- USDTHB: moving in the range 34.985-35.09 this morning, supportive level at 34.90 resistance level at 35.20
· SET Index: 1,635.4 (+0.67%), 30 Nov 2022
· S&P 500 Index: 4,080.1 (+3.05%), 30 Nov 2022
· Thai 10-year government bond yield (interpolated): 2.63 (+5.25 bps), 30 Nov 2022
· US 10-year treasury yield: 3.68 (-7.0 bps), 30 Nov 2022
- U.S. Q3 GDP growth revised up to 2.9% on stronger consumer spending
- U.S. job openings fall in October; labor market still tight
- Japan Q3 capital spending jumps nearly 10%, fastest pace in 4 years
- Dollar dips as Powell says rate hikes may slow
U.S. Q3 GDP growth revised up to 2.9% on stronger consumer spending The U.S. economy grew faster than first thought in the summer, as strong consumer spending offset the drag from a rundown of corporate inventories. Gross domestic product rose at an annualized pace of 2.9%, rather than the originally reported 2.6%, the Bureau of Economic Analysis said on Wednesday. Economists had forecast a smaller upward revision of only 0.1 percentage point to 2.7%. The BEA said real consumer spending, which rose an annualized 1.7%, was the biggest factor behind the revision, along with non-residential private investment. The figures also got a lift from a fall in imports, as U.S. retailers frantically dialed back their orders, having failed to see the looming slowdown caused by the highest inflation in 40 years.
U.S. job openings fall in October; labor market still tight U.S. job openings decreased in October, but remained significantly high, pointing to continued labor market resilience despite the Federal Reserve’s efforts to cool demand by aggressively raising interest rates. The tight labor market keeps the Fed on course to continue tightening monetary policy, heightening the risks of a recession next year. Most economists, however, believe any downturn will likely be short and mild because of the unprecedented jobs market strength. Fed Chair Jerome Powell said on Wednesday the U.S. central bank could scale back the pace of its rate increases “as soon as December,” but cautioned that the fight against inflation was far from over.
Japan Q3 capital spending jumps nearly 10%, fastest pace in 4 years Japanese firms ramped up capital spending at their fastest pace in over four years in the third quarter, data showed on Thursday, driven largely by increased investment in electricity grids and the real estate market. Capital spending in the three months to September 30 jumped 9.8% from the prior year, data from the Ministry of Finance showed, blowing past expectations for growth of 6.4%, and well above the prior quarter’s reading of 4.6%.Ordinary corporate profits also grew more than 10% in the third quarter, although the pace of growth slowed substantially from last year. The data showed that major Japanese firms remained optimistic over the country’s economic outlook, despite increasing headwinds from high inflation and a weak yen.
Dollar dips as Powell says rate hikes may slow The 10-year government bond yield (interpolated) on the previous trading day was 2.63, +5.25 bps. The benchmark government bond yield (LB31DA) was 2.53, +4.00 bps. LB31DA could be between 2.40-2.90. Meantime, the latest closed US 10-year bond yields was 3.68, -7.0 bps. USDTHB on the previous trading day closed around 35.35 Moving in a range of 34.985-35.09 this morning. USDTHB could be closed between 35.20-35.80 today. The dollar dipped on Wednesday after Federal Reserve Chairman Jerome Powell said that the U.S. central bank could scale back the pace of its interest rate hikes "as soon as December," helping to put the dollar index on track for its worst month since 2010. Powell said at the Brookings Institution in Washington that "we think that slowing down at this point is a good way to balance the risks.” Still, Powell cautioned that the fight against inflation was far from over and that key questions remain unanswered, including how high rates will ultimately need to rise and for how long.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
