- USDTHB: moving in the range 34.42-34.49 this morning, supportive level at 34.35 resistance level at 34.55
· SET Index: 1,651.7 (-0.40%), 17 Feb 2023
· S&P 500 Index: 4,079.1 (-0.28%), 17 Feb 2023
· Thai 10-year government bond yield (interpolated): 2.60 (+3.84 bps), 17 Feb 2023
· US 10-year treasury yield: 3.82 (-4.00 bps), 17 Feb 2023
- U.S. import prices fall in January; annual increase smallest in two years
- German producer prices ease, but at lower pace than expected
- Thai Q4 GDP unexpectedly falls, 2023 outlook trimmed
- Oil prices rise after sharp weekly losses, Fed cues awaited
U.S. import prices fall in January; annual increase smallest in two years U.S. import prices dropped for a seventh straight month in January amid declining costs for energy products, leading to the smallest annual increase in imported inflation in two years. The report from the Labor Department on Friday, however, did little to assuage financial market fears the Federal Reserve could maintain its interest hiking campaign through the summer after data this week showed a jump in monthly consumer and producer prices in January, suggesting a slow disinflation journey. Import prices fell 0.2% last month after slipping 0.1% in December. The drop in import prices, which exclude tariffs, was in line with economists' expectations. In the 12 months through January, import prices increased 0.8%. That was the smallest year-on-year gain since December 2020 and followed a 3.0% rise in December.
German producer prices ease, but at lower pace than expected German producer prices rose more than expected in January, though the rate of increase eased for the fourth month in a row, signaling that inflation in Europe’s largest economy could be starting to wane, according to data released on Friday. Producer prices of industrial products were up 17.8% on the same month last year, the Federal Statistical Office reported, compared with analysts’ expectations for the rate of increase to ease to 16.4%. Compared with December 2022, prices fell 1.0%, which was above consensus for a drop of 1.6%. The decline was driven by a 5.0% drop in energy prices, with a particularly strong dip in electricity prices. However, energy prices were also largely responsible for the year-on-year increase, being up 32.9% on the year. The overall producer prices index disregarding energy was up 10.7% on year.
Thai Q4 GDP unexpectedly falls, 2023 outlook trimmed Thailand's economy unexpectedly contracted in the final quarter of 2022 as a rebound in the vital tourism sector was unable to offset falls in key sectors including exports and manufacturing. The planning agency responded by downgrading its outlook for this year. But the economy, Southeast Asia's second largest, should not see a recession, thanks to a pick-up in tourism, the agency said. Gross domestic product (GDP) in the fourth quarter of 2022 was 1.5% lower than in the previous three months, according to seasonally adjusted data issued on Friday by the agency, the National Economic and Social Development Council (NESDC). It was the first drop in five quarters and compared with a Reuters poll forecast for a rise of 0.5%. The economy had grown 1.1% in the third quarter, but in the fourth it was weighed down by falls in manufacturing, exports and public consumption.
Oil prices rise after sharp weekly losses, Fed cues awaited The 10-year government bond yield (interpolated) on the previous trading day was 2.60, +3.84 bps. The benchmark government bond yield (LB31DA) was 2.75, +0.0 bps. LB31DA could be between 2.50-3.00. Meantime, the latest closed US 10-year bond yields was 3.82, -4.0 bps. USDTHB on the previous trading day closed around 34.54 Moving in a range of 34.42-34.49 this morning. USDTHB could be closed between 34.30-34.80 today. Oil prices rose on Monday, recouping a measure of recent losses, although pressure from concerns over rising interest rates and deteriorating demand persisted ahead of more indicators from the Federal Reserve on the path of monetary policy. Crude prices were nursing steep losses from the prior week, as hotter-than-expected U.S. inflation and hawkish comments from some Fed officials ramped up fears of more policy tightening. Rising interest rates are expected to stymie economic activity this year, which in turn could fuel a slowdown in oil demand. Brent oil futures rose 0.3% to $83.41 a barrel, while West Texas Intermediate crude futures rose 0.5% to $76.90 a barrel. Both contracts slumped around 4% last week. Focus this week is now squarely on the minutes of the Fed’s February meeting, due on Wednesday.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
