- USDTHB: moving in the range 36.61-36.65 this morning supportive level at 36.50 resistance level at 36.75
· SET Index: 1,379.5 (+0.11%), 1 Apr 2024
· S&P 500 Index: 5,243.8 (-0.20%), 1 Apr 2024
· Thai 10-year government bond yield (interpolated): 2.51 (-10.05 bps), 1 Apr 2024
· US 10-year treasury yield: 4.33 (+13.00 bps), 1 Apr 2024
- US manufacturing recovering; raw material prices pose challenge
- Japan Q1 big manufacturers' mood down, seen falling further ahead
- Asia factory activity slumps, brighter signs emerge in China
- Dollar higher after manufacturing data lowers June rate bets
US manufacturing recovering; raw material prices pose challenge US manufacturing grew for the first time in 1-1/2 years in March as production rebounded sharply and new orders increased, but employment at factories remained subdued amid "sizable layoff activity" and prices for inputs pushed higher. The ISM said its manufacturing PMI increased to 50.3 last month, the highest and first reading above 50 since September 2022, from 47.8 in February. The rebound ended 16 straight months of contraction in manufacturing, which accounts for 10.4% of the economy. That was the longest such stretch since the August 2000-January 2002 period. A PMI reading above 50 indicates growth in the manufacturing sector. Economists polled by Reuters had forecast the PMI would rise to 48.4. The ISM and other factory surveys had grossly overstated the weakness in manufacturing, which has been constrained by higher borrowing costs.
Japan Q1 big manufacturers' mood down, seen falling further ahead Japanese big manufacturers' business confidence worsened in the three months to March compared with the previous quarter, the Bank of Japan's closely-watched tankan survey showed on Monday. The headline index for big manufacturers' sentiment stood at plus 11 in the first quarter, versus plus 10 seen by economists in a Reuters poll, the March tankan survey showed. The index for June was seen at plus 10, below plus 11 seen by economists. The survey also showed big firms plan to raise their capital spending by 4.0% in the financial year to March 2025, following a 11.5% increase expected for last fiscal year.
Asia factory activity slumps, brighter signs emerge in China Factory activity in many Asia economies weakened in March but there were some brighter signs in China and South Korea, surveys and data showed on Monday, offering a mixed picture on the once fast-expanding, key driver of the global economy. China's Caixin/S&P Global manufacturing purchasing managers' index (PMI) rose to 51.1 in March from 50.9 the previous month, a private survey showed on Monday, expanding at the fastest pace in 13 months with business confidence hitting an 11-month high. The finding joins an official PMI survey released on Sunday that showed China's factory activity expanded for the first time in six months. The rebound in China, which is struggling to mount a strong economic revival partly due to a protracted property crisis, provides some welcome relief to Beijing and investors globally. Separate data showed South Korea's exports rose 3.1% in March year-on-year, marking the sixth straight month of increase thanks to robust demand for chips.
Dollar higher after manufacturing data lowers June rate bets The 10-year government bond yield (interpolated) on the previous trading day was 2.51, -0.05 bps. The benchmark government bond yield (LB31DA) was 2.51, +0.50 bps. Meantime, the latest closed US 10-year bond yields was 4.33, +13.00 bps. USDTHB on the previous trading day closed around 36.35. Moving in a range of 36.61-36.65 this morning. USDTHB could be closed between 36.50-36.75 today. The dollar rose on Monday on news that the US manufacturing sector grew in March for the first time since September 2022, while the yen lingered below 152 per dollar over the threat of intervention by the Bank of Japan. The Institute for Supply Management (ISM) said US manufacturing production rebounded and new orders increased, although factory employment remained subdued and prices for inputs rose. The rebound ended 16 straight months of contraction in manufacturing, which accounts for 10.4% of the economy. That was the longest period of shrinking since August 2000 to January 2002. The dollar index, which measures the US currency against six rivals, was 0.507% higher at 105.01.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
