- USDTHB: moving in the range 33.44 - 33.485 this morning, supportive level at 33.35 resistance level at 33.55
- SET Index: 1,610.7 (+0.39%), 23 Sep 2026
- S&P 500 Index: 7,706.0 (-0.76%), 23 Sep 2026
- Thai 10-year government bond yield (interpolated): 2.274 (+2.30 bps), 23 Sep 2026
- US 10-year treasury yield: 5.11 (+15.00 bps), 23 Sep 2026
- US private-sector business activities accelerated sharply in September
- Eurozone PMI activities hit a multi-year high as demand continued to strengthen
- Oil price swings as eyes on Saudi key pipeline restart and US-Iran talks
- BI holds policy rate, relying on FX tools to defend the Rupiah
- Dollar strengthens broadly with 10-year US treasury yields climb to a 19-year high
US private-sector business activities accelerated sharply in September
The Flash S&P Global Composite PMI reached its strongest level in more than five years from 54.5 in August to 56.0 in September, well above the expectation. The expansion was broad-based across both manufacturing and services, indicating that underlying economic momentum remained very strong despite elevated energy prices and geopolitical uncertainty.
Eurozone PMI activities hit a multi-year high as demand continued to strengthen
According to the latest S&P Global Flash Eurozone PMI for September 2026, with the Composite PMI rising to 53.1 from 52.0 last month, the highest level in 41 months, signaling the strongest pace of private-sector growth since April 2023. Growth was broad-based across both manufacturing and services, supported by a solid recovery in new orders and improving export demand. Germany remained the main growth engine, while France returned to expansion for the first time in ten months. Despite stronger activity, labor market momentum remained modest. Employment expanded for a second consecutive month, although hiring remained cautious amid geopolitical uncertainty and concerns about energy prices and living costs.
Oil price swings as eyes on Saudi key pipeline restart and US-Iran talks
Oil prices traded near $100/bbl, fluctuating as markets weighed signs of easing supply disruptions against ongoing geopolitical risks. Saudi Arabia is reportedly aiming to restart its key East-West pipeline to the Red Sea by the weekend, potentially reducing dependence on the Strait of Hormuz. Meanwhile, the US signaled progress in talks with Iran, raising hopes for improved shipping conditions and a reduction in regional tensions. However, uncertainty remains high as previous diplomatic efforts have failed and attacks on shipping continue. Oil prices have risen more than 60% this year, while diesel prices surged amid concerns over a potential US diesel export ban, reinforcing inflation risks and complicating the outlook for central banks.
BI holds policy rate, relying on FX tools to defend the Rupiah
Indonesia’s central bank (BI) kept its policy rate unchanged at 5.75% for a third consecutive meeting, opting to support the rupiah through FX intervention and enhanced hedging incentives rather than higher interest rates. BI reduced hedging swap premiums and offered greater discounts on FX hedging instruments to attract foreign capital inflows and stabilize the currency. The decision reflects confidence that non-rate tools can help manage pressures from rising oil prices, higher US Treasury yields, and potential further Fed tightening. The Governor Destry Damayanti noted that Indonesia’s economy continues to grow but requires support amid heightened global uncertainty, however, economists still expect a final 25 bps rate increase later in 2026 if energy prices remain elevated and the Fed tightens further.
Dollar strengthens broadly with 10-year US treasury yields climb to a 19-year high
The 10-year government bond yield (interpolated) on the previous trading day was 2.274, +2.30 bps. The benchmark government bond yield (LB365A) was 2.221, +2.22 bps. Meantime, the latest closed US 10-year bond yields was 5.11, +15.00 bps. USDTHB on the previous trading day closed around 33.24 Moving in a range of 33.44 - 33.485 this morning. USDTHB could be closed between 33.35 - 33.55 today. The US dollar firmed on Wednesday, gaining against all G10 currencies and most emerging market peers as investors weighed lower oil prices and remained cautious ahead of a potential US-China summit, despite a stronger-than-expected preliminary US PMI reading for September. Meanwhile, the 10-year yield surged 15 basis points to 5.11%, a fresh high for this year and the highest level since 2007. That raised bets that the Fed might continue raising interest rates to tamp down inflation, while having room to do so because of a strong economy.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
