- USDTHB: moving in the range 34.565-34.63 this morning supportive level at 34.40 resistance level at 34.70
· SET Index: 1,521.4 (-0.79%), 1 Jun 2023
· S&P 500 Index: 4,221.0 (+0.98%), 1 Jun 2023
· Thai 10-year government bond yield (interpolated): 2.50 (-0.01 bps), 1 Jun 2023
· US 10-year treasury yield: 3.61 (-3.00 bps), 31 May 2023
- US weekly jobless claims rise slightly; labor market defies recession fears
- UK factory output contracts again in May
- South Korea revised Q1 GDP +0.3% q/q, unchanged from earlier estimate
- Dollar stumbles as signs point to Fed skipping June rate hike
US weekly jobless claims rise slightly; labor market defies recession fears Initial claims for state unemployment benefits rose 2,000 to a seasonally adjusted 232,000 for the week ended May 27, the Labor Department said on Thursday. Economists polled by Reuters had forecast 235,000 claims for the latest week. They believe that claims have probably topped out for now, having barely budged from current levels for much of May. Unadjusted claims increased by 5,296 to 207,941 last week, with notable rises in New York, Ohio and Illinois. Only 58 claims were filed in Massachusetts, which had been swamped by fraudulent applications in recent weeks. There have been high-profile layoffs in the technology sector and industries sensitive to interest rates, such as housing, but employers have been generally hoarding workers after difficulties finding labor in the wake of the COVID-19 pandemic.
UK factory output contracts again in May Britain’s manufacturing output fell for a third month in a row in May and new orders declined at the fastest pace in four, but there were signs that the worst of the inflation surge may have passed, an industry survey showed on Thursday. The final reading of the S&P Global/CIPS UK manufacturing Purchasing Managers’ Index (PMI) was 47.1, down from 47.8 in April and further below the 50 threshold that separates growth from contraction. The provisional PMI figure was 46.9. May’s fall partly reflected a softening in new orders as well as fewer working days due to an extra public holiday to mark the coronation of King Charles. Total new orders dropped to 46.6 from 47.7, the fastest pace of decline since January. Factories noted subdued market confidence and an economic slowdown.
South Korea revised Q1 GDP +0.3% q/q, unchanged from earlier estimate South Korea's economy grew 0.3% in the first quarter from the previous quarter, revised central bank data showed on Friday, matching its earlier estimate in April. The expansion in the country's gross domestic product during the January-March period followed a 0.3% contraction in the last three months of 2022, which was the first quarterly fall since the second quarter of 2020. The biggest contributor was private consumption, which increased by a revised 0.6% quarter-on-quarter, while facilities and construction investments were 5.0% lower and 1.3% higher, respectively. Exports rose 4.5%, while imports climbed 4.2%.
Dollar stumbles as signs point to Fed skipping June rate hike The 10-year government bond yield (interpolated) on the previous trading day was 2.50, -0.01 bps. The benchmark government bond yield (LB31DA) was 2.50, +1.00 bps. LB31DA could be between 2.30-2.80. Meantime, the latest closed US 10-year bond yields was 3.61, -3.00 bps. USDTHB on the previous trading day closed around 34.77 Moving in a range of 34.565-34.63 this morning. USDTHB could be closed between 34.50-35.00 today. The dollar was on track for its worst daily loss in nearly a month on Thursday as U.S. manufacturing data and comments by Federal Reserve officials reinforced expectations the Federal Reserve will likely skip an interest rate hike at its upcoming meeting. The euro recovered from a two-month low on Thursday after European Central Bank (ECB) President Christine Lagarde said further policy tightening was necessary. The dollar index, which measures the currency against a basket of six peers, fell 0.547% at 103.580, off a two-month high of 104.7 touched on Wednesday as investors trimmed bets the Fed will raise interest rates this month. Fed officials pointed toward a rate hike "skip" at its June 13-14 meeting, giving time for the central bank to assess the impact of its tightening cycle thus far against still-strong inflation data.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
