- USDTHB: moving in the range 34.48-34.55 this morning, supportive level at 34.40 resistance level at 34.65
· SET Index: 1,577.2 (+1.39%), 21 March 2023
· S&P 500 Index: 4,002.9 (+1.29%), 21 March 2023
· Thai 10-year government bond yield (interpolated): 2.40 (+1.26 bps), 21 March 2023
· US 10-year treasury yield: 3.59 (+12.00 bps), 21 March 2023
- Yellen vows to safeguard deposits at smaller U.S. banks, intervene if needed
- U.S. single-family housing starts, building permits rebound in February
- German exporters’ dip in China trade dampens post-lockdown hopes
- Oil prices dip as Fed meeting looms, U.S. stockpiles seen rising
Yellen vows to safeguard deposits at smaller U.S. banks, intervene if needed U.S. Treasury Secretary Janet Yellen told bankers on Tuesday that she is prepared to intervene to protect depositors in smaller U.S. banks suffering deposit runs that threaten more contagion amid the worst financial system turmoil in more than a decade. In a speech aimed at calming nerves rattled by two prominent bank failures this month, Yellen said that the U.S. banking system was stabilizing, and steps taken to guarantee deposits in those institutions, showed a "resolute commitment" to ensure depositors' savings and banks remain safe. "The steps we took were not focused on aiding specific banks or classes of banks. Our intervention was necessary to protect the broader U.S. banking system," Yellen told an American Bankers Association conference in Washington. "And similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion," she added in prepared remarks that drew a standing ovation from the assembled bankers after she delivered them.
U.S. single-family housing starts, building permits rebound in February U.S. single-family homebuilding and permits for future construction rebounded in February, offering hope that the housing market was probably stabilizing after being hammered by higher mortgage rates. Single-family housing starts, which account for the bulk of homebuilding, increased 1.1% to a seasonally adjusted annual rate of 830,000 units last month, the Commerce Department said on Thursday. Data for January was revised down to show single-family homebuilding falling to a rate of 821,000 units instead of the previously reported 841,000 unit-pace. Single-family homebuilding increased in the Northeast and West but tumbled in the densely populated South as well as the Midwest. Single-family housing starts dropped 31.6% on a year-on-year basis in February.
German exporters’ dip in China trade dampens post-lockdown hopes German exports to China declined significantly in February, dampening hopes of a trade revival following the end of strict coronavirus measures at the end of last year, the federal statistics office said on Tuesday. Exports to China, Germany’s most important trade partner, decreased by 12.4% to 7.9 billion euros ($8.46 billion) compared with February last year, it said. In January, exports to China were down 7.1% on the year. German exporters had hoped for a stronger start to 2023 after pandemic restrictions that had closed factories and ports in the world’s second-largest economy were lifted in December. However, experts see lots of catch-up potential in trade with China, whose economy could grow twice as fast this year as it did in 2022.
Oil prices dip as Fed meeting looms, U.S. stockpiles seen rising The 10-year government bond yield (interpolated) on the previous trading day was 2.40, +1.26 bps. The benchmark government bond yield (LB31DA) was 2.40, +2.00 bps. LB31DA could be between 2.20-2.70 Meantime, the latest closed US 10-year bond yields was 3.59, +12.00 bps. USDTHB on the previous trading day closed around 34.22 Moving in a range of 34.48-34.55 this morning. USDTHB could be closed between 34.00-34.50 today. Oil prices crept lower in early Asian trade on Wednesday as industry data pointed to another week of rising inventories in the world’s largest crude consumer, while an upcoming Federal Reserve interest rate decision spurred cautious plays. Data from the American Petroleum Institute showed that U.S. crude stockpiles unexpectedly rose in the week to March 17, heralding a similar reading from government data due later in the day. Analysts expect a draw of 1.55 million barrels from the government reading. But any surprises to the upside will see inventories growing for 13 of the past 12 weeks, indicating high supply and weak demand in the country. Brent oil futures fell 0.4% to $74.87 a barrel, while West Texas Intermediate crude futures fell 0.7% to $69.22 a barrel. Both contracts surged between 1.7% and 3% on Tuesday.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
