- USDTHB: moving in the range 34.70-34.75 this morning, supportive level at 34.65 resistance level at 34.90
· SET Index: 1,617.6 (+0.05%), 23 Dec 2022
· S&P 500 Index: 3,844.8 (+0.59%), 23 Dec 2022
· Thai 10-year government bond yield (interpolated): 2.66 (+0.40
bps), 23 Dec 2022
· US 10-year treasury yield: 3.75 (+8.0 bps), 23 Dec 2022
- U.S. consumer spending, inflation rise moderately amid rate hikes
- Canada’s economy slows in October, but still resilient after rate hikes
- Japan's consumer inflation hits fresh 40-year high, eyes on BOJ policy
- U.S. dollar weakens as risk appetite rises with data showing slowdown
U.S. consumer spending, inflation rise moderately amid rate hikes U.S. consumer spending barely rose in November, while annual inflation increased at its slowest pace in 13 months, but demand is probably not cooling fast enough to discourage the Federal Reserve from driving interest rates to higher levels next year. Slowing economic activity heading into 2023 amid rising borrowing costs was also flagged by other data from the Commerce Department on Friday showing a modest gain in orders for locally manufactured capital goods last month. The U.S. central bank is trying to slow demand for everything from housing to labor as it fights to bring inflation back to its 2% target. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, edged up 0.1% after surging 0.9% in October. Economists polled by Reuters had forecast consumer spending rising 0.2%.
Canada’s economy slows in October, but still resilient after rate hikes The Canadian economy grew by 0.1% in October and is expected to expand at the same pace in November, data showed on Friday, a sign that the full impact of seven consecutive interest rates hikes this year has yet to play out. October growth slowed compared with September’s 0.2% gain, which was an upward revision from a previously reported 0.1% increase, Statistics Canada said. October’s increase was in line with a median of analysts’ forecasts. The Bank of Canada has hiked rates at a record pace of 400 basis points in nine months to 4.25% - a level last seen in January 2008 – to fight inflation that is far above its 2% target. Canada’s annual inflation rate eased to 6.8% in November but was slightly higher than had been expected because of broad-based price pressures, according to data from earlier this week, leaving the door open for another rate increase in January.
Japan's consumer inflation hits fresh 40-year high, eyes on BOJ policy Japan's core consumer inflation hit a fresh four-decade high as companies continued to pass on rising costs to households, data showed, a sign price hikes were broadening and could keep the central bank under pressure to whittle down massive stimulus. Months before Tuesday's surprise tweak to its yield control policy, Bank of Japan (BOJ) policymakers had discussed the potential market impact of a future exit from ultra-low interest rates, minutes of their October meeting showed on Friday. Japan's core consumer price index (CPI), which excludes volatile fresh food but includes energy costs, rose 3.7% in November from a year earlier, data showed on Friday, matching market forecasts and perking up from a 3.6% gain in October. It was the biggest rise since a 4.0% jump seen in December 1981, when inflation was still high from the impact of the 1979 oil shock and a booming economy.
U.S. dollar weakens as risk appetite rises with data showing slowdown The 10-year government bond yield (interpolated) on the previous trading day was 2.66, +0.40 bps. The benchmark government bond yield (LB31DA) was 2.33, +2.34 bps. LB31DA could be between 2.20-2.70. Meantime, the latest closed US 10-year bond yields was 3.75, +8.0 bps. USDTHB on the previous trading day closed around 34.80 Moving in a range of 34.70-34.75 this morning. USDTHB could be closed between 34.65-35.00 today. The dollar slid against most currencies in choppy, thin trading on Friday as data signaled that the U.S. economy is cooling a bit, reinforcing expectations of smaller interest rate increases from the Federal Reserve and improving investors' risk appetite. The personal consumption expenditures (PCE) price index rose 0.1% last month after climbing 0.4% in October. In the 12 months through November, the PCE index increased 5.5% after advancing 6.1% in October. Excluding the volatile food and energy components, the PCE index gained 0.2% after increasing 0.3% in October
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
