- USDTHB: moving in the range 35.75-35.79 this morning supportive level at 35.65 resistance level at 35.90
· SET Index: 1,545.1 (+0.64%), 14 Sep 2023
· S&P 500 Index: 4,505.1 (+0.96%), 14 Sep 2023
· Thai 10-year government bond yield (interpolated): 2.97 (-6.11 bps), 14 Sep 2023
· US 10-year treasury yield: 4.29 (+4.00 bps), 14 Sep 2023
- US retail sales beat expectations as Americans pay more for gasoline
- US producer prices accelerate in August on gasoline
- Chinese industrial production grows more than expected in August
- Dollar strengthens following strong U.S. data and ECB rate hike
US retail sales beat expectations as Americans pay more for gasoline U.S. retail sales increased more than expected in August as a surge in gasoline prices boosted receipts at service stations, but the trend in underlying spending on goods slowed as Americans grappled with higher inflation and borrowing costs. Retail sales rose 0.6% last month. Data for July was revised lower to show sales advancing 0.5% instead of the previously reported 0.7%. Economists polled by Reuters had forecast retail sales gaining 0.2%. Retail sales are mostly goods and are not adjusted for inflation. They rose 2.5% on a year-on-year basis. Receipts at gasoline stations soared 5.2% after gaining 0.1% in July. Gasoline prices accelerated in August, peaking at $3.984 per gallon in the third week of the month, the highest this year, according to data from the U.S. Energy Information Administration.
US producer prices accelerate in August on gasoline U.S. producer prices increased by the most in more than a year in August as the cost of gasoline surged, the latest indication that the road to low inflation would be uneven. The producer price index for final demand rose 0.7% last month, the largest gain since June 2022. Data for July was revised slightly up to show the PPI advancing 0.4% instead of the previously reported 0.3%. Economists polled by Reuters had expected the PPI to increase 0.4%. In the 12 months through August, the PPI gained 1.6% after climbing 0.8% in July. The report followed news on Wednesday that consumer prices increased by the most in 14 months in August on higher gasoline prices. Wholesale goods prices jumped 2.0% last month, with a 20.0% surge in gasoline accounting for 60% of the increase. Goods prices rose 0.3% in July. Food prices fell 0.5% last month.
Chinese industrial production grows more than expected in August Chinese industrial production rose past expectations in August as improving local demand and a continued stream of monetary support from the government helped spur some recovery in the sector. Industrial production rose 4.5% in August from the prior year, data from the National Bureau of Statistics showed on Friday. The reading was higher than expectations for growth of 4%, and more than the 3.7% rise seen in July. Production for the year to August rose marginally, as expected, to 3.9% from 3.8% in the prior month. A bulk of August’s positive reading was driven by a low basis for comparison, given that China still had large parts of the country under COVID restrictions in 2022. But the stronger-than-expected reading also suggested some pick-up in activity after the country lifted all anti-COVID restrictions at the beginning of 2023.
Dollar strengthens following strong U.S. data and ECB rate hike The 10-year government bond yield (interpolated) on the previous trading day was 2.97, -6.11 bps. The benchmark government bond yield (LB31DA) was 3.01, -3.00 bps. Meantime, the latest closed US 10-year bond yields was 4.29, +4.00 bps. USDTHB on the previous trading day closed around 35.74. Moving in a range of 35.75-35.79 this morning. USDTHB could be closed between 35.65-35.90 today. The US dollar retained its gains against peers on Friday, following strong U.S. economic data and a rate hike by the European Central Bank (ECB). The currency's strengthening came in response to higher-than-expected U.S. retail sales and an ECB decision that prompted a drop in European yields. The U.S. dollar index reaching close to Thursday's six-month peak of 105.430. The ECB raised rates to a record high of 4%, however, it signaled that this might be the end of its rate-hiking cycle as economic growth slows down. The ECB statement noted that the key interest rates have reached levels which, if sustained for a sufficiently long duration, will contribute significantly to inflation returning to target levels.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC