- USDTHB: moving in the range 35.09-35.145 this morning, supportive level at 35.00 resistance level at 35.25
· SET Index: 1,620.3 (-0.80%), 15 Dec 2022
· S&P 500 Index: 3,895.8 (-2.52%), 15 Dec 2022
· Thai 10-year government bond yield (interpolated): 2.54 (+1.85
bps), 15 Dec 2022
· US 10-year treasury yield: 3.44 (-5.0 bps), 15 Dec 2022
- U.S. retail sales post biggest drop in 11 months; labor market tight
- ECB raises interest rates by 50 basis points and signals further hikes
- BoE raises rates again as investors look towards end of hikes
- Oil rises, poised to end week higher despite economy concerns
U.S. retail sales post biggest drop in 11 months; labor market tight U.S. retail sales fell more than expected in November, but consumer spending remains supported by a tight labor market, with the number of Americans filing for unemployment benefits decreasing by the most in five months last week. The biggest decrease in retail sales in 11 months reported by the Commerce Department on Thursday was likely payback after sales surged in October as Americans started their holiday shopping early to take advantage of discounts by businesses desperate to clear excess inventory. Retail sales dropped 0.6% last month, the biggest drop since December 2021, after an unrevised 1.3% jump in October. Economists polled by Reuters had forecast sales dipping 0.1%.
ECB raises interest rates by 50 basis points and signals further hikes The European Central Bank raised interest rates by 50 basis points as expected on Thursday, and signaled plans to raise them further. The ECB’s deposit rate now stands at 2%, while the borrowing cost for its main refinancing operations and marginal lending facility moved up to 2.50% and 2.75%, respectively. The Frankfurt-based ECB becomes the latest central bank to follow in the footsteps of the Federal Reserve and pull back somewhat on recently aggressive interest rate increases aimed at bringing down soaring inflation. However, in a statement, the ECB said price growth remains “far too high” and is predicted to stay above its 2% target for “too long.”
BoE raises rates again as investors look towards end of hikes The Bank of England raised its key interest rate by a further half-percentage point on Thursday and indicated more hikes were likely, but investors bet that the central bank might be getting close to the end of its increases in borrowing costs. The BoE's Monetary Policy Committee voted 6-3 to raise Bank Rate to 3.5% - its highest since 2008 - from 3.0% as it eyed the risk of persistent domestic inflation pressure from prices and wages, even with a looming recession and hopes that inflation might have peaked when it hit a 41-year high in October. But only one policymaker, Catherine Mann, wanted to match November's bigger 0.75 percentage point increase - the BoE's largest in more than 30 years - and two MPC members voted not to raise rates at all.
Oil rises, poised to end week higher despite economy concerns The 10-year government bond yield (interpolated) on the previous trading day was 2.54, +1.85 bps. The benchmark government bond yield (LB31DA) was 2.32, +2.0 bps. LB31DA could be between 2.20-2.70. Meantime, the latest closed US 10-year bond yields was 3.44, -5.0 bps. USDTHB on the previous trading day closed around 34.77 Moving in a range of 35.09-35.145 this morning. USDTHB could be closed between 34.80-35.20 today. Oil prices rose in early Asian trade on Friday after falling 2% in the previous session on central bank interest rates hikes and is poised to end the week higher after a series of positive oil demand forecasts. Brent crude futures rose 36 cents or 0.4% to $81.57 per barrel. West Texas Intermediate futures rose 25 cents, or 0.3%, to $76.36 per barrel. Both benchmarks are poised to end the week more than 7% higher. The market found support this week from International Energy Agency projections of Chinese oil demand recovering next year after a 2022 contraction to 400,000 barrels per day (bpd). The agency raised its 2023 oil demand growth estimate to 1.7 million bpd.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
