- USDTHB: moving in the range 35.505-35.575 this morning supportive level at 35.40 resistance level at 35.70
· SET Index: 1,372.2 (+0.12%), 7 Mar 2024
· S&P 500 Index: 5,157.4 (+1.03%), 7 Mar 2024
· Thai 10-year government bond yield (interpolated): 2.54 (-0.60 bps), 7 Mar 2024
· US 10-year treasury yield: 4.09 (-2.00 bps), 7 Mar 2024
- Weekly jobless claims unchanged; trade deficit widens in January
- US wholesale inventories revised down in January
- Japan Jan household spending logs biggest drop in 35 months
- Dollar hurt by 'dovish' Powell; yen up on BOJ policy shift speculation
Weekly jobless claims unchanged; trade deficit widens in January The number of Americans filing new claims for unemployment benefits was unchanged last week as the labor market continued to gradually ease, which could give the Federal Reserve room to wait before cutting interest rates this year. Despite other data on Thursday showing a sharp widening in the trade deficit in January as businesses boosted imports of computers, semiconductors, motor vehicles and parts, economic growth in the first quarter is expected to slow only marginally as the resilient labor market underpins consumer spending. Initial claims for state unemployment benefits held at a seasonally adjusted 217,000 for the week ended March 2, the Labor Department said. Economists polled by Reuters had forecast claims unchanged at 215,000 in the latest week. Claims in New York surged by 14,275 and filings in California increased 6,150.
US wholesale inventories revised down in January The US trade deficit widened sharply in January amid a jump in goods imports, a trend that if it persists could see trade subtracting from economic growth this quarter. The trade deficit increased 5.1% to $67.4 billion, the Commerce Department's Bureau of Economic Analysis. Data for November was revised to show the trade gap rising to $64.2 billion instead of $62.2 billion as previously reported. The trade deficit narrowed to $779.8 billion in 2023 from $951.2 billion in 2022. It represented 2.9% of gross domestic product, down from 3.7% in 2022. Trade added 0.32 percentage point to the economy's 3.2% annualized growth rate in the fourth quarter after being neutral for two straight quarters. Growth estimates for the first quarter are converging around a 2.0% pace.
Japan Jan household spending logs biggest drop in 35 months Japanese consumer spending in January fell by the most in 35 months, government data showed on Friday, although an internal affairs ministry official said the number did not necessarily reflect an overall trend of declining consumption. Household spending in January decreased by 6.3% from a year earlier, down for the 11th straight month. That was worse than the median market forecast for a 4.3% decline and marked the biggest drop since February 2021. On a seasonally adjusted, month-on-month basis, spending fell 2.1%, versus an estimated 0.4% increase. One-off factors such as decreases in new car purchases amid factory suspensions and lower energy bills due to warm weather contributed to the spending drop.
Dollar hurt by 'dovish' Powell; yen up on BOJ policy shift speculation The 10-year government bond yield (interpolated) on the previous trading day was 2.54, -0.60 bps. The benchmark government bond yield (LB31DA) was 2.55, -0.5 bps. Meantime, the latest closed US 10-year bond yields was 4.09, -2.00 bps. USDTHB on the previous trading day closed around 35.60 Moving in a range of 35.505-35.575 this morning. USDTHB could be closed between 35.40-35.70 today. The dollar fell across the board on Thursday, as Federal Reserve Chair Jerome Powell said the US central bank is "not far" from getting enough confidence that inflation is heading to its 2% goal to start cutting interest rates. The euro initially stumbled after the ECB kept rates steady despite acknowledging cooling inflation but recovered to log its biggest daily gain against the greenback in about a month. The common currency hit a six-week high against the broadly weak dollar. Investors' growing appetite for riskier assets, including stocks, also weighed on the dollar. The euro was 0.45% up against the dollar at $1.0944. The European Central Bank cautiously laid the ground to lower rates later this year.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
