- USDTHB: moving in the range 34.85-34.90 this morning, supportive level at 34.80 resistance level at 35.00
· SET Index: 1,622.3 (-0.66%), 7 Dec 2022
· S&P 500 Index: 3,933.9 (-0.19%), 7 Dec 2022
· Thai 10-year government bond yield (interpolated): 2.61 (-2.61
bps), 7 Dec 2022
· US 10-year treasury yield: 3.42 (-9.0 bps), 7 Dec 2022
- U.S. third-quarter productivity raised; labor costs still running high
- Euro zone economic growth revised up with household, business support
- Japan upgrades Q3 GDP as global recession, COVID risks linger
- Dollar struggles as recession worries simmer
U.S. third-quarter productivity raised; labor costs still running high U.S. worker productivity rebounded at a bit faster pace than initially thought in the third quarter, though the trend remained weak, keeping labor costs elevated. Economists said the report from the Labor Department on Wednesday pointed to inflation staying high and the Federal Reserve continuing to raise interest rates for some time. The U.S. central bank is in the midst of its fastest monetary policy tightening cycle since the 1980s as it fights to bring inflation back to its 2% target. Nonfarm productivity, which measures hourly output per worker, rose at a 0.8% annualized rate last quarter. That was revised up from the 0.3% pace reported last month and ended two straight quarterly decreases. Productivity dropped at a 4.1% rate in the second quarter.
Euro zone economic growth revised up with household, business support Euro zone gross domestic product (GDP) grew by slightly more than initially estimated, data from the European statistics agency Eurostat showed on Wednesday, with household spending and business investment propping up the economy. Eurostat said GDP growth in the third quarter was 0.3% in the 19-country euro area in the July-September period from the previous quarter and 2.3% year-on-year, above its flash estimates of 0.2% and 2.1% published in mid-November. Household spending added 0.4 percentage points to euro zone growth and gross fixed capital formation 0.8 points.
Japan upgrades Q3 GDP as global recession, COVID risks linger Japan’s economy, the world’s third-largest, shrank less than initially estimated in the third quarter, bolstering a view that it is slowly recovering from COVID-19 doldrums even as major export markets show further signs of weakening. Separate data showed the economy had recorded its first current account deficit in eight years in October, reflecting high import costs imposed on households and businesses by a decline in the yen’s value to multi-decade lows this year. The revised 0.8% annualized quarterly contraction in gross domestic product (GDP) released by the Cabinet Office on Thursday compared with economists’ median forecast for a 1.1% annualized decline in a Reuters poll and an early official estimate of a contraction of 1.2%.
Dollar struggles as recession worries simmer The 10-year government bond yield (interpolated) on the previous trading day was 2.61, -2.61 bps. The benchmark government bond yield (LB31DA) was 2.54, -1.5 bps. LB31DA could be between 2.40-2.90. Meantime, the latest closed US 10-year bond yields was 3.42, -9.0 bps. USDTHB on the previous trading day closed around 35.08 Moving in a range of 34.85-34.90 this morning. USDTHB could be closed between 34.90-35.20 today. The U.S. dollar remained weak on Thursday after sliding against major peers overnight for the first time this week as investors fretted about the potential for recession in the United States. The yen garnered support from a decline in Treasury yields amid bets the U.S. Federal Reserve will slow the pace of interest rate hikes but may keep rates high for longer. The yuan hovered near an almost three-month high after China revealed a loosening of stifling COVID restrictions. The U.S. dollar index - which gauges the greenback versus six counterparts - ticked up 0.16% to 105.30 early in the Asian session, clawing back a bit of its 0.42% slide overnight, its first decline since Friday.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
