- USDTHB: moving in the range 35.14-35.26 this morning supportive level at 35.10 resistance level at 35.35
· SET Index: 1,503.1 (+1.58%), 30 Jun 2023
· S&P 500 Index: 4,450.4 (+1.22%), 30 Jun 2023
· Thai 10-year government bond yield (interpolated): 2.58 (-0.70 bps), 30 Jun 2023
· US 10-year treasury yield: 3.81 (-4.0 bps), 30 Jun 2023
- US consumer spending hits speed bump; inflation picture mixed
- Euro zone inflation falls again in June as energy prices tumble
- Chinese manufacturing activity grows at slower pace in June
- Yen tentative, dollar soft as traders weigh Fed rate hike path
US consumer spending hits speed bump; inflation picture mixed U.S. consumer spending fizzled in May as households cut back on purchases of new light trucks and other long-lasting manufactured goods amid higher borrowing costs, suggesting the economy lost some speed in the second quarter. While the Commerce Department's report on Friday showed annual inflation rising last month at its slowest pace in more than two years, underlying price pressures remained too strong to discourage the Federal Reserve from returning to its strategy of raising interest rates in July, economists said. Inflation is by far still outpacing the U.S. central bank's 2% target. Consumer spending edged up 0.1% last month. Data for April was revised lower to show spending accelerating 0.6% instead of 0.8% as previously reported. With consumer spending softening, inflation subsided. The personal consumption expenditures (PCE) price index gained 0.1% in May after rising 0.4% in April.
Euro zone inflation falls again in June as energy prices tumble Inflation in the euro zone extended its decline in June as the cost of fuel tumbled, more than offsetting an acceleration in prices for services, a preliminary reading showed on Friday. Inflation in the 20 countries that share the euro fell to 5.5% this month from 6.1% in May, chalking up its seventh decline in the last eight months, with Germany the only country to report an increase, Eurostat’s flash estimate showed. But “core” inflation excluding energy and food, which ECB policymakers see as a better gauge of the underlying trend, only edged lower, to 6.8% from 6.9% - far from the sustained drop the central bank wants to see. The ECB raised interest rates to their highest level in 22 years this month as it predicted inflation would stay above its 2% target through the end of 2025.
Chinese manufacturing activity grows at slower pace in June Chinese manufacturing activity edged past expectations in June, a private survey showed on Monday, but the pace of growth still slowed from May amid softening export demand and worsening optimism over the economy. The Caixin manufacturing purchasing manufacturers index read 5.05 for June, higher than expectations for a reading of 50.2 but slower than the prior month’s reading of 50.9. While a reading above 50 indicates growth, June’s data slowed from May's reading, which showed activity growing at its fastest pace in 11 months. Still, the data contrasts the results of a government survey last week, which showed that China’s manufacturing activity contracted for a third straight month in June.
Yen tentative, dollar soft as traders weigh Fed rate hike path The 10-year government bond yield (interpolated) on the previous trading day was 2.58, -0.70 bps. The benchmark government bond yield (LB31DA) was 2.585, -1.50 bps. LB31DA could be between 2.30-2.80. Meantime, the latest closed US 10-year bond yields was 3.81, -4.00 bps. USDTHB on the previous trading day closed around 35.60 Moving in a range of 35.14-35.26 this morning. USDTHB could be closed between 35.00-35.50 today. The yen remained hunkered just below the psychologically important barrier of 145 per U.S. dollar on Monday, while the dollar was on the back foot after U.S. economic data last week showed slightly easing inflation and consumer spending. The yen weakened 0.03% to 144.38 per dollar in early Asian hours to kick start the second half of the year having dropped 9% against the dollar in the first six months of the year. Against the euro, the yen was hovering at 157.495, below the 15-year low of 158 it touched last week. It was at 183.47 per sterling, just below the seven-and-a-half-year low of 183.86 it hit on Friday. The Asian currency briefly passed 145 per dollar on Friday, hitting a near eight-month low of 145.07 as investors keep an eye on whether Japanese authorities will intervene in the currency market.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
