- USDTHB: moving in the range 35.955-36.045 this morning supportive level at 35.80 resistance level at 36.10
· SET Index: 1,385.9 (-0.01%), 18 Mar 2024
· S&P 500 Index: 5,149.4 (+0.63%), 18 Mar 2024
· Thai 10-year government bond yield (interpolated): 2.54 (+0.67 bps), 18 Mar 2024
· US 10-year treasury yield: 4.34 (+3.00 bps), 15 Mar 2024
- US factory production rebounds from weather-induced slump
- Japan core machinery orders fall more than expected, fuel economic uncertainty
- China's upbeat industrial output, retail sales tempered by frail property
- Dollar up, yen steady as BOJ policy shift looms
US factory production rebounds from weather-induced slump Manufacturing output rebounded 0.8% last month after a downwardly revised 1.1% drop in the prior month, the Fed said. Factory output was previously reported to have dropped 0.5% in January, weighed down by frigid temperatures. Economists polled by Reuters had forecast factory output would rise 0.3%. Production at factories fell 0.7% on a year-on-year basis in February. Despite the overall weakness, there remain pockets of manufacturing strength. Motor vehicle and parts output accelerated 1.8% last month, the US central bank's report showed. That followed a 3.8% weather-induced decline in January. Durable goods manufacturing production increased 1.0%. Machinery output rose 1.7%. There were also big increases in the production of wood products as well as miscellaneous goods. Output of computer and electronic products rose as did that of electrical equipment, appliances and components.
Japan core machinery orders fall more than expected, fuel economic uncertainty Japan's core machinery orders fell more than expected in January on the back of a weak manufacturing sector, data showed, prompting the government to downgrade its view on the indicator for the first time in more than a year. The data, released on Monday by the Cabinet Office, follows recent data that highlighted concerns about the sluggish recovery in the world's fourth-biggest economy. It comes as the Bank of Japan (BOJ) kicks off its two-day monetary policy meeting, although core machinery orders data is unlikely to have a significant bearing on the central bank's decision, according to an economist. Core orders, a highly volatile data series regarded as a leading indicator of capital spending in the six to nine months ahead, fell 1.7% in January from the previous month.
China's upbeat industrial output, retail sales tempered by frail property Industrial output rose 7.0% in the first two months of the year, data released by the National Bureau of Statistics (NBS) showed on Monday, above expectations for a 5.0% increase in a Reuters poll of analysts and faster than the 6.8% growth seen in December. It also marked the quickest growth in almost two years. Retail sales, a gauge of consumption, rose 5.5%, slowing from a 7.4% increase in December but beating an expected 5.2% gain. The eight-day Lunar New Year holiday in February saw a solid return of travel, which supported revenue of tourism and hospitality sectors. That also led to a 3% growth in oil refinery throughput to meet strong demand for transport fuels. The NBS publishes combined January and February industrial output and retail sales data to smooth out distortions caused by the shifting timing of the Lunar New Year.
Dollar up, yen steady as BOJ policy shift looms The 10-year government bond yield (interpolated) on the previous trading day was 2.54, +0.67 bps. The benchmark government bond yield (LB31DA) was 2.535, +0.5 bps. Meantime, the latest closed US 10-year bond yields was 4.34, +3.00 bps. USDTHB on the previous trading day closed around 35.96 Moving in a range of 35.955-36.045 this morning. USDTHB could be closed between 35.80-36.10 today. The dollar edged higher on Monday ahead of a slew of central bank meetings this week, with the Bank of Japan potentially set to end negative interest rates and the market waiting for the Federal Reserve's latest projections for its rate cut plans. In addition to Japan and the United States, central banks in Britain, Australia, Norway, Switzerland, Mexico, Taiwan, Brazil and Indonesia are all due to meet this week. The dollar index, which measures the US currency against six other major currencies, rose 0.145% at 103.600. It has strengthened just over 2% this year as the US economy has fared better than expected, leading investors to rein in bets that the Fed will cut rates quickly and deeply this year.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
