- USDTHB: moving in the range 36.34-36.41 this morning supportive level at 36.25 resistance level at 36.50
· SET Index: 1,433.4 (+0.44%), 17 Oct 2023
· S&P 500 Index: 4,373.2 (+1.04%), 17 Oct 2023
· Thai 10-year government bond yield (interpolated): 3.33 (+2.23 bps), 17 Oct 2023
· US 10-year treasury yield: 4.83 (+4.83 bps), 17 Oct 2023
- US retail sales beat expectations in boost to third-quarter GDP growth expectations
- US manufacturing output rises solidly in September
- China's Q3 GDP seen slowing as Beijing races to revive growth
- Dollar mixed after earlier bounce on strong US retail sales
US retail sales beat expectations in boost to third-quarter GDP growth expectations US retail sales increased more than expected in September as households stepped up purchases of motor vehicles and spent more at restaurants and bars, cementing expectations that economic growth accelerated in the third quarter. Retail sales rose 0.7% last month. Data for August was revised higher to show sales advancing 0.8% instead of 0.6% as previously reported. Economists polled by Reuters had forecast retail sales rising 0.3% in September. Retail sales are mostly goods and are not adjusted for inflation. They rose 3.8% year-on-year in September. Despite the show of resilience, headwinds are rising for consumers. Higher borrowing costs as the U.S. central bank tackles inflation have pushed credit card delinquencies to an 11-year high.
US manufacturing output rises solidly in September Production at US factories increased more than expected in September despite strikes in the automobile industry curbing motor vehicle output, further evidence that the economy exited the third quarter with momentum. Manufacturing output rose 0.4% last month. Data for August was revised lower to show production at factories dipping 0.1% instead of nudging up 0.1% as previously reported. Economists polled by Reuters had forecast factory output would tick up 0.1%. Production dropped 0.8% on a year-on-year basis in September. It was unchanged in the third quarter. Durable goods manufacturing output rose at a 2.3% annualized rate, which was offset by a 2.4% pace of decline in nondurable manufacturing.
China's Q3 GDP seen slowing as Beijing races to revive growth China's economy likely slowed in the third quarter, data is expected to show on Wednesday, weighed by persistently weak demand, although increased stimulus has improved the prospects Beijing might be able to hit its full-year growth target. The world's second-largest economy faltered in the second quarter after a brief post-COVID recovery, dragged by a property downturn and huge debt due to a decades-long infrastructure binge. The government has in recent weeks unveiled a raft of measures, including more public works spending, interest rate cuts, property easing and efforts to shore up the private sector. Gross domestic product (GDP) likely grew 4.4% in July-September from a year earlier, according to economists polled by Reuters, slowing from the 6.3% pace in the second quarter.
Dollar mixed after earlier bounce on strong US retail sales The 10-year government bond yield (interpolated) on the previous trading day was 3.33, +2.23 bps. The benchmark government bond yield (LB31DA) was 3.30,+2.00 bps. Meantime, the latest closed US 10-year bond yields was 4.83, +12.00 bps. USDTHB on the previous trading day closed around 36.42. Moving in a range of 36.34-36.41 this morning. USDTHB could be closed between 36.25-36.50 today. The dollar rose against the Japanese yen but ended lower against the euro after data showed that U.S. retail sales rose more than expected in September, with investors also focused on a busy week of speeches by Federal Reserve officials. Retail sales rose 0.7% last month as households boosted purchases of motor vehicles and spent more at restaurants and bars. Other data on Tuesday showed that production at US factories increased more than expected in September despite strikes in the automobile industry curbing motor vehicle output. The dollar index was last flat on the day at 106.23. It is holding below the 107.34 level reached on Oct. 3, the highest since November 2022. The euro gained 0.08% to $1.0569. It is up from $1.0448 on Oct. 3, the lowest since December 2022. Investors are focused on speeches this week by Fed officials, including Fed Chair Jerome Powell on Thursday, for further clues about interest rate policy.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
