- USDTHB: moving in the range 35.20-35.255 this morning supportive level at 35.00 resistance level at 35.30
· SET Index: 1,563.0 (+0.18%), 28 Aug 2023
· S&P 500 Index: 4,433.3 (+0.62%), 28 Aug 2023
· Thai 10-year government bond yield (interpolated): 2.79 (-0.36 bps), 28 Aug 2023
· US 10-year treasury yield: 4.20 (-5.00 bps), 28 Aug 2023
- Euro zone lending growth slows further as rate hikes bite
- China new home prices growth likely flat in 2023, dragging on economy
- Thailand's employment growth drops in Q2 as economy slows
- Dollar index dips, briefly hits 9-month high against yen
Euro zone lending growth slows further as rate hikes bite Growth in lending to euro zone companies slowed again in July, adding to already mounting evidence that sharply higher interest rates are putting a brake on credit creation and economic growth. Lending to firms in the 20-nation currency bloc expanded by 2.2% year-on-year after a 3.0% reading a month earlier, while household credit growth slowed to 1.3% from 1.7% in June, according to an ECB report. The European Central Bank raised interest rates for the ninth time in a row in July, increasing the rate that the ECB pays on banks' deposits from 3.50% to 3.75%, its highest level since 2000, before euro banknotes and coins had been put into circulation. At 5.3% in July, inflation remains far above the bank's target and could take until 2025 to fall back to the 2% target.
China new home prices growth likely flat in 2023, dragging on economy China's new home prices will likely show no growth this year, according to a Reuters poll, highlighting the intense pressure in the crisis-hit property sector that has put a choke-hold on the economy and left policymakers in a scramble to restore confidence. The expected 0% year-on-year growth in home prices compared with a 1.4% gain tipped in the previous forecast in May, a Reuters poll of 12 economists conducted from Aug. 16-25 showed. Confidence in the real estate sector, which accounts for a quarter of China's economy, suffered last year after many homebuyers threatened to stop repaying mortgages because developers couldn't build pre-sold housing projects due to strapped liquidity and strict COVID-19 restrictions.
Thailand's employment growth drops in Q2 as economy slows Thailand's employment in the second quarter rose 1.7% from a year earlier, slowing from a 2.4% increase in the previous three months, the state planning agency said on Monday, as economic growth slowed. Southeast Asia's second-largest economy grew 1.8% in the April-June period year-on-year and 0.2% quarter-on-quarter, slowing sharply from the first quarter as weaker exports and investment undercut tourism strength. Thailand's jobless rate was at 1.06% in the April-June period versus 1.05% in January-March, the National Economic and Social Development Council (NESDC) said in a statement. The jobs growth was mainly in the tourism and construction sectors.
Dollar index dips, briefly hits 9-month high against yen The 10-year government bond yield (interpolated) on the previous trading day was 2.79, -0.36 bps. The benchmark government bond yield (LB31DA) was 2.79, -1.00 bps. Meantime, the latest closed US 10-year bond yields was 4.20, -5.00 bps. USDTHB on the previous trading day closed around 35.23. Moving in a range of 35.20-35.255 this morning. USDTHB could be closed between 35.00-35.30 today. The dollar briefly hit a nine-month high against the Japanese yen on Monday and dipped against a basket of currencies, as investors waited on key data due later this week and kept an eye out for potential intervention to shore up the struggling Japanese currency. The greenback hit 146.75 Japanese yen, the highest since Nov. 9, and last traded at 146.51, up 0.05% on the day. Traders are watching out for any signs of intervention in the currency market from Japanese authorities as the yen weakens. Analysts at Bank of America noted on Monday that the Federal Reserve's foreign reverse repurchase facility and U.S. Treasury securities held in custody have fallen by about $18 billion since August 9, which "may reflect modest intervention activity.“
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
