- USDTHB: moving in the range 34.21-34.35 this morning, supportive level at 34.15 resistance level at 34.35
· SET Index: 1,647.4 (-0.33%), 15 Feb 2023
· S&P 500 Index: 4,147.6 (+0.28%), 15 Feb 2023
· Thai 10-year government bond yield (interpolated): 2.60 (+5.07 bps), 15 Feb 2023
· US 10-year treasury yield: 3.81 (+4.00 bps), 15 Feb 2023
- U.S. retail sales climb by 3.0% in January
- Slowdown in UK inflation eases pressure on Bank of England
- Australia employment falls for second month, jobless at 8-mth high
- Oil little changed as market discounts big U.S. crude storage build
U.S. retail sales climb by 3.0% in January Retail sales in the U.S. grew by more than expected to begin the year, in a sign that consumers' willingness to spend may be increasing thanks in part to a tight labor market and a slight moderation in inflation. According to new numbers from the Commerce Department on Wednesday, seasonally adjusted retail sales in the world's largest economy climbed by 3.0% in January on a monthly basis to $697 billion, rebounding from a decline of 1.1% in December. Economists had estimated that the figure would rise by 1.8%. Spending at gasoline stations remained flat versus December but jumped by 5.7% compared to January 2022. Meanwhile, discretionary expenditures, which include money shelled out at restaurants and for items like electronics, also broadly increased. The reading comes after data on Tuesday showed that inflation edged down marginally to 6.4% year-on-year in January, following a series of aggressive interest rate hikes by the Federal Reserve. However, inflation still accelerated month-on-month.
Slowdown in UK inflation eases pressure on Bank of England British inflation fell by more than expected in January and there were signs of cooling price pressure in parts of the economy watched closely by the Bank of England, adding to signs that further hefty interest rate hikes are unlikely. Annual consumer price inflation (CPI) cooled to 10.1% last month, the lowest reading since September, the Office for National Statistics (ONS) said on Wednesday. Economists polled by Reuters had forecast that the annual CPI rate would drop to 10.3% in January, moving further away from October’s 41-year high of 11.1% but continuing to squeeze households’ living standards. Despite the fall, inflation remains higher than in the United States or euro zone, and many forecasters think it will stay higher as a result of Britain’s acute labor shortages and other constraints on the economy such as Brexit.
Australia employment falls for second month, jobless at 8-mth high Australia employment surprised in January by falling for a second straight month while the jobless rate jumped to its highest since last May, a soft result that could lessen pressure for further aggressive interest rate hikes. Figures from the Australian Bureau of Statistics on Thursday showed net employment fell 11,500 in January from December, when they dropped a revised 19,900. Market forecasts had been for a rise of 20,000 in January. The jobless rate climbed to 3.7%, when analysts had looked for it to hold at 3.5%, and hours worked fell by a sharp 2.1% as more workers than usual took annual leave in January. Investors reacted by pushing the local dollar 0.5% lower to $0.6874 and pricing out the risk of a fourth-rate hike while short-term bond futures reversed earlier losses to be up at 96.55.
Oil little changed as market discounts big U.S. crude storage build The 10-year government bond yield (interpolated) on the previous trading day was 2.60, +5.07 bps. The benchmark government bond yield (LB31DA) was 2.735, +5.5 bps. LB31DA could be between 2.50-3.00. Meantime, the latest closed US 10-year bond yields was 3.81, +4.0 bps. USDTHB on the previous trading day closed around 34.08 Moving in a range of 34.21-34.35 this morning. USDTHB could be closed between 34.00-34.50 today. Oil futures were flat to lower on Wednesday as the U.S. dollar strengthened and investors worried that rising interest rates would slow the economy and cut fuel demand. Oil's losses were limited as the market discounted a big build in U.S. crude stocks due to a data adjustment and as the International Energy Agency (IEA) forecast higher global oil demand growth. Brent futures slid 20 cents, or 0.2%, to $85.38 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 47 cents, or 0.6%, to $78.59. The U.S. dollar rose to a near six-week high against a currency basket on strong U.S. retail sales data last month and recent U.S. inflation data, suggesting the Federal Reserve (Fed) will keep monetary policy tight.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
