- USDTHB: moving in the range 33.73-33.987 this morning supportive level at 33.70 resistance level at 33.90
· SET Index: 1,562.3 (+1.87%), 8 May 2023
· S&P 500 Index: 4,138.1 (+0.05%), 8 May 2023
· Thai 10-year government bond yield (interpolated): 2.47 (-0.69 bps), 8 May 2023
· US 10-year treasury yield: 3.52 (+8.00 bps), 8 May 2023
- US wholesale inventories unchanged for second straight month; sales drop
- Euro zone investor morale unexpectedly dips in May
- Japan's service activity grows at record pace in April
- U.S. dollar struggles, pound hits one-year high
US wholesale inventories unchanged for second straight month; sales drop U.S. wholesale inventories were unchanged for the second straight month in March, while softening demand meant that it would now take wholesalers the longest time in nearly three years to clear the current stock of goods. The Commerce Department last month estimated wholesale inventories gained 0.1% in March. Economists polled by Reuters had expected that inventories would be unrevised. Inventories are a key part of gross domestic product. They increased 9.1% in March on a year-on-year basis. Private inventory investment declined in the first quarter for the first time in 1-1/2 years, restricting GDP growth to a 1.1% annualized pace in that three-month period. The inventory drawdown reflected a reduction of stock by businesses in anticipation of weaker demand later this year. Stronger consumer spending early in the first quarter also contributed to the inventory rundown.
Euro zone investor morale unexpectedly dips in May Investor morale in the euro zone took a surprising dip in May, with stubborn inflation and energy concerns upending expectations of a spring recovery, a survey showed on Monday. Sentix’s index for the euro zone fell to -13.1 points for May from -8.7 in April. Analysts polled by Reuters had expected it to rise to -8.0 this month. The index on expectations in particular took a fall, decreasing to -19.0 in May from -13.0 in April, its lowest level since December 2022, “wiping out all hopes of an economic revival following the outbreak of the Ukraine war”. The barometer plunged into negative territory in the wake of Russia’s invasion last February. The issue of energy shortages, dampened consumer spending due to inflation and consumer concerns about forced investment in their heating systems to mitigate climate change are among factors that have contributed to the weak spring.
Japan's service activity grows at record pace in April Japan's services activity grew at a record pace in April, a private-sector survey showed on Monday, helped by a boost in consumer spending following the end of COVID-19 pandemic restrictions. The final au Jibun Bank Japan Services purchasing managers' index (PMI) climbed to a seasonally adjusted 55.4 last month from March's 55.0. It was also higher than the flash reading of 54.9 and well above the 50-mark that separates expansion from contraction for a seventh straight month. Japan ended strict COVID-related border control measures that required vaccination certificates or negative tests on Saturday, in hopes of easing congestion at airports before the start of a week-long holiday.
U.S. dollar struggles, pound hits one-year high The 10-year government bond yield (interpolated) on the previous trading day was 2.47, -0.69 bps. The benchmark government bond yield (LB31DA) was 2.47, +2.00 bps. LB31DA could be between 2.20-2.70 Meantime, the latest closed US 10-year bond yields was 3.44, +7.00 bps. USDTHB on the previous trading day closed around 33.93 Moving in a range of 33.73-33.87 this morning. USDTHB could be closed between 33.50-34.00 today. The dollar remained relatively weaker against most of its major peers on Monday, as traders wait for the Federal Reserve to acknowledge an end to its hiking cycle while trying to hedge the risk of potential recession. The Fed raised rates by 25 basis points last week but sounded slightly more cautious than peers on the outlook, dropping guidance about the need for future hikes. Sterling hit a more than one-year peak against the dollar on Monday, with the pound traded as high as $1.2668, its highest since April 2022, and was last seen up 0.11% at $1.2641. The pound remains in focus this week ahead of an expected Bank of England rate increase on Thursday and has also been firming versus the euro.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
