- USDTHB: moving in the range 34.36-34.40 this morning supportive level at 34.30 resistance level at 34.50
- SET Index: 1,379.9 (-1.46%), 2 Jan 2025
- S&P 500 Index: 5,868.6 (-0.22%), 2 Jan 2025
- Thai 10-year government bond yield (interpolated): 2.310 (+0.59 bps), 2 Jan 2025
- US 10-year treasury yield: 4.57 (-1.0 bps), 2 Jan 2025
- US initial jobless claims fall to eight-month low to end 2024
- US manufacturing PMI shows mild contraction, below expectations
- Eurozone factories felt little holiday boost in December
- China's factory growth slows as the recovery continues to face challenges
- China plans export curbs on battery parts, mineral technology
- The dollar gains ground in 2025 due to its underlying strength
US initial jobless claims fall to eight-month low to end 2024
US unemployment applications ended 2024 at an eight-month low, showing muted job cuts in a resilient labor market. New claims fell by 9,000 to 211,000 in the week ending Dec. 28, below expectations. Continuing claims also dropped to a three-month low of 1.84 million in the week ending Dec. 21.
US manufacturing PMI shows mild contraction, below expectations
The US S&P Global Manufacturing final PMI for December was revised upward to 49.4 from the preliminary 48.3, though it remains in contractionary territory and down from November’s 49.7. Additionally, there were sharper declines in output and new orders, a significant acceleration in input cost inflation, and continued growth in employment.
Eurozone factories felt little holiday boost in December
Eurozone manufacturers ended last year on a weak note, with factory activity declining more sharply. HCOB's final eurozone manufacturing PMI dropped to 45.1 in December, slightly below the preliminary estimate and well under the 50 mark. The output index fell to 44.3 from 45.1 in November, while new orders hit a three-month low. The downturn was widespread, with Germany, France, and Italy all in an industrial recession, while Spain's manufacturing sector showed strong growth.
China's factory growth slows as the recovery continues to face challenges
China's manufacturing growth slowed in December as investors awaited additional economic stimulus. The Caixin manufacturing PMI dropped to 50.5 from 51.5 in November. Although a reading above 50 suggests growth, this result fell short of the expected 51.7. The decline was driven by fewer export orders and reduced business optimism about China's economic outlook.
China plans export curbs on battery parts, mineral technology
China plans to tighten export controls on technologies for battery components and the processing of gallium and lithium, amid rising global trade tensions. The government proposes adding battery cathode material preparation to the export restriction list and strengthening regulations on extraction technologies. The public can provide feedback until February 1.
The dollar gains ground in 2025 due to its underlying strength
The 10-year government bond yield (interpolated) on the previous trading day was 2.310, +0.59 bps. The benchmark government bond yield (LB346A) was 2.28, +2.0 bps. Meantime, the latest closed US 10-year bond yields was 4.57, -1.0 bps. USDTHB on the previous trading day closed around 34.20, moving in a range of 34.36 – 34.40 this morning. USDTHB could be closed between 34.30 – 34.50 today. The dollar began 2025 with broad gains, particularly against the EUR and GBP, although the news supporting this rise was limited. Despite weekly initial claims unexpectedly dropping to 211k, there was little market reaction to the data. The euro started the year on a weaker note, falling below the 1.03 level to its lowest since late 2022, with no new catalysts driving the move and ongoing uncertainty in the region ahead of Trump's inauguration on January 20th. The Japanese yen also weakened as the stronger dollar pushed USD/JPY back above the 157.00 mark.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
