- USDTHB: moving in the range 36.10-36.17 this morning supportive level at 35.95 resistance level at 36.25
· SET Index: 1,387.3 (+0.16%), 15 Feb 2024
· S&P 500 Index: 5,029.7 (+0.58%), 15 Feb 2024
· Thai 10-year government bond yield (interpolated): 2.57 (-0.68 bps), 15 Feb 2024
· US 10-year treasury yield: 4.24 (-3.00 bps), 15 Feb 2024
- Frigid temperatures chill US retail sales, factory production
- US business inventories rebound in December
- Germany's chamber of commerce warns of heaviest slump in 20 years
- US dollar retreats as slew of data keeps rate cut expectations in June intact
Frigid temperatures chill US retail sales, factory production US retail sales fell by the most in 10 months in January, but economists cautioned against reading too much into the sharp drop amid frigid temperatures and difficulties adjusting the data for seasonal fluctuations at the start of the year. Still, the report from the Commerce Department on Thursday suggested slowing momentum in consumer spending as retail sales were revised lower in November and December. But with a still-tight labor market continuing to churn out jobs at a strong clip and wage growth remaining elevated, consumer spending is far from collapsing. That should sustain the economic expansion. Retail sales tumbled 0.8% last month, the biggest drop since March 2023, the Commerce Department's Census Bureau said. Data for December was revised lower to show sales rising 0.4% instead of 0.6% as previously reported. November sales were also revised down to show them unchanged.
US business inventories rebound in December US business inventories rebounded in December, driven by rising stocks at retailers and wholesalers. Business inventories rose 0.4% after falling 0.1% in November. The increase in inventories, a key component of gross domestic product, was in line with economists' expectations. Inventories advanced 0.4% on a year-on-year basis in December. Private inventory investment added 0.1 percentage point to the economy's 3.3% annualized growth pace in the fourth quarter after providing a large boost in the July-September period. Retail inventories increased 0.6% in December, instead of the 0.8% estimated in an advance report published last month. They were unchanged in November. Retail inventories excluding autos, which go into the calculation of GDP, rebounded 0.4%. They were previously reported to have advanced 0.6%. They fell 0.8% in November.
Germany's chamber of commerce warns of heaviest slump in 20 years Germany's DIHK chambers of industry and commerce warned on Thursday that Europe's biggest economy will shrink by 0.5% this year, in a second year of recession and its worst downturn in two decades. A DIHK poll of more than 27,000 companies showed that of those surveyed, 35% expect business to deteriorate in the next 12 months with only 14% expecting an improvement, as high energy prices, bureaucracy, a skilled workers shortage and weak domestic demand weigh on economic output. The first case was in 2002 and 2003 when two consecutive recessions pushed the Social Democrats-Greens government of the time to introduce aggressive labour market and welfare reforms that were credited with elevating Germany to an internationally envied level of competitiveness.
US dollar retreats as slew of data keeps rate cut expectations in June intact The 10-year government bond yield (interpolated) on the previous trading day was 2.57, -0.68 bps. The benchmark government bond yield (LB31DA) was 2.58, -2.00 bps. Meantime, the latest closed US 10-year bond yields was 4.24, -3.00 bps. USDTHB on the previous trading day closed around 36.15 Moving in a range of 36.10-36.17 this morning. USDTHB could be closed between 35.95-36.25 today. The dollar fell for a second straight session on Thursday after a mixed, but overall solid batch of US economic data, which is unlikely to stop the Federal Reserve from cutting interest rates by June, the first since the pandemic. The US dollar index was last down 0.4% at 104.28. Against the yen, the dollar slid 0.4% to 149.92. Traders are once again watching dollar/yen as it topped 150 in the last few days, a critical level that puts the market on alert for possible intervention by Japan to weaken its currency. The yen firmed despite Japan's unexpectedly weak gross domestic product figures, which saw the country lose its title as the world's third-largest economy to Germany.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
