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Daily Market Insight: 22 May 2023

22 พ.ค. 2566
  •   USDTHB: moving in the range 34.27-34.32 this morning supportive level at 34.20 resistance level at 34.40

·         SET Index: 1,514.9 (-0.78%), 19 May 2023

·         S&P 500 Index: 4,192.0 (-0.14%), 19 May 2023

·         Thai 10-year government bond yield (interpolated): 2.51 (-0.60 bps), 19 May 2023

·         US 10-year treasury yield: 3.70 (+5.00 bps), 18 May 2023


  • White House, Republican team say no progress in debt ceiling talks
  • German producer prices post smallest increase in two years
  • South Korea May 1-20 exports fall 16.1% on year
  • Dollar slips from two-month high; Fed rate expectations in focus


White House, Republican team say no progress in debt ceiling talks Japan (Reuters) -A second meeting on Friday between White House and Republican congressional negotiators on raising the federal government's $31.4 trillion debt ceiling broke up with no progress cited by either side and no additional meeting set. That came at the end of a day of acrimonious talks that were broken off for several hours, with less than two weeks to go before June 1, when the Treasury Department warned that the federal government could be unable to pay all its debts. That would trigger a calamitous default. While the White House acknowledged that "serious differences" remained with Republicans, who control the House of Representatives, President Joe Biden said he still believed a default could be avoided. Republicans have said they would not approve an increase in the federal government's borrowing limit without agreement on sharp spending cuts.


German producer prices post smallest increase in two years German producer prices posted their slowest annual increase in two years in April, according to data released on Friday, in a tentative sign that inflation may ease further in Europe’s largest economy. Producer prices of industrial products were up 4.1% in April on the same month last year following a 6.7% rise in March, the Federal Statistical Office reported. A Reuters poll had indicated a rise of 4.0% year-on-year in April. Producer prices give an indication on how consumer prices will develop. For the LBBW economist, the downward trend in producer prices shows that inflation may be falling. Producer price inflation peaked at 45.8% in August and September 2022 and has been easing for seven consecutive months since then.


South Korea May 1-20 exports fall 16.1% on year South Korean exports in the first 20 days of May fell 16.1% from a year earlier and imports dropped by 15.3%, customs agency data showed on Monday. The country's trade balance came in at a $4.3 billion deficit for the May 1-20 period, the data showed. That compares with a 14.2% decline in exports for the whole of April. South Korea's heavily trade-dependent economy has been hit hard by faltering global demand. Exports have declined in each of the past seven months on an annual basis, their longest losing streak in three years.


Dollar slips from two-month high; Fed rate expectations in focus The 10-year government bond yield (interpolated) on the previous trading day was 2.51, -0.60 bps. The benchmark government bond yield (LB31DA) was 2.52, -1.00 bps. LB31DA could be between 2.20-2.70. Meantime, the latest closed US 10-year bond yields was 3.70, -5.00 bps. USDTHB on the previous trading day closed around 34.47 Moving in a range of 34.27-34.32 this morning. USDTHB could be closed between 34.00-34.50 today. The U.S. dollar edged lower in early European trade Friday but remained near a two-month high as strong labor data and optimism that a U.S. debt default can be avoided pointed to the Federal Reserve retaining a tight monetary policy for longer. At 02:55 ET (06:55 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, dropped 0.2% to 103.267, just below Thursday's two-month high of 103.630. The dollar index is on course to record gains of just under 1% this week as news of constructive talks to end the current debt ceiling impasse in Washington raised optimism that a deal can be reached, thus avoiding a damaging debt default. This has put the spotlight firmly back on the Federal Reserve and what it will decide over future interest rate moves.


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