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Daily Market Insight: 21 March 2023

21 มี.ค. 2566
  •   USDTHB: moving in the range 34.02-34.08 this morning, supportive level at 33.90 resistance level at 34.30

·         SET Index: 1,555.5 (-0.53%), 20 March 2023

·         S&P 500 Index: 3,951.6 (+0.89%), 20 March 2023

·         Thai 10-year government bond yield (interpolated): 2.38 (-7.18 bps), 20 March 2023

·         US 10-year treasury yield: 3.47 (+8.00 bps), 20 March 2023


  • US bank deposit outflows, unrelated to Credit Suisse, have stabilized
  • Euro zone trade deficit flat in Jan despite increased energy import spend
  • German producer prices rise more than expected in February
  • Dollar languishes as bank crisis fears ebb on Credit Suisse rescue


US bank deposit outflows, unrelated to Credit Suisse, have stabilized U.S. bank deposits have stabilized, with outflows slowing or stopping and in some cases reversing, an official said on Sunday, adding the problems of Credit Suisse are unrelated to recent deposit runs on U.S. banks. After officials in Switzerland announced a deal for UBS to acquire Credit Suisse on Sunday, the U.S. official said that U.S. banks have limited exposure to Credit Suisse, after reducing their exposures to the No. 2 Swiss lender in recent months. Speaking on condition of anonymity, the official said that U.S. banking regulators were in touch with Swiss counterparts on the Credit Suisse situation. The official's comments on U.S. deposit outflows from smaller and mid-size banks to larger institutions prompted by Silicon Valley Bank's failure follow similar comments by U.S. Deputy Treasury Secretary Wally Adeyemo on Friday.


Euro zone trade deficit flat in Jan despite increased energy import spend The euro zone trade deficit was little changed in January from a year earlier, with sharply higher cost of energy imports outweighing a pick-up of manufactured goods exports, data showed on Monday. The European Union’s statistics office Eurostat said that the euro zone’s balance for trade in goods with the rest of the world was 30.6 billion euros ($32.7 billion) in the red in January, compared with 30.2 billion euros in January 2022. Eurostat also said that for the whole of 2022 the euro zone’s trade deficit was 333.5 billion euros, compared with a surplus of 105.3 billion euros in 2021. For the 27-member European Union as a whole, the data showed that energy imports were costing 18.7% more, although spending on imported raw materials declined.


German producer prices rise more than expected in February German producer prices rose more than expected in February, though the rate of increase eased for the fifth month in a row, signaling that inflation in Europe's largest economy could be starting to wane, according to data released on Monday. Producer prices of industrial products were up 15.8% on the same month last year, the Federal Statistical Office reported, compared with analysts' expectations for the rate of increase to ease to 14.5%. Compared to January, prices fell 0.3%. The consensus was for a drop of 0.5%. Apart from energy costs, which were up 27.6% year-on-year, producer prices also rose on the back of price increases for consumer goods, intermediate goods, consumer durables and capital goods, the office said.


Dollar languishes as bank crisis fears ebb on Credit Suisse rescue The 10-year government bond yield (interpolated) on the previous trading day was 2.38, -7.18 bps. The benchmark government bond yield (LB31DA) was 2.47, -7.00 bps. LB31DA could be between 2.20-2.70 Meantime, the latest closed US 10-year bond yields was 3.47, +8.00 bps. USDTHB on the previous trading day closed around 34.09 Moving in a range of 34.02-34.08 this morning. USDTHB could be closed between 33.90-34.20 today. The dollar regained some ground on Tuesday but was pinned near a five-week low as traders tiptoed back into riskier assets after UBS' state-backed takeover of Credit Suisse allayed some fears of a widespread, systemic banking crisis. Market sentiment remained fragile, however, as investors struggled to determine the scale of the ramifications from a sector hit that began with Silicon Valley Bank's collapse, putting a cap on risk appetite and giving some support to the safe haven dollar. News of UBS' planned takeover of rival Credit Suisse on Sunday - a shotgun merger engineered by Swiss authorities - gave way to a small risk-on rally on Monday, as worries over market-shaking turmoil across global banks waned. In another show of authorities' determination to stem widespread contagion and to ease market concerns, the Federal Reserve, in coordination with central banks elsewhere, announced on Sunday that it would offer daily currency swaps to ensure banks in Canada, Britain, Japan, Switzerland and the euro zone would have the dollars needed to operate.


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