- USDTHB: moving in the range 31.46 – 31.49 this morning, supportive level at 31.40 resistance level at 31.60
- SET Index: 1,321.4 (-0.32%), 2 Feb 2026
- S&P 500 Index: 6,976.4 (+0.54%), 2 Feb 2026
- Thai 10-year government bond yield (interpolated): 1.982 (-2.32 bps), 2 Feb 2026
- US 10-year treasury yield: 4.29 (+3.0 bps), 2 Feb 2026
- US ISM Manufacturing PMI reach highest since 2022
- Trump launches $12 billion minerals stockpile to counter China
- German retail sales inch up in December
- China factory activity growth slows in January
- Dollar edges up, adding to Friday’s Warsh-inspired gains
US ISM Manufacturing PMI reach highest since 2022
US ISM Manufacturing PMI in January, improving to 52.6 from 47.9 in December, which better than the market expectation. Other details of the publication showed that the Employment Index of the PMI survey rose to 48.1 from 44.9 in this period, while the New Orders Index jumped to 57.1 from 47.7. Finally, the Prices Paid Index, also known as the inflation component, edged higher to 59 from 58.5.However, these positive signs for the start of the year, tempered by commentary citing that January is a reorder month after the holidays, and some buying appears to be to get ahead of expected price increases due to ongoing tariff issues.
Trump launches $12 billion minerals stockpile to counter China
US President Donald Trump is set to launch a strategic critical minerals stockpile with $12 billion in seed money. The reported move would mark Washington's latest attempt to offset what policymakers view as Chinese manipulation of prices for lithium, nickel, rare earths and other critical minerals - vital for items from electric vehicles to high-tech weaponry - that has stymied American mining companies for years. Bloomberg said the venture, Project Vault, will combine $1.67 billion in private funding with a $10 billion loan from the US Export-Import Bank to acquire and stockpile the minerals for automakers, technology companies and other manufacturers.
German retail sales inch up in December
Germany’s retail sales edged up 0.1% month-on-month in December 2025, beating market expectations for a 0.2% decline and reversing a marginally revised 0.5% drop in the previous month, pointing to tentative resilience in consumer spending toward year-end. Growth was driven by a 2.5% rise in food sales and a modest 0.7% increase in non-food sales. In contrast, online and mail-order sales fell 2.3%, indicating weaker discretionary demand in digital channels. On an annual basis, retail trade expanded 1.5%, accelerating from an upwardly revised 1.3% gain in November and marking the fastest pace in five months. For the full year, retail sales increased 2.7%, underscoring a gradual recovery despite a challenging economic backdrop.
China factory activity growth slows in January
The Caixin China General Manufacturing Purchasing Managers’ Index (PMI) came in at 50.1 in January, down from 50.5 in December, indicating a slight slowdown in growth compared to previous periods, as it hovered just above the 50-point mark separating expansion from contraction. Factory activity slowed down with new orders from abroad declining for a second straight month. The data showed January new orders from abroad declined for a second straight month and factories' average selling prices declined at fastest pace since July 2023, reflecting pressure to support sales and market share amid rising competition and global uncertainties.
Dollar edges up, adding to Friday’s Warsh-inspired gains
The 10-year government bond yield (interpolated) on the previous trading day was 1.982, -2.32 bps. The benchmark government bond yield (LB365A) was 1.984, -2.89 bps. Meantime, the latest closed US 10-year bond yields was 4.29, +3.00 bps. USDTHB on the previous trading day closed around 31.59 Moving in a range of 31.46-31.49 this morning. USDTHB could be closed between 31.40-31.60 today. The US dollar rose Monday, adding to the strong gains seen at the end of last week after Trump nominated Kevin Warsh to become the new Federal Reserve chair but soften in the early morning during Asian markets. Meanwhile, EUR/USD traded largely unchanged, having dropped back from the 1.20 level seen last week.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
