· USDTHB: moving in the range 36.60-36.72 this morning, supportive level at 36.25 resistance level at 36.95
· SET Index: 1,661.1 (-0.28%), 13 Sep 2022
· S&P 500 Index: 3,932.7 (-4.42%), 13 Sep 2022
· Thai 10-year government bond yield (interpolated): 2.78 (-0.50 bps), 13 Sep 2022
· US 10-year treasury yield: 3.42 (+5.00 bps), 13 Sep 2022
- US CPI surprises to the upside again in August, cementing aggressive FOMC
- Germany, EU race to fix energy crisis
- Oil dips nearly 1%, reversing gains after U.S. economic data
- Asian shares extend global selloff amid bets on more aggressive Fed
US CPI surprises to the upside again in August, cementing aggressive FOMC
Monthly US consumer prices
unexpectedly rose in August as declining gasoline prices were offset by gains
in the costs of rent and food, giving cover for the Federal Reserve to deliver
another hefty interest rate increase next Wednesday. The consumer price index
gained 0.1% last month after being unchanged in July, the Labor Department
reported on Tuesday – beating the analysts’ forecast of the CPI dipping 0.1%.
In the 12 months through August, the CPI increased 8.3%, decelerating from
July's 8.5% rise.
The annual CPI peaked at 9.1% in June, which was the biggest gain since
November 1981. While the current surge in inflation may have been first seen in
energy prices, it has now become increasingly entrenched in other areas of
spending.
Germany, EU race to fix energy crisis
Germany will step up lending to energy firms at risk of being crushed by soaring gas prices, as Europe readied proposals to help households and industry cope with an energy crisis. The European Commission will on Wednesday announce targets to cut electricity consumption and a revenue cap for non-gas fueled plants. Firms were caught out by surging prices after Russia cut gas supplies to Europe to counter Western sanctions following Moscow’s invasion of Ukraine. The crisis is weighing heavily on Europe’s economy, even before winter when industrial users could face rationing if gas reserves prove inadequate. Industry sentiment in the bloc’s economic powerhouse, Germany, has tumbled.
Oil dips nearly 1%, reversing gains after U.S. economic data
Oil prices ended nearly 1% lower on Tuesday, reversing earlier gains as U.S. consumer prices unexpectedly rose in August. Brent crude for November delivery settled 83 cents lower at $93.17 a barrel with a 0.9% loss, after trading between $95.53 and $91.05. U.S. October crude futures closed down 47 cents, or 0.5%, at $87.31, after touching a high of $89.31 and low of $85.06. Oil is generally priced in U.S. dollars, so a stronger greenback makes the commodity more expensive to holders of other currencies. Renewed COVID-19 curbs in China, the world's second-largest oil consumer, also weighed on crude prices. The number of trips taken over China's three-day Mid-Autumn Festival holiday shrank, with tourism revenue also falling, as COVID-linked restrictions discouraged people from travelling.
Asian shares extend global selloff amid bets on more aggressive Fed
The 10-year government bond yield (interpolated) on the previous trading day was 2.78, -0.50 bps. The benchmark government bond yield (LB31DA) was 2.62, -3.0 bps. LB31DA could be between 2.58-2.61. Meantime, the latest closed US 10-year bond yields was 3.42, +5.00 bps. USDTHB on the previous trading day closed around 36.29 Moving in a range of 36.60-36.72 this morning. USDTHB could be closed between 36.25-36.50 today. Asian shares tumbled, the dollar held firm and the U.S. yield curve was deeply inverted on Wednesday, as a white-hot U.S. inflation report dashed hopes for a peak in inflation and fueled bets that interest rates may have to be raised higher and for longer. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.3% in early Asia trade on Wednesday. Resources-heavy Australia plunged 2.8%, while Japan's Nikkei tumbled 2.7%.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
