- USDTHB: moving in the range 35.67-35.78 this morning supportive level at 35.60 resistance level at 35.90
· SET Index: 1,359.5 (-0.98%), 23 Jan 2024
· S&P 500 Index: 4,864.6 (+0.29%), 23 Jan 2024
· Thai 10-year government bond yield (interpolated): 2.74 (-1.80 bps), 23 Jan 2024
· US 10-year treasury yield: 4.14 (+3.00 bps), 23 Jan 2024
- Unemployment rises in nearly a third of US states in December
- Japan Jan factory activity languishes, but service sector picks up
- Thailand lowers 2024 GDP growth projection to 2.8%
- US dollar hits six-week high; yen falls in wake of BOJ decision
Unemployment rises in nearly a third of US states in December Unemployment rates increased in 15 US states in December, up by three from the prior month, but was unchanged in the majority of states and the District of Columbia. Nonfarm payroll employment levels, meanwhile, remained essentially unchanged in all states last month from November, according to Bureau of Labor Statistics data. From a year earlier, employment rose in 30 states while remaining essentially unchanged in 20 others and DC. Massachusetts and Rhode Island experienced a 0.3 percentage point increase in unemployment, the greatest month-over-month rise among states. Minnesota's unemployment rate fell by 0.2 percentage point, the only state to experience a decrease.
Japan Jan factory activity languishes, but service sector picks up Japan's factory activity shrank for the eight consecutive month in January amid weak demand, but the service sector saw strong gains as new business picked up, a private business survey showed. The au Jibun Bank flash Japan manufacturing purchasingmanagers' index (PMI) was little changed at 48.0 in January from a final 47.9 in December. The headline index has remained below the 50.0 threshold, which separates contraction from expansion, since June. Both output and new orders, the two key subindexes contributing to the headline figure, remained in contractionary territory but their pace improved slightly from the prior month. While input price inflation persisted in January, its level dipped from December when it hit a three-month high. Output charges went up but at the slowest rate since June 2021.
Thailand lowers 2024 GDP growth projection to 2.8% Thailand's economy is expected to grow 2.8% this year, a sharp downgrade from an earlier forecast of 3.2%, the finance ministry said, bolstering the government's push for stimulus to revive an economy it says is in "crisis". Gross domestic product (GDP) expansion last year was also down significantly, seen by the ministry at just 1.8%, compared to 2.7% seen earlier. The economy expanded 2.6% in 2022 and 1.5% in the July-September quarter of 2023 from a year earlier. Prime Minister Srettha Thavisin, who is also finance minister, is eager to revive Southeast Asia's second-largest economy with an injection of 500 billion baht ($14.05 billion) this year by transferring 10,000 baht ($281) to 50 million Thais to spend within six months. The government is also seeking to boost tourism, a key economic driver, in a move to offset weakness in exports, another crucial sector, which was projected to contract 1.5% last year.
US dollar hits six-week high; yen falls in wake of BOJ decision The 10-year government bond yield (interpolated) on the previous trading day was 2.74, -1.80 bps. The benchmark government bond yield (LB31DA) was 2.75, -2.00 bps. Meantime, the latest closed US 10-year bond yields was 4.14, -+3.00 bps. USDTHB on the previous trading day closed around 35.56 Moving in a range of 35.67-35.78 this morning. USDTHB could be closed between 35.60-35.96 today. The dollar climbed to six-week peaks against a basket of currencies on Tuesday, as investors resumed buying the greenback after a brief respite, on continued expectations the Federal Reserve would be in no rush to cut interest rates given a still stable US economy. The dollar index rose to a six-week high of 103.76, and was last at 103.62, up 0.2%. The US currency earlier fell against the Japanese yen after the Bank of Japan, in its policy meeting on Tuesday, maintained its ultra-easy policy, as expected, but signaled an April exit from negative interest rates. But the dollar has since gained against the yen, last up 0.2% at 148.385 yen.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
