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Daily Market Insight: 26 May 2023

26 พ.ค. 2566
  •   USDTHB: moving in the range 34.63-34.76 this morning supportive level at 34.50 resistance level at 34.80

·         SET Index: 1,535.4 (-0.07%), 25 May 2023

·         S&P 500 Index: 4,151.3 (+0.87%), 25 May 2023

·         Thai 10-year government bond yield (interpolated): 2.61 (+4.26 bps), 25 May 2023

·         US 10-year treasury yield: 3.83 (+10.00 bps), 25 May 2023


  • U.S. pending home sales unchanged in April
  • UK retail sales fall in May after April rise, outlook less gloomy
  • Tokyo CPI inflation grows less than expected in May
  • Data boosts dollar, euro dips as Germany enters recession


U.S. pending home sales unchanged in April Contracts to buy U.S. previously owned homes were unchanged in April amid tight inventory, which could delay a recovery in the housing market. The National Association of Realtors (NAR) said on Thursday that the unchanged reading of 78.9 in its Pending Home Sales Index, based on signed contracts, last month followed a 5.2% drop in March. Economists polled by Reuters had forecast pending sales, which become sales after a month or two, rebounding 1.0%. Pending home sales decreased 20.3% in April on a year-on-year basis. A perennial shortage of homes on the market is frustrating would be buyers eager to take advantage of dips in mortgage rates. The inventory of existing homes remains 44% below its pre-pandemic levels, according to data from the NAR, resulting in price rises in some parts of country, multiple offers and homes being sold above list price.


UK retail sales fall in May after April rise, outlook less gloomy British retail sales declined this month after a modest rise in April, but stores expect sales volumes to stabilize in June as consumer confidence improves and energy prices fall, a survey showed on Thursday. The Confederation of British Industry’s (CBI) monthly distributive trades index fell to -10 in May from +5 in the previous month. A measure of expected sales in the month ahead rose to zero from -7. Martin Sartorius, principal economist at the CBI, said retailers had some reason to be optimistic about the outlook. Retailers also reported acute price pressures, with price growth in the 12 months to May remaining near multi-decade highs. Shops expect prices to rise at the same pace next month. Britain’s high inflation rate fell by less than expected to 8.7% in April, down from 10.1% in March, and a 41-year peak of 11.1% in October last year.


Tokyo CPI inflation grows less than expected in May Consumer price index inflation in Japan’s capital read below expectations in May, data showed on Friday, amid steady food prices and increased government spending to ease electricity costs. The Tokyo core CPI, which excludes fresh food prices, rose an annualized 3.2% in May, data from the Statistics Bureau showed on Friday. The reading was lower than expectations for a reading of 3.3% and the prior month’s print of 3.5%. The core figure was also at its lowest level since March but remained in sight of a 40-year peak hit in January, at 4.3%. Including fresh food prices, Tokyo CPI inflation grew 3.2% in May, missing expectations for a rise of 3.9%, and the prior month’s reading of 3.5%.


Data boosts dollar, euro dips as Germany enters recession The 10-year government bond yield (interpolated) on the previous trading day was 2.61, +4.26 bps. The benchmark government bond yield (LB31DA) was 2.57, +1.00 bps. LB31DA could be between 2.20-2.70. Meantime, the latest closed US 10-year bond yields was 3.83, +10.00 bps. USDTHB on the previous trading day closed around 34.72 Moving in a range of 34.63-34.76 this morning. USDTHB could be closed between 34.30-34.80 today. The dollar strengthened for a fourth straight session on Thursday against a basket of major peers to touch a two-month high, as U.S. data pointed to a resilient economy even after an aggressive rate hike cycle by the Federal Reserve. Weekly initial jobless claims rose by 4,000 last week to 229,000, below the Reuters estimate of 225,000 while data from the prior week was revised sharply lower, an indication the labor shows little signs of cracking. In contrast the German economy, Europe's largest, was in recession in the first quarter as GDP fell 0.3%, sending the euro lower. The dollar hit a two-month peak, getting additional support from safe-haven demand as worries mounted about a U.S. default.


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