- USDTHB: moving in the range 36.45-36.53 this morning supportive level at 36.30 resistance level at 36.60
· SET Index: 1,370.3 (-0.76%), 28 Mar 2024
· S&P 500 Index: 5,254.4 (+0.11%), 28 Mar 2024
· Thai 10-year government bond yield (interpolated): 2.52 (-2.52 bps), 28 Mar 2024
· US 10-year treasury yield: 4.20 (+0.00 bps), 28 Mar 2024
- US economy continues to shine with help from consumers, labor market
- German retail sales fall unexpectedly in February
- China's March factory activity likely contracted for sixth month, at slower pace
- Dollar gains before key inflation data
US economy continues to shine with help from consumers, labor market The US economy grew faster than previously estimated in the fourth quarter, boosted by strong consumer spending and business investment in nonresidential structures like factories and healthcare facilities. Gross domestic product increased at a 3.4% annualized rate last quarter, revised up from the previously reported 3.2% pace, the Commerce Department's Bureau of Economic Analysis said in its third estimate of fourth-quarter GDP. The revision reflected upgrades in consumer spending, business investment as well as state and local government spending, which offset downgrades to inventory accumulation and exports. Economists polled by Reuters had expected GDP growth would be unrevised. Consumer spending, which accounts for more than two-thirds of US economic activity, increased at a 3.3% rate, adding 2.20 percentage points to GDP growth.
German retail sales fall unexpectedly in February German retail sales unexpectedly fell in February, quashing hopes that private consumption could help Europe's largest economy to recover in the first quarter. Retail sales decreased by 1.9% compared with the previous month in real terms. Analysts polled by Reuters had predicted a 0.3% increase in February. Food retail sales fell by 1.7% in real terms compared to January. Non-food business fell by 1.0%, while internet and mail order sales saw a month-on-month real sales decline of 2.8%. German consumer sentiment has been subdued despite declining inflation as uncertainty remains high, with a survey by the GfK and Nuremberg Institute for Market Decisions (NIM) forecasting only a slight rise for April, to -27.4 from -28.8. Real income growth and a stable labor market are good foundations for rapid recovery in the consumer economy, but there is still a lack of planning security and optimism.
China's March factory activity likely contracted for sixth month, at slower pace China's manufacturing activity likely contracted for a sixth straight month in March but at a slower pace, suggesting factory owners are still struggling for orders despite some green shoots in the economy. The official purchasing managers' index (PMI) likely rose to 49.9 in March from February's 49.1, according to the median forecast of 21 economists in the poll. The 50-point mark separates growth from contraction. Recent economic indicators have shown the world's second-biggest economy made a bright start to the year, offering some relief to policymakers as they try to shore up growth amid weakness in the property sector and mounting local government debt. Profits at China's industrial firms jumped 10.2% in the first two months from a year earlier, data from the National Bureau of Statistics showed on Wednesday, following a 2.3% profit decline for the whole of 2023.
Dollar gains before key inflation data The 10-year government bond yield (interpolated) on the previous trading day was 2.52, -2.52 bps. The benchmark government bond yield (LB31DA) was 2.55, -0.40 bps. Meantime, the latest closed US 10-year bond yields was 4.20, +0.00 bps. USDTHB on the previous trading day closed around 36.45. Moving in a range of 36.45-36.53 this morning. USDTHB could be closed between 36.30-36.60 today. The dollar gained on the euro on Thursday before key US inflation data due and as investors squared positions for month- and quarter-end. The Japanese currency was also modestly weaker at 151.38 per dollar having traded just shy of the 152 mark at its weakest since 1990 on Wednesday before Japan's top monetary officials suggested they were ready to intervene to prevent further declines. This week's main US economic focus is Personal Consumption Expenditures (PCE) data due on Friday, which will come after hotter than expected consumer and price inflation releases for January and February.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
