- USDTHB: moving in the range 36.62-36.82 this morning, supporting level of USDTHB is around 36.70 resistance level is around 36.80
- SET Index: 1,622.2 (+0.01%), 2 Sep 2022
- S&P 500 Index: 3,924.3 (-1.08%), 2 Sep 2022
- Thai 10-year government bond yield (interpolated): 2.76 (+3.05 bps), 2 Sep 2022
- US 10-year treasury yield: 3.20 (-6.00 bps), 2 Sep 2022
· US labour market condition remains strong
· China Composite PMI lowest in 3 months
· Thailand inflation rate hits 14-year high
· Russian gas halt steps up pressure on euro, sterling and Gold flats
US labour market condition remains strong
The US economy added 315K payrolls in August of 2022, compared
to a downwardly revised 526K in July but above market forecasts of 300K and
pointing to broad-based hiring across many sectors. The biggest job gains
occurred in professional and business services (68K), namely computer systems
design and related services; health care (48K), mainly offices of physicians,
hospitals and nursing and residential care facilities; and retail trade (44K).
August is historically a weaker month for employment, but nonfarm employment is
now 240K higher than its pre-pandemic level in February 2020. Meantime, the
labor force participation rate increased to a 5-month high of 62.4 percent in
August from 62.1 percent in July amid an unexpected jobless rate rise to 3.7%.
China Composite PMI lowest in 3 months The Caixin China General Services PMI fell to a three-month low of 53.0 in August 2022 from 54.0 in July, due to the recent wave of COVID infections and energy shortages following the historic drought. While down for the second month running, the latest result signaled a solid growth in the private sector, with services activity continuing to outperform manufacturing though in both cases rates of rise softened since July. New order growth was at a three-month low as a fresh drop in manufacturing orders was offset by a solid rise in new business at service providers. Meantime, employment continued to fall modestly, amid mild falls in headcounts at both manufacturing and services activity. Prices data signaled the slowest rise in 27 months, while output charges fell.
Thailand inflation rate hits 14-year high The annual inflation rate in Thailand rose to 7.86% in August 2022 from 7.61% in July and compared with market forecasts of 7.85%. This was the steepest rise in consumer prices since July 2008. Food prices rose the most since November 2011 to 9.35% from 8.02% in July, boosted by meats, duck & chicken, and vegetables & fruits. In addition, housing inflation accelerated further to 8.59% from 8.42% previous month, due to electricity cost. Also, transport prices continued to rise 8.47% yoy, led by vehicles and vehicle operation. Core consumer prices rose 3.15% yoy in August, the most since July 2008, after a 2.99% gain in July and compared with consensus of 3.2%.
Russian gas halt steps up pressure on euro, sterling and Gold flats The 10-year government bond yield (interpolated) on the previous trading day was 2.76, +3.05 bps. The benchmark government bond yield (LB31DA) was 2.59, 0 bps. LB31DA could be between 2.55-2.65. Meantime, the latest closed US 10-year bond yields was 3.20, -6.0 bps. USDTHB on the previous trading day closed around 36.80 Moving in a range of 36.62-36.82 this morning. USDTHB could be closed between 36.70-36.80 today. The dollar hit a 20-year high against a basket of peers on Monday, with sterling and the euro the biggest losers as Russia's halt on gas supply down its main pipeline to Europe has sparked concerns over energy prices and growth. The euro touched $0.9901 in early Asia trade, just above last month's trough of $0.99005. Sterling hit a 2.5-year low at $1.1458 and remained close to its pandemic nadir. Gold prices steadied around $1,710 an ounce on Monday after gaining nearly 1% in the previous session, as traders reassessed the outlook for US interest rates following a lackluster jobs report.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
