- USDTHB: moving in the range 33.625-33.66 this morning supportive level at 33.50 resistance level at 33.75
· SET Index: 1,564.7 (+0.15%), 9 May 2023
· S&P 500 Index: 4,119.2 (-0.46%), 9 May 2023
· Thai 10-year government bond yield (interpolated): 2.49 (+1.92 bps), 9 May 2023
· US 10-year treasury yield: 3.53 (+1.00 bps), 9 May 2023
- US consumers' inflation expectations mixed in April
- Japan’s spending downturn, wages decline heighten pressure on economy
- Chinese imports slide more than expected in April, exports rise
- Dollar edges up as markets await debt-ceiling talks, inflation data
US consumers' inflation expectations mixed in April U.S. consumers said last month they expected slightly lower inflation in a year's time, the New York Federal Reserve said in a report that also showed the bank stresses that kicked off in March weren't weighing heavily on the moods of Americans. The regional Fed bank reported as part of its April Survey of Consumer Expectations that respondents see inflation one year from now at 4.4%, down from 4.7% in the March survey. Inflation three years from now was seen at 2.9%, compared to 2.8% in March, while five years from now it was expected to be at 2.6%, versus 2.5% in the prior month. The Fed has been pressing forward aggressively with interest rate rises to lower some of the highest inflation pressures in decades. The U.S. central bank raised rates last week in an action that may be the last of its current tightening campaign, as inflation pressures have started to ease.
Japan’s spending downturn, wages decline heighten pressure on economy Japan’s consumer spending unexpectedly fell in March at the fastest rate in a year, while real wages marked a twelfth month of decline on persistent inflation, highlighting the challenges facing the economy in mounting a strong post-COVID revival. Tuesday’s government data also reinforce the uncertainties around the Bank of Japan’s policy outlook amid slowing global growth and financial sector worries even as expectations build for a phasing out of its ultra-easy monetary settings. Household spending fell 1.9% in March from a year earlier, the data showed, against economists’ median forecast for a 0.4% rise and following a 1.6% gain in February. It marked the biggest decline since March 2022’s 2.3%, when Japan was still trying to curb the spread of coronavirus.
Chinese imports slide more than expected in April, exports rise Chinese imports fell sharply in April, data showed on Tuesday, indicating that local demand remained weak despite a pickup in economic activity, although a bigger-than-expected rise in exports saw the country log a strong trade surplus. China’s imports fell 7.9% in April from the prior year, data from the Customs Administrations showed, much worse than estimates for a drop of 5%, and the prior month’s reading of negative 1.4%. The reading showed that domestic demand in China for goods ranging from commodities to consumer products was on a downturn, even as the country relaxed most anti-COVID measures earlier this year. A slowdown in manufacturing activity in particular has dented demand for commodity imports, as has weakness in the country’s massive property sector.
Dollar edges up as markets await debt-ceiling talks, inflation data The 10-year government bond yield (interpolated) on the previous trading day was 2.49, +1.92 bps. The benchmark government bond yield (LB31DA) was 2.49, +4.00 bps. LB31DA could be between 2.20-2.70 Meantime, the latest closed US 10-year bond yields was 3.53, +1.00 bps. USDTHB on the previous trading day closed around 33.71 Moving in a range of 33.625-33.66 this morning. USDTHB could be closed between 33.50-34.00 today. The dollar edged up against most major peers on Tuesday as traders, seeing no immediate breakthroughs on the U.S. debt-ceiling talks, look to new inflation data for a clearer picture of the economic outlook and the Federal Reserve's likely rate-hiking path. The dollar index, which measures the currency against six rivals, pared gains that took it to a nearly one-week high earlier in the session and was last seen at 101.63 or up 0.2% in afternoon trading. The release of closely watched U.S. inflation data on Wednesday is likely to set the tone for markets, after stronger-than-expected jobs data last week.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
