- USDTHB: moving in the range 33.55-33.66 this morning, supportive level at 33.50 resistance level at 33.70
· SET Index: 1,669.2 (-0.07%), 9 Feb 2023
· S&P 500 Index: 4,081.5 (-0.89%), 9 Feb 2023
· Thai 10-year government bond yield (interpolated): 2.50 (-0.32 bps), 9 Feb 2023
· US 10-year treasury yield: 3.67 (+4.00 bps), 9 Feb 2023
- U.S. weekly jobless claims increase, labor market still tight
- German EU-harmonised January consumer prices rise 9.2% y/y
- China CPI inflation misses expectations in January, PPI worsens
- Oil prices muted amid economic uncertainty, but set for strong week
U.S. weekly jobless claims increase, labor market still tight The number of Americans filing new claims for unemployment benefits increased more than expected last week, but remained at levels consistent with a tight labor market. Initial claims for state unemployment benefits rose 13,000 to a seasonally adjusted 196,000 for the week ended Feb. 4, the Labor Department said on Thursday. Economists polled by Reuters had forecast 190,000 claims for the latest week. Claims have remained low despite high-profile layoffs in the technology industry as well as the interest rate-sensitive finance and housing sectors. There is anecdotal evidence that companies are generally reluctant to lay off workers after experiencing difficulties recruiting during the pandemic. Workers remain scarce in some industries. There were 1.9 job openings for every unemployed person in December, government data showed last week.
German EU-harmonised January consumer prices rise 9.2% y/y German consumer prices, harmonized to compare with other European Union countries, rose by a less-than-anticipated 9.2% on the year in January, preliminary data from the federal statistics office showed on Thursday. Compared with December, prices increased by 0.5%, it added. Analysts had expected harmonized data to grow by 10.0% on an annual basis and increase by 1.2% on the previous month. According to non-harmonised standards, German consumer prices rose 8.7% on year in January and 1.0% on the month. The consumer price index for Germany is revised as part of a regular process. With effect from January, the base year has been moved to 2020 from 2015 previously. The final results for January and all results recalculated from January 2020 onwards using the new 2020 base year will be published by the statistics office on Feb. 22.
China CPI inflation misses expectations in January, PPI worsens Chinese consumer price inflation grew less than expected in January, data showed on Friday, as rising COVID-19 cases kept spending limited despite the lifting of most restrictions, while worsening factory inflation showed that the manufacturing sector remained under pressure. The consumer price index (CPI) grew at an annualized 2.1% in January, data from the National Bureau of Statistics showed, more than the 1.8% seen in December but below expectations of 2.2%. On a monthly basis, CPI inflation grew more than expected to 0.8%, improving sharply from the 0% reading seen in December. While the reading reflects some recovery in spending after the relaxing of anti-COVID measures, it also shows that rising COVID-19 cases and worsening economic conditions kept Chinese consumers wary of spending big.
Oil prices muted amid economic uncertainty, but set for strong week The 10-year government bond yield (interpolated) on the previous trading day was 2.50, -0.32 bps. The benchmark government bond yield (LB31DA) was 2.52, +0.0 bps. LB31DA could be between 2.30-2.80. Meantime, the latest closed US 10-year bond yields was 3.67, +4.0 bps. USDTHB on the previous trading day closed around 33.53 Moving in a range of 33.55-33.66 this morning. USDTHB could be closed between 33.40-33.80 today. Oil prices moved little on Friday amid growing concerns over a U.S. economic slowdown and a staggered recovery in China but were headed for strong weekly gains as near-term supply remained constrained due to disruptions in Turkey. Softer-than-expected inflation data from China showed that local spending only saw a mild recovery after the lifting of anti-COVID measures earlier this year, indicating that the world’s largest oil importer may take longer than expected in recovering to pre-pandemic levels of growth. Oil markets were also pressured by signs of a potential U.S. recession, as an inversion in the yield curve- a classic indicator of a slowdown- reached its deepest level since the 1980s.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
