- USDTHB: moving in the range 34.55-34.585 this morning supportive level at 34.45 resistance level at 34.65
- SET Index: 1,390.9 (+1.32%), 7 Jan 2025
- S&P 500 Index: 5,909.0 (-1.12%), 7 Jan 2025
- Thai 10-year government bond yield (interpolated): 2.348 (-0.07 bps), 7 Jan 2025
- US 10-year treasury yield: 4.67 (+5.0 bps), 7 Jan 2025
- US job openings rise to six-month high on business services
- US services index climbs, price gauge hits highest since 2023
- Euro-Zone inflation rebounds but won’t derail ECB rate cuts
- Australia's key CPI gauge moves closer to RBA target in November
- Dollar strengthens as strong US data signals Fed may slow easing
US job openings rise to six-month high on business services
US job openings hit a six-month high in November, rising to 8.1 million from 7.74 million, driven mainly by business services. The quits rate eased to 1.9%, while the vacancy rate rose to 4.8%. Openings surged in professional and business services, as well as finance and insurance, while accommodation, food services, and manufacturing saw declines. The South accounted for 75% of the rise, likely due to post-Hurricane Helene recovery. The drop in the quits rate signals slower hiring and wage growth, with the ratio of openings to unemployed workers rising slightly but still below pre-pandemic levels.
US services index climbs, price gauge hits highest since 2023
US service sector growth accelerated in December, driven by stronger business activity, which pushed a price measure to its highest level since early 2023. The ISM Services PMI for December increased to 54.1 from 52.1, exceeding the forecast of 53.3. New orders and business activity rose to 54.2 and 58.2, respectively, while prices paid jumped to 64.4 from 58.2. Fifteen of the 18 service industries reported higher prices paid, with none showing a decline.
Euro-Zone inflation rebounds but won’t derail ECB rate cuts
Euro-area inflation picked up last month, reinforcing the European Central Bank's gradual approach to rate cuts without derailing them. The CPI rose 2.4% year-on-year in December, up from 2.2% in November and in line with expectations. The increase was mainly driven by higher energy costs, which rose for the first time since July. Core inflation, excluding volatile components, stood at 2.7%. Services price growth rose to 4%. Recent national reports showed stronger-than-expected price increases in Germany and Spain, while prices were lower than forecast in France and unexpectedly slowed in Italy.
Australia's key CPI gauge moves closer to RBA target in November
Australia's inflation measure eased in November, bringing it closer to the central bank's target and suggesting room for potential rate cuts. The trimmed mean core inflation slowed to 3.2% from 3.5%, while headline inflation rose to 2.3%, slightly above the expected 2.2%. The overall inflation has stayed within the RBA's 2-3% target for four months, partly due to government tax rebates.
Dollar strengthens as strong US data signals Fed may slow easing
The 10-year government bond yield (interpolated) on the previous trading day was 2.348, -0.07 bps. The benchmark government bond yield (LB346A) was 2.335, -1.5 bps. Meantime, the latest closed US 10-year bond yields was 4.67, +5.0 bps. USDTHB on the previous trading day closed around 34.58, moving in a range of 34.55 – 34.585 this morning. USDTHB could be closed between 34.45 – 34.65 today. The dollar gained strength across the foreign exchange market, reversing its earlier decline, following stronger-than-expected ISM Services PMI data and better-than-forecast JOLTS data. Additionally, comments from Fed's Barkin provided minimal new insights, with attention now shifting to Wednesday's FOMC Minutes, along with ADP Employment and Initial Jobless Claims data. The euro was unable to maintain early gains, gradually falling back below the 1.0400 mark as the dollar rebounded, while EU inflation data, which was roughly in line with expectations, had little effect. The Japanese yen weakened on the day but recovered from its lowest point, as USD/JPY briefly retreated from the recently reclaimed 158.00 level.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
