- USDTHB: moving in the range 34.41-34.495 this morning supportive level at 34.30 resistance level at 34.60
- SET Index: 1,427.5 (-0.03%), 29 Nov 2024
- S&P 500 Index: 6,032.4 (+0.56%), 29 Nov 2024
- Thai 10-year government bond yield (interpolated): 2.326 (-2.36 bps), 29 Nov 2024
- US 10-year treasury yield: 4.18 (-7.00 bps), 29 Nov 2024
- Trump demands ‘commitment’ from BRICS nations on using dollar
- Euro-Zone inflation accelerates but won’t derail ECB cuts
- China’s factory activity grows, signaling a gradual recovery
- South Korea's export growth hits a 14-month low as US demand weakens
- The Japanese yen rises to a one-month high as Tokyo CPI boosts BOJ rate hike expectations
Trump demands ‘commitment’ from BRICS nations on using dollar
President-elect Donald Trump warned the BRICS nations against creating a new currency to replace the US dollar, repeating threats of a 100% tariff. He and his advisers are considering measures such as export controls, currency manipulation charges, and trade levies on those using alternative currencies. Trump has also stressed his goal of maintaining the US dollar as the global reserve currency.
Euro-Zone inflation accelerates but won’t derail ECB cuts
Euro-area inflation surpassed the European Central Bank’s 2% target, but officials are still expected to proceed with lowering interest rates in the coming months. Consumer prices rose by 2.3% in November compared to a year earlier, up from 2% in October and in line with expectations. Energy price effects played a significant role in the increase, while services costs remained high. Additionally, prices for non-energy industrial goods accelerated for the second consecutive month. Meanwhile, core inflation defied forecasts of a rise and remained steady at 2.7%.
China’s factory activity grows, signaling a gradual recovery
China’s factory activity continued to grow in November, following a wide range of stimulus measures that helped reverse months of decline. The official manufacturing PMI rose to 50.3, slightly above the expected increase to 50.2, from 50.1 in October. The non-manufacturing PMI, which covers construction and services, dropped to 50 in November from 50.2 in October, below the forecast of 50.3. The composite index remained steady at 50.8.
South Korea's export growth hits a 14-month low as US demand weakens
South Korea's export growth slowed for the fourth straight month in November, rising only 1.4% year-on-year, the weakest in 14 months. Exports to the US and China dropped due to tariff uncertainties, while those to the EU increased. Semiconductor sales grew 30.8%, the slowest in 11 months, and car sales fell 13.6% due to strikes and shipping delays. Imports declined 2.4%, the first drop in five months. The country recorded a trade surplus of $5.61 billion, up from $3.15 billion in October.
The Japanese yen rises to a one-month high as Tokyo CPI boosts BOJ rate hike expectations
The 10-year government bond yield (interpolated) on the previous trading day was 2.326, -2.36 bps. The benchmark government bond yield (LB346A) was 2.295, -1.5 bps. Meantime, the latest closed US 10-year bond yields was 4.18, -7.00 bps. USDTHB on the previous trading day closed around 34.28, moving in a range of 34.41 – 34.495 this morning. USDTHB could be closed between 34.30 – 34.60 today. The dollar weakened against the stronger yen, with the index falling to a low of around 105.61 on Friday. The euro was slightly stronger against the dollar, with headline EZ inflation in line and super-core inflation slightly softer than expected. ECB pricing remained stable, with a 25bps rate hike expected in December. EUR/USD peaked at 1.0597 early on before failing to reach 1.06. The Japanese yen strengthened due to stronger Tokyo inflation data, with the likelihood of a BoJ rate hike in December increasing. USD/JPY briefly fell below 150, reaching a session low of 149.55, its lowest point since October 21st.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
