- USDTHB: moving in the range 35.37-35.49 this morning supportive level at 35.25 resistance level at 35.50
· SET Index: 1,386.4 (+1.03%), 8 Mar 2024
· S&P 500 Index: 5,123.7 (-0.65%), 8 Mar 2024
· Thai 10-year government bond yield (interpolated): 2.52 (+1.70 bps), 8 Mar 2024
· US 10-year treasury yield: 4.09 (+0.00 bps), 8 Mar 2024
- US labor market cooling; unemployment rate rises to two-year high of 3.9%
- Japan GDP revised higher for Q4, economy ducks recession
- China's consumer prices swing up on seasonal Lunar New Year gains
- Dollar ends week under pressure as data keeps rate cut hopes alive
US labor market cooling; unemployment rate rises to two-year high of 3.9% U.S. job growth accelerated in February, but that likely masks underlying softening labor market conditions as the unemployment rate increased to a two-year high of 3.9%. The Labor Department's closely watched employment report on Friday also showed wages rising moderately last month. The jump in the unemployment rate after holding at 3.7% for three straight months reflected a further decline in household employment. The mixed report boosted the odds of the Federal Reserve cutting interest rates by June. The labor market continues to support the economy, which is outperforming its global pears, even as momentum is ebbing. Nonfarm payrolls increased by 275,000 jobs last month, the survey of establishments showed. The economy created 167,000 fewer jobs in December and January than previously estimated.
Japan GDP revised higher for Q4, economy ducks recession Japan avoided a recession in the fourth quarter, a revised gross domestic product reading showed on Monday, aided chiefly by increased company spending on new facilities and equipment. Revised figures for the October-December quarter showed GDP grew 0.1% quarter-on-quarter, against a prior reading which showed a 0.1% contraction. The prior quarter’s figure was also improved slightly to a fall of 0.7% from 0.8%. Year-on-year, GDP grew 0.4%, revised up from a contraction of 0.4%, while also improving substantially from a 2.9% slide in the third quarter. Monday’s reading indicates that the Japanese economy avoided a technical recession in the fourth quarter, with increased capital expenditure helping offset a broad decline in consumer spending.
China's consumer prices swing up on seasonal Lunar New Year gains China's consumer prices rose for the first time in six months due to spending linked to the Lunar New Year, offering some reprieve for the world's second-biggest economy grappling with weak consumer sentiment, while factory-gate prices fell again. The consumer price index (CPI) climbed 0.7% year-on-year in February, data from the National Bureau of Statistics (NBS) showed on Saturday, beating the 0.3% gain forecast by economists in a Reuters poll. The year-on-year growth in consumer prices was also the highest in 11 months, buoyed by gains in some key foodstuffs such as pork and fresh vegetables, as well as travel amid a seasonal rush around Lunar New Year in February, according to the NBS data. The bounce into positive territory contrasted with the 0.8% fall in January, the steepest drop in over 14 years, due to a higher statistical base in January 2023 as the Lunar New Year arrived earlier that month.
Dollar ends week under pressure as data keeps rate cut hopes alive The 10-year government bond yield (interpolated) on the previous trading day was 2.52, +1.70 bps. The benchmark government bond yield (LB31DA) was 2.545, -2.5 bps. Meantime, the latest closed US 10-year bond yields was 4.09, +0.00 bps. USDTHB on the previous trading day closed around 35.50 Moving in a range of 35.37-35.49 this morning. USDTHB could be closed between 35.25-35.50 today. The dollar traded modestly weaker against most major peers on and was on pace for its worst weekly showing against the euro this year after mixed data kept an anticipated June interest rate cut from the Federal Reserve on the table. Nonfarm payrolls increased by 275,000 jobs last month, the labor department's Bureau of Labor Statistics said in its closely watched employment report on Friday. Data for January was revised down to show 229,000 jobs created instead of 353,000 as previously reported. The unemployment rate rose to 3.9% in February after holding at 3.7% for three straight months. The euro was 0.06% lower against the dollar at $1.09425. The common currency hit an eight-week high earlier in the session.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
