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Daily Market Insight: 14 March 2023

14 มี.ค. 2566
  •   USDTHB: moving in the range 34.53-34.63 this morning, supportive level at 34.50 resistance level at 34.75

·         SET Index: 1,573.1 (-1.68%), 13 March 2023

·         S&P 500 Index: 3,855.8 (-0.15%), 13 March 2023

·         Thai 10-year government bond yield (interpolated): 2.45 (-5.03 bps), 13 March 2023

·         US 10-year treasury yield: 3.55 (-15.00 bps), 13 March 2023


  • U.S. deficit grows to $262 billion in February as tax refunds surge
  • BOJ expands measures on 10-year JGB trading to counter short sellers
  • Australia consumer sentiment pinned at 3-year lows in March
  • Dollar slides as Fed rate hike outlook tumbles after SVB collapse


U.S. deficit grows to $262 billion in February as tax refunds surge The U.S. government posted a $262 billion budget deficit in February, up 21% from a year earlier, as outlays grew and revenues fell, due largely to higher tax refunds issued as the Internal Revenue Service worked through a substantial backlog of unprocessed returns. The Treasury Department said on Friday the deficit last month compared to a $217 billion budget gap in February 2022. Receipts for the month fell $28 billion, or 10%, to $262 billion, while outlays grew $18 billion, or 4%, to $525 billion. The Treasury said individual withheld tax receipts in February climbed $10 billion, or 4%, compared to a year ago, but individual tax refunds, which reduce revenues, grew $31 billion, or 153%, to a total of $52 billion. A Treasury official said most of the tax refunds issued during February were from backlogged returns that had piled up during the COVID-19 pandemic but are now being processed by the IRS.


BOJ expands measures on 10-year JGB trading to counter short sellers The Bank of Japan (BOJ) said on Monday it will continue applying previously announced measures to the latest 10-year government bonds beyond April, to deter traders from challenging its yield control policy after a no-surprise policy meeting. The BOJ last week maintained ultra-low interest rates and held off making changes to its yield curve control policy at the last meeting for incumbent governor Haruhiko Kuroda. Monday’s statement said the central bank will increase the minimum fee charged to financial institutions for borrowing the latest issue of 10-year bonds to 1.0% from 0.25% as needed, effective on April 5. The issue had not been applicable to the previously announced fee rise for the scheme called Securities Lending Facility (SLF), as well as the fixed-rate purchase operations for consecutive days in which the bank buys 10-year bonds every business day.


Australia consumer sentiment pinned at 3-year lows in March Australian consumer sentiment was unchanged in early-March from the prior month, a private survey showed on Tuesday, but remained pinned at COVID-era lows as the country grapples with high inflation and rising interest rates. The Westpac-Melbourne Institute Consumer Sentiment index was unchanged at 78.5 in March, but remained close to its lowest level since March 2020, Westpac said in a note. But the bank also noted that two consecutive months of extremely weak consumer confidence was rare, as consumers grew particularly worried over high inflation. Consumers also expect the Reserve Bank of Australia (RBA) to keep raising interest rates- a trend which has weighed heavily on the Australian economy in recent months.


Dollar slides as Fed rate hike outlook tumbles after SVB collapse The 10-year government bond yield (interpolated) on the previous trading day was 2.45, -5.03 bps. The benchmark government bond yield (LB31DA) was 2.605, -11.00 bps. LB31DA could be between 2.50-3.00 Meantime, the latest closed US 10-year bond yields was 3.55, -15.00 bps. USDTHB on the previous trading day closed around 34.56 Moving in a range of 34.53-34.63 this morning. USDTHB could be closed between 34.20-34.70 today. The dollar weakened on Monday as markets bet the Federal Reserve will slow if not halt its raising of interest rates to curb inflation after U.S. authorities moved to limit the fallout from the sudden collapse of Silicon Valley Bank. President Joe Biden said the administration's swift actions to ensure depositors can access their funds in Silicon Valley Bank (SVB) and Signature Bank should give Americans confidence that the U.S. banking system was safe. The Fed on Sunday announced it would make additional funding available through a new Bank Term Funding Program, which would offer loans of up to one year to depository institutions, backed by Treasuries and other assets these institutions hold.


Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC