- USDTHB: moving in the range 34.04-34.20 this morning supportive level at 33.90 resistance level at 34.20
· SET Index: 1,524.60 (+0.05%), 26 Jul 2023
· S&P 500 Index: 4,566.8 (-0.02%), 26 Jul 2023
· Thai 10-year government bond yield (interpolated): 2.59 (-1.05 bps), 26 Jul 2023
· US 10-year treasury yield: 3.86 (-5.0 bps), 26 Jul 2023
- US new home sales fall, but trend remains strong
- Japan says sees pick up in business sentiment for the first time in 7 months
- Thai exports fall less than forecast in June, seen improving
- Dollar falls after Fed rate hike
US new home sales fall, but trend remains strong Sales of new U.S. single-family homes fell in June after three straight monthly increases, but the trend remained strong as an acute shortage of previously owned homes underpins demand. New home sales dropped 2.5% to a seasonally adjusted annual rate of 697,000 units last month, the Commerce Department said on Wednesday. May's sales pace was revised lower to 715,000 units from the previously reported 763,000 units. May's sales pace was the highest since February 2022. Economists polled by Reuters had forecast new home sales, which account for a small share of U.S. home sales, would drop to a rate of 725,000 units. New home sales are counted at the signing of a contract, making them a leading indicator of the housing market. They, however, can be volatile on a month-to-month basis. Sales increased 23.8% on a year-on-year basis in June.
Japan says sees pick up in business sentiment for the first time in 7 months Business sentiment in Japan is picking up in July on easing supply constraints and the removal of COVID-19 curbs, the first such uptick this year, a report by the cabinet said on Wednesday. The monthly report also said the government still believed the economy was "recovering moderately", as consumer spending, capital expenditure and exports remained firm. The last time the cabinet raised its view on businesses was December last year. Previously, the government had said the business mood showed signs of recovery. The more positive business mood was in line with a Bank of Japan survey, which showed that big manufacturers' business sentiment improved for the first time in seven quarters in the June quarter, as raw material costs peaked, and the removal of pandemic curbs lifted consumption.
Thai exports fall less than forecast in June, seen improving Thai exports shrank for a ninth consecutive month in June, albeit at a smaller rate than expected, as global demand remains sluggish, but the commerce ministry said on Wednesday it still expects some growth for the full year. Customs-based exports, a key driver of Thailand's economy, dropped 6.4% in June from the same month a year earlier, beating analysts' average estimated decline of 7.3% in a Reuters poll. Exports rose 2% from May. Thailand's export decline, however, has been less than that of other exporting countries, Keerati Rushchano, the ministry's permanent secretary, told a press briefing. The ministry is targeting annual export growth of 1% for 2023, he said. Its earlier target was for a 1% to 2% export rise.
Dollar falls after Fed rate hike The 10-year government bond yield (interpolated) on the previous trading day was 2.59, -1.05 bps. The benchmark government bond yield (LB31DA) was 2.61, -2.00 bps. LB31DA could be between 2.30-2.80. Meantime, the latest closed US 10-year bond yields was 3.86, -5.00 bps. USDTHB on the previous trading day closed around 34.40 Moving in a range of 34.06-34.20 this morning. USDTHB could be closed between 34.00-34.50 today. The dollar fell against a basket of its peers on Wednesday after the Federal Reserve raised interest rates by a quarter of a percentage point, citing still-elevated inflation as a rationale for what is now the highest U.S. central bank policy rate in 16 years. The increase brings the benchmark overnight interest rate in the 5.25%- to 5.50% range, while the accompanying policy statement left the door open to another increase. The dollar index, a measure of the U.S. currency against six major peers, fell 0.345% at 1.1093. Futures expect the Fed's overnight rate to stay above 5% until June 2024. Analysts said the FOMC meeting was as expected with Chair Jerome Powell "playing it close to straight down the middle" between hawkish and dovish on the rates outlook going forward.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
