- USDTHB: moving in the range 34.95-35.05 this morning, supportive level at 34.90 resistance level at 35.25
· SET Index: 1,614.2 (+0.10%), 9 March 2023
· S&P 500 Index: 3,918.3 (-1.86%), 9 March 2023
· Thai 10-year government bond yield (interpolated): 2.52 (-3.22 bps), 9 March 2023
· US 10-year treasury yield: 3.93 (-5.00 bps), 9 March 2023
- US weekly jobless claims post largest rise in 5 months; labor market still tight
- Japan’s economy barely grew in Q4, weak consumption raises policy challenge
- China consumer inflation slowest in a year; producer deflation deepens
- Dollar loses steam after jobless claims data; Kuroda takes center stage in Asia
US weekly jobless claims post largest rise in 5 months; labor market still tight The number of Americans filing new claims for unemployment benefits increased by the most in five months last week, but the underlying trend remained consistent with a tight labor market. Part of the larger-than-expected rise in claims reported by the Labor Department on Thursday reflected a surge in applications in New York state, which some economists attributed to a mid-winter school recess from Feb. 20-24. There was also a sharp rise in filings in California. Initial claims for state unemployment benefits rose 21,000 to a seasonally adjusted 211,000 for the week ended March 4. That was the largest increase since October and lifted claims to a two-month high. Still, claims remained well below the 300,000 level, which is associated with a recession.
Japan’s economy barely grew in Q4, weak consumption raises policy challenge Japan’s economy narrowly averted a recession in the final months of 2022, barely growing on frail consumption after shrinking in the third quarter, revised data showed, underscoring the challenge for policymakers trying to shore up a wobbly recovery. Record high inflation and slowing global growth amid sweeping monetary tightening across many countries have undermined the world’s third-biggest economy’s post-pandemic revival, despite relaxation of COVID curbs, energy subsidies and ultra-easy monetary policy. Japan’s gross domestic product (GDP) expanded by an annualized 0.1% in October-December, against a preliminary estimate of a 0.6% expansion and much lower than economists’ median forecast for a 0.8% rise in a Reuters poll. That followed a revised 1.1% contraction in July-September.
China consumer inflation slowest in a year; producer deflation deepens China's annual consumer inflation slowed to the lowest rate in a year in February as consumers remained cautious despite the abandonment of strong pandemic controls late in 2022. Combined with persistence of producer deflation, also reported on Thursday, the data showed price pressure had become no obstacle to more government action to support economic recovery from COVID-19 disruption, analysts said. The consumer price index (CPI) in February was 1.0% higher than a year earlier, rising at the slowest pace since February 2022, said the National Bureau of Statistics (NBS). The result was well below the median estimate of 1.9% in a Reuters poll and the 2.1% annual rise seen in January. The government is targeting an average level of consumer prices this year about 3% higher than in 2022.
Dollar loses steam after jobless claims data; Kuroda takes center stage in Asia The 10-year government bond yield (interpolated) on the previous trading day was 2.52, -3.22 bps. The benchmark government bond yield (LB31DA) was 2.73, -5.50 bps. LB31DA could be between 2.50-3.00 Meantime, the latest closed US 10-year bond yields was 3.93, -5.00 bps. USDTHB on the previous trading day closed around 35.07 Moving in a range of 34.95-35.05 this morning. USDTHB could be closed between 34.80-35.40 today. The dollar paused its ascent on Friday after a rise in jobless claims in the United States implied possibly easing conditions in the labor market and tempered expectations of further aggressive rate hikes from the Federal Reserve. In Asia, moves were subdued as markets remained on guard ahead of the Bank of Japan's (BOJ) monetary policy decision at the conclusion of a policy meeting, the last to be chaired by incumbent BOJ Governor Haruhiko Kuroda before he steps down in April. The yen held steady in early Asia trade, and was last 0.2% higher at 135.89 per dollar, retreating from a nearly three-month low hit earlier in the week. The BOJ is widely expected to maintain ultra-low interest rates on Friday and refrain from major changes to its controversial bond-yield control policy, leaving options open ahead of a leadership transition in April.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC