- USDTHB: moving in the range 35.605-35.65 this morning supportive level at 35.50 resistance level at 35.75
· SET Index: 1,379.6 (+0.83%), 6 Mar 2024
· S&P 500 Index: 5,104.8 (+0.51%), 6 Mar 2024
· Thai 10-year government bond yield (interpolated): 2.55 (+0.13 bps), 6 Mar 2024
· US 10-year treasury yield: 4.11 (-2.00 bps), 6 Mar 2024
- US labor market steadily easing as job openings, resignations decline
- US wholesale inventories revised down in January
- China's exports likely slowed in Jan-Feb as factories struggle
- US dollar's strength to persist as markets eye cautious Fed
US labor market steadily easing as job openings, resignations decline US job openings fell marginally in January, while the number of workers quitting their jobs dropped to a three-year low, indicating that labor market conditions were gradually easing. The decline in resignations, which pushed the quits rate to the lowest level in 3-1/2 years, over time bodes well for slower wage inflation and overall price pressures in the economy. There were 1.45 jobs for every unemployed person in January up from 1.42 in December, indicating the labor market remains strong. This is well above the average of 1.2 during the year before the COVID-19 pandemic. The Job Openings and Labor Turnover Survey, or JOLTS report from the Labor Department was published as Federal Reserve Chair Jerome Powell presented the US central bank's semiannual Monetary Policy Report to lawmakers.
US wholesale inventories revised down in January US wholesale inventories fell more than initially thought in January, which could negatively impact economic growth estimates for the first quarter. The Commerce Department's Census Bureau said on Wednesday that wholesale inventories dropped 0.3% instead of dipping 0.1% as estimated last month. Stocks at wholesalers increased 0.4% in December. Economists polled by Reuters had expected that inventories would be unrevised. Inventories are a key part of gross domestic product. They fell 2.5% on a year-on-year basis in January. Private inventory investment subtracted 0.3% percentage point from GDP growth last quarter after providing a large boost in the third quarter. The economy grew at a 3.2% annualized rate in the fourth quarter.
China's exports likely slowed in Jan-Feb as factories struggle China's exports growth likely slowed in the January-February period, a Reuters poll showed on Wednesday, suggesting manufacturers are still struggling for overseas buyers and in need of further policy support at home. Trade data for the January-February period is expected to show exports grew 1.9% year-on-year in US dollar terms, according to the median forecast of 34 economists, down slightly from the 2.3% increase recorded in December. The head of the state economic planner said on Wednesday that China's exports for January-February rose by 10%, but did not state whether that was in yuan or dollar terms. The customs agency publishes combined January and February trade data to smooth out distortions caused by the shifting timing of the Lunar New Year, which fell in February.
US dollar's strength to persist as markets eye cautious Fed The 10-year government bond yield (interpolated) on the previous trading day was 2.55,+0.13 bps. The benchmark government bond yield (LB31DA) was 2.545, +0.5 bps. Meantime, the latest closed US 10-year bond yields was 4.11, -2.00 bps. USDTHB on the previous trading day closed around 35.76 Moving in a range of 35.605-35.65 this morning. USDTHB could be closed between 35.50-35.75 today. A strong US dollar will maintain the status quo in the near term, as markets brace for a risk the Federal Reserve's first interest rate cut gets delayed to the second half of this year, according to a Reuters poll of foreign exchange strategists. Shrugging off a weakening trend late last year, the dollar has gained against nearly every currency tracked by traders and investors and is up nearly 2.5% for the year. Despite trader positioning data showing speculators increasing their net long dollar bets to the highest since last November, analysts in a Reuters March 1-6 poll were somewhat divided on how positioning will look over the next three months.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
