bps. The benchmark government bond yield (LB31DA) was 2.58, -8.00 bps. LB31DA could be between 2.40-2.90. Meantime, the latest closed US 10-year bond yields was 3.53, -15.0 bps. USDTHB on the previous trading day closed around 34.99 Moving in a range of 34.76-34.84 this morning. USDTHB could be closed between 34.60-35.00 today. The U.S. dollar dipped to 16-week lows against a basket of major currencies on Thursday after data showed that U.S. consumer spending increased solidly in October, while inflation moderated, adding to expectations that the Federal Reserve is closer to reaching a peak in interest rates. The move comes after Fed Chairman Jerome Powell on Wednesday said that it was time to slow rate hikes, noting that "slowing down at this point is a good way to balance the risks.“ Investors took comfort from the comments, even as Powell also said that rates would still go higher and that controlling inflation "will require holding policy at a restrictive level for some time."
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
