- USDTHB: moving in the range 36.35-36.40 this morning supportive level at 36.25 resistance level at 36.55
· SET Index: 1,377.2 (+0.34%), 26 Mar 2024
· S&P 500 Index: 5,203.6 (-0.28%), 26 Mar 2024
· Thai 10-year government bond yield (interpolated): 2.55 (+0.14 bps), 26 Mar 2024
· US 10-year treasury yield: 4.24 (-1.00 bps), 26 Mar 2024
- US consumer confidence steady in March; inflation expectations creep up
- German consumer sentiment stays on slow recovery path, finds GfK
- Thai Feb car output drops 19.3% y/y on EV imports, lower pickup truck sales
- Dollar up: yen edges lower after Japanese finance minister comments
US consumer confidence steady in March; inflation expectations creep up US consumer confidence was little changed in March as fading fears of a recession took a backseat to growing concerns about the nation's political environment ahead of November's presidential election. The Conference Board said that its consumer confidence index dipped to 104.7 this month, essentially unchanged from a downwardly revised 104.8 in February. Economists polled by Reuters had forecast the index nudging up to 107.0 from the previously reported 106.7. "Recession fears continued to trend downward," said Dana Peterson, chief economist at the Conference Board in Washington. "Meanwhile, consumers expressed more concern about the US political environment compared to prior months.“ Consumers' inflation expectations ticked up to 5.3% from 5.2% in February.
German consumer sentiment stays on slow recovery path, finds GfK German consumer sentiment is expected to stay on its path of slow recovery in April, helped by fewer households seeing the need to save even as uncertainty about Germany's economic development still abounds. The consumer sentiment index published jointly by GfK and the Nuremberg Institute for Market Decisions (NIM) rose slightly heading into April, to -27.4 from a revised -28.8 in March, beating a forecast by analysts polled by Reuters of -27.8. A five-point fall in propensity to save, to 12.4, helped boost overall sentiment, said Buerkl, but the sub-indicator is still relatively high: In the same period last year, it was 1.3. A further decline in inflation and a clear political strategy for Germany's future development are the only way consumers can regain planning security and contribute to the recovery of Europe's largest economy, said the institutes.
Thai Feb car output drops 19.3% y/y on EV imports, lower pickup truck sales Car production in Thailand fell 19.28% in February from a year earlier to 133,690 units, the Federation of Thai Industries said on Tuesday, largely due to a decline in production of pickup trucks and more imported electric vehicles (EVs). The figure compared with January's 12.46% year-on-year drop. Car exports were up 0.22% year-on-year. In recent years, Chinese EV brands like BYD and Great Wall Motor have been making inroads into the Thai auto sector, helped by government tax incentives and subsidies. Sales are down due to pick-up trucks from tightening rules from financial institutions, adding that sales of traditional passenger vehicles fell 41%. The FTI has predicted car production at 1.9 million vehicles this year after 1.84 million made in 2023, a 2.2% drop year-on-year. Car sales in Thailand in February totaled 52,843 units.
Dollar up: yen edges lower after Japanese finance minister comments The 10-year government bond yield (interpolated) on the previous trading day was 2.55, +0.14 bps. The benchmark government bond yield (LB31DA) was 2.55, +0.50 bps. Meantime, the latest closed US 10-year bond yields was 4.24, -1.00 bps. USDTHB on the previous trading day closed around 36.38. Moving in a range of 36.35-36.40 this morning. USDTHB could be closed between 36.25-36.55 today. The dollar rose as traders waited on a fresh catalyst to give clues on Federal Reserve policy, while the yen slipped after Japan’s finance minister said that he would not rule out any measures to cope with the weakening currency. Investors are grappling with whether the US central bank will cut interest rates three times this year, as is currently expected, if inflation remains elevated and economic growth stays strong. The dollar index bounced slightly after data showed that orders for long-lasting US manufactured goods increased more than expected in February, while business spending on equipment showed tentative signs of recovery as the economy's growth prospects in the first quarter remained upbeat.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
