- USDTHB: moving in the range 34.30-34.50 this morning, supportive level at 34.20 resistance level at 34.50
· SET Index: 1,565.1 (-0.99%), 20 April 2023
· S&P 500 Index: 4,129.8 (-0.60%), 20 April 2023
· Thai 10-year government bond yield (interpolated): 2.53 (-1.17 bps), 20 April 2023
· US 10-year treasury yield: 3.54 (-6.00 bps), 20 April 2023
- UK consumer confidence highest since Feb 2022 as 'green shoots' emerge
- German producer prices rise less than expected in March
- Japan CPI inflation remains sticky in March as BOJ meeting looms
- Asia FX dips, dollar steady on fears of Fed hikes, slowing growth
UK consumer confidence highest since Feb 2022 as 'green shoots' emerge British consumers were their most upbeat in more than a year this month, despite the surging cost of living, as they took a more positive view of their finances and the health of the wider economy. GfK's Consumer Confidence Index rose for the third month in a row to -30 in April, up six points from March and the highest reading since February last year, just before Russia invaded Ukraine and spurred a surge in energy costs in most of Europe. April's reading was also above the -35-reading forecast in a Reuters poll of economists. Consumers' expectations for Britain's economy in the next 12 months hit a 15-month high and they saw the prospects for their personal finances as the brightest since February 2022. While the country's economy is expected to avoid a recession this year, the broader picture remains weak with double-digit inflation proving harder to tame.
German producer prices rise less than expected in March German producer prices rose less than expected in March, posting the smallest year-on-year increase since June 2021. Producer prices of industrial products were up 7.5% on the same month last year, the Federal Statistical Office reported. A Reuters poll had indicated a rise of 9.8% year-on-year. Energy prices were still mainly responsible for the year-on-year increase, up 6.8%. Excluding energy, producer prices rose 7.9% in March on the year. Compared to February, prices fell by 2.6%, posting the sixth consecutive decline. The statistics office said the results are preliminary and will have to be revised because a price brake on electricity and gas that comes into effect in March distorts calculations.
Japan CPI inflation remains sticky in March as BOJ meeting looms Japanese consumer price index inflation was unchanged in March from the prior month, remaining well above the Bank of Japan’s target range as government subsidies had a limited effect in bringing down price pressures. National core consumer price index inflation, which excludes volatile items such as fresh food, rose 3.1% in the 12 months to March, data from the Statistics Bureau showed. The figure was in line with estimates that core inflation would remain steady from February. Including fresh food prices, national CPI inflation grew 3.3% in March, in line with expectations for growth of 3.2% and slightly lower than the prior month’s reading of 3.3%. The reading indicates that while government subsidies on electricity helped bring down inflation from an over 40-year peak of 4.2%, the rising cost of most other amenities still kept inflation well above the Bank of Japan’s 2% target rate.
Asia FX dips, dollar steady on fears of Fed hikes, slowing growth The 10-year government bond yield (interpolated) on the previous trading day was 2.53, -1.17 bps. The benchmark government bond yield (LB31DA) was 2.55, -1.00 bps. LB31DA could be between 2.20-2.70 Meantime, the latest closed US 10-year bond yields was 3.54, -6.00 bps. USDTHB on the previous trading day closed around 34.41 Moving in a range of 34.30-34.50 this morning. USDTHB could be closed between 34.20-34.70 today. Most Asian currencies fell on Thursday and the dollar steadied amid growing fears of more interest rate hikes by major central banks, while concerns over slowing economic growth also kept traders wary of risk-driven assets. The dollar index and dollar index futures were flat on Thursday, coming under pressure from gains in the euro and the pound following strong inflation reports in the UK and the euro zone. But markets were penciling in a nearly 85% chance that the Federal Reserve will hike rates in May, which is likely to support the greenback. This, along with growing bets on a hike in June, spelled weaker prospects for Asian currencies.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
