- USDTHB: moving in the range 34.60-34.64 this morning supportive level at 34.50 resistance level at 34.70
· SET Index: 1,559.5 (+0.02%), 8 Jun 2023
· S&P 500 Index: 4,293.9 (+0.62%), 8 Jun 2023
· Thai 10-year government bond yield (interpolated): 2.57 (+4.78 bps), 8 Jun 2023
· US 10-year treasury yield: 3.73 (-6.00 bps), 8 Jun 2023
- US weekly jobless claims race to 1-1/2-year high, economists urge caution
- Japan’s current account in black for third straight month
- Chinese CPI inflation shrinks further in May, PPI hits 7-year low
- Dollar dips as jobless claims increase
US weekly jobless claims race to 1-1/2-year high, economists urge caution The number of Americans filing new claims for unemployment benefits surged to the highest level in more than 1-1/2 years last week, but layoffs are probably not accelerating as the data covered the Memorial Day holiday, which could have injected some volatility. The largest increase in applications in nearly two years reported by the Labor Department on Thursday was driven by rises in Ohio, Minnesota and California. After rampant fraud in Massachusetts briefly boosted claims to a 1-1/2-year high in May before being revised away, economists cautioned against reading too much into the latest rise. Initial claims for state unemployment benefits jumped 28,000 to a seasonally adjusted 261,000 for the week ended June 3, the highest level since October 2021. Economists polled by Reuters had forecast 235,000 claims for the latest week.
Japan’s current account in black for third straight month Japan posted a current account surplus for the third month in April as the trade deficit narrowed and income gains from overseas investment grew, government data showed, easing worries about declines in the country’s balance of payments. The current account stood at 1.9 trillion yen ($13.58 billion) surplus in April, Ministry of Finance data showed on Thursday, beating economists’ median forecast for a surplus of 1.66 trillion yen in a Reuters poll. It followed a surplus of 2.3 trillion yen in the previous month, the data showed. A weak yen and rises in global interest rates helped drive up primary income gains from Japanese securities investments oversea.
Chinese CPI inflation shrinks further in May, PPI hits 7-year low Chinese consumer inflation contracted in May from the prior month, data showed on Friday, while factory gate inflation sank at its fastest pace in seven years as a slowing post-COVID economic recovery kept spending limited. China’s consumer price index (CPI) inflation fell 0.2% in May from the prior month, data from the National Bureau of Statistics showed. This followed a 0.1% month-on-month decline in April. CPI rose 0.2% in the 12 months of May, missing estimates for a rise of 0.4%, but coming slightly higher than the prior month’s reading of 0.1%. The reading follows a string of dismal business activity and trade data prints over the past two weeks, which raised further questions over a slowing economic recovery in the country.
Dollar dips as jobless claims increase The 10-year government bond yield (interpolated) on the previous trading day was 2.57, +4.78 bps. The benchmark government bond yield (LB31DA) was 2.53, +5.00 bps. LB31DA could be between 2.30-2.80. Meantime, the latest closed US 10-year bond yields was 3.73, -6.00 bps. USDTHB on the previous trading day closed around 34.89 Moving in a range of 34.60-34.64 this morning. USDTHB could be closed between 34.50-35.00 today. The dollar fell after data showed that U.S. jobless claims rose more than expected in the latest week, though the market was generally viewed as consolidating ahead of key inflation data and the Federal Reserve’s interest rate decision next week. The number of Americans filing new claims for unemployment benefits surged to the highest level in more than 1-1/2 years last week with a 28,000-claim jump to a seasonally adjusted 261,000. Economists polled by Reuters had forecast 235,000 claims for the latest week. The greenback has been bolstered by expectations that the Fed will hike rates in July, though it is widely expected to pause hikes at the conclusion of its June 13-14 meeting. But worsening economic data may also limit how many further rate increases the U.S. central bank is able to achieve even if inflation pressures remain high.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
