- USDTHB: moving in the range 33.50 – 33.55 this morning, supportive level at 33.40 resistance level at 33.70
- SET Index: 1,502.1 (+0.74%), 4 Nov 2026
- S&P 500 Index: 7,688.6 (+1.57%), 4 Nov 2026
- Thai 10-year government bond yield (interpolated): 2.14 (-0.45 bps), 4 Nov 2026
- US 10-year treasury yield: 4.90 (-5.00 bps), 4 Nov 2026
- Blue sweep of Congress sets the stage for divided U.S. government
- US private-sector employment remained solid
- Eurozone inflation rose to its highest level in more than three years
- China’s services sector shown moderated growth in September
- S&P maintains Thailand’s stable outlook despite fiscal and growth headwinds
- Dollar struggled despite blue sweep and firm U.S. labor data
Blue sweep of Congress sets the stage for divided U.S. government
Democrats won control of both the Senate and the House in the U.S. midterm elections, giving the party control of Congress for the remainder of Donald Trump’s presidency. The party made significant gains in traditionally Republican territory, securing Senate victories in Texas, Ohio and Kansas, while flipping several key House battlegrounds. Democrats also substantially outperformed their 2024 presidential margins, including victories in districts Trump had carried by double digits.
US private-sector employment remained solid
U.S. ADP employment rose by 86,000 jobs in October, marking a second consecutive month of solid hiring, and better than market expectation. Job gains were concentrated in services, which added 82,000 positions, led by trade, transportation and utilities (+39,000), education and health services (+28,000), and leisure and hospitality (+19,000). In contrast, professional and business services shed 27,000 jobs, its third consecutive monthly decline. Hiring was broad-based across firm sizes, while base pay increased 3.2%y/y and gross pay rose 4.7%.
Eurozone inflation rose to its highest level in more than three years
According to Flash estimates from Eurostat, Eurozone’s headline inflation accelerated to 4.0%y/y in October, in line with expectations, which rose from 3.8%y/y in September, leaving it at twice the ECB’s 2% target. Energy prices surged 20.8% YoY, contributing roughly 1.9 pp to headline inflation. However, core inflation remained unchanged at 2.5%, while services inflation edged up to 3.3% from 3.2%. Food inflation also strengthened to 1.6%, with unprocessed food inflation accelerating to 4.6%, suggesting that higher energy costs are increasingly feeding through to broader consumer prices.
China’s services sector shown moderated growth in September
The RatingDog China General Services PMI eased to 50.8 in October from 51.6 in September, marking the slowest expansion in three months. New business continued to grow at a solid pace, supported by further gains in overseas demand, prompting firms to increase staffing and reduce outstanding workloads for the first time since October 2025. AI-enabled efficiency gains also helped firms clear backlogs. However, business confidence fell to a three-month low amid rising input costs and intense competition, while firms cut output prices to support sales.
S&P maintains Thailand’s stable outlook despite fiscal and growth headwinds
S&P affirmed Thailand’s sovereign ratings at ‘BBB+’ for foreign currency and ‘A-’ for local currency, with a stable outlook, citing resilient external fundamentals despite modest growth and fiscal pressures. GDP growth is projected at 2.3% in 2026 and an average 2.4% over 2026-2029, supported by investment and technology-related exports. Meanwhile, supportive fiscal policy is expected to lift net government debt to around 47% of GDP by 2029, although Thailand’s strong external position, low inflation and credible monetary policy remain important rating buffers.
Dollar struggled despite blue sweep and firm U.S. labor data
The 10-year government bond yield (interpolated) on the previous trading day was 2.14, -0.45 bps. The benchmark government bond yield (LB365A) was 2.06, +0.00 bps. Meantime, the latest closed US 10-year bond yields was 4.90, -5.00 bps. USDTHB on the previous trading day closed around 33.63 Moving in a range of 33.50-33.55 this morning. USDTHB could be closed between 33.40-33.70 today. The dollar rebounded slightly but struggled to benefit from the upbeat labor market data in the early American session on Wednesday as investors weighed the prospect of constraints on the Trump administration’s tax and spending plans. While U.S. equity futures rallied, erasing earlier losses, as the Democratic victory was seen as largely priced into markets, and global markets pared a selloff.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
