- USDTHB: moving in the range 35.415-35.485 this morning supportive level at 35.30 resistance level at 35.60
· SET Index: 1,520.7 (-0.94%), 15 Aug 2023
· S&P 500 Index: 4,437.9 (-1.16%), 15 Aug 2023
· Thai 10-year government bond yield (interpolated): 2.64 (+2.80 bps), 15 Aug 2023
· US 10-year treasury yield: 4.21 (+2.00 bps), 15 Aug 2023
- Strong US retail sales underscore economy's resilience
- UK basic wage growth hits record, adding to Bank of England's worries
- China's July new home prices fall for the first time this year
- Dollar flat after retail sales data, yuan falls to 9-month low
Strong US retail sales underscore economy's resilience U.S. retail sales increased more than expected in July as Americans boosted online purchases and dined out more, suggesting the economy continued to expand early in the third quarter and keeping a recession at bay. The report from the Commerce Department on Tuesday also showed consumers splurging on hobbies, sporting goods and clothing, underscoring their resilience despite the Federal Reserve's aggressive interest rate hikes to tame inflation. It prompted economists at Goldman Sachs to raise their third-quarter gross domestic product tracking estimate by a whopping seven-tenths of a percentage point to a 2.2% annualized rate. The economy grew at a 2.4% pace in the April-June quarter.
UK basic wage growth hits record, adding to Bank of England's worries Basic wages in Britain hit a new record growth rate, figures showed on Tuesday, adding to worries for the Bank of England (BoE) about long-term inflation pressures even after 14 back-to-back increases in interest rates. Official data showed some fresh signs of cooling in the jobs market with the unemployment rate unexpectedly rising to 4.2% from 4.0%, the highest since the three months to October 2021 and climbing more quickly than the BoE has forecast. But the 7.8% increase in basic earnings - the strongest in records data back to 2001 - represented further impetus for Britain's high rate of inflation with many employers resorting to increased pay offers to retain or attract staff.
China's July new home prices fall for the first time this year China's July new home prices fell for the first time this year, official data showed on Wednesday, as piecemeal policy support failed to shore up the embattled property sector, heaping pressure on authorities to introduce bolder stimulus. The 0.2% fall month-on-month came after June's flat reading, according to Reuters calculations based on National Bureau of Statistics (NBS) data. Prices were down 0.1% from a year earlier, after a flat result in June. China's property sector, which accounts for a quarter of its economic activity, is far from turning the corner, despite an extension of financial support for developers and incentives for first-time home buyers and upgraders.
Dollar flat after retail sales data, yuan falls to 9-month low The 10-year government bond yield (interpolated) on the previous trading day was 2.64, +2.80 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 4.21, +2.00 bps. USDTHB on the previous trading day closed around 35.30. Moving in a range of 35.415-35.485 this morning. USDTHB could be closed between 35.00-35.50 today. The dollar index was flat after data showed U.S. retail sales increased more than expected in July, while the yuan sank to a nine-month trough on Tuesday after China's central bank unexpectedly cut key policy rates. U.S. retail sales jumped 0.7% last month, the Commerce Department said, demonstrating that demand has remained resilient despite the Federal Reserve's aggressive interest rate hikes to tame inflation, thanks to strong wage gains from a tight labor market. The dollar index, which measures the currency against six peers including the euro and sterling, dropped as low as 102.800 after hitting a 1-1/2-month high at 103.46 on Monday. It was last up 0.058% at 103.200. The dollar gained over 0.5% against the offshore yuan to a nine-month high of 7.3307 as the People's Bank of China (PBOC) cut its rates in an effort to boost a sputtering economic recovery.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
