- USDTHB: moving in the range 36.27-36.38 this morning supportive level at 36.15 resistance level at 36.45
· SET Index: 1,401.7 (+0.76%), 25 Oct 2023
· S&P 500 Index: 4,186.6 (-0.72%), 25 Oct 2023
· Thai 10-year government bond yield (interpolated): 3.32 (+1.04 bps), 25 Oct 2023
· US 10-year treasury yield: 4.95 (+12.00 bps), 25 Oct 2023
- US new home sales scale 19-month high as median price drops
- German business sentiment edges up but recession fears undimmed
- South Korea's economic growth beats estimates, backing rate pause
- Dollar up as risk sentiment sours, Treasury yields rise
US new home sales scale 19-month high as median price drops Sales of new U.S. single-family homes surged to a 19-month high in September as the annual median house price dropped by the most since 2009 amid discounts offered by builders to woo buyers, but mortgage rates flirting with 8% could curb demand. A chronic shortage of previously owned houses is driving buyers to new construction, a situation that builders are taking advantage of by giving a range of incentives to improve affordability. The bulk of homes sold last month were in the $150,000 to $499,999 price range, the report from the Commerce Department showed. New home sales rebounded 12.3% to a seasonally adjusted annual rate of 759,000 units last month, the highest level since February 2022. August's sales pace was revised up to 676,000 units from the previously reported 675,000 units. Economists polled by Reuters had forecast new home sales, which account for a small share of U.S. home sales, rebounding to a rate of 680,000 units.
German business sentiment edges up but recession fears undimmed Morale among German businesses edged up for the first time in six months in October, a leading survey showed, but their mood remained subdued, and economists say a second recession inside a year still seems likely. The Ifo institute said its business climate index stood at 86.9, beating a forecast of 85.9 by analysts in a Reuters poll and September's slightly revised reading of 85.8. Companies were somewhat more satisfied with the current business situation and managers were also less pessimistic about the coming months, the survey showed. In late September, before the Israel-Hamas conflict broke out, Germany's five leading economic institutes had forecast that Europe's largest economy would skirt a recession.
South Korea's economic growth beats estimates, backing rate pause South Korea's economy fared better than expected in the third quarter with the expansion underpinned by exports, backing the case for the central bank to keep rates on hold for the months ahead. Gross domestic product (GDP) grew 0.6% in the July-September quarter from three months earlier, data from the Bank of Korea showed on Thursday, the same pace as the prior quarter and beating a median 0.5% increase forecast in a Reuters survey. The results likely bolster the BOK's view that it needs to maintain restrictive monetary policy for now to bring the economy in for a soft landing after a cumulative 300 basis points of interest rate hikes since August 2021. In the third quarter, exports expanded 3.5% after declining 0.9% in the preceding three months, while private consumption grew 0.3% after contracting 0.1% in the second quarter.
Dollar up as risk sentiment sours, Treasury yields rise The 10-year government bond yield (interpolated) on the previous trading day was 3.32, +1.04 bps. The benchmark government bond yield (LB31DA) was 3.29,+2.00 bps. Meantime, the latest closed US 10-year bond yields was 4.83, -3.00 bps. USDTHB on the previous trading day closed around 36.15. Moving in a range of 36.27-36.38 this morning. USDTHB could be closed between 35.15-36.45 today. The U.S. dollar rose to a near 1-week high against a basket of currencies on Wednesday, as investors' appetite for riskier currencies faded following lackluster corporate results that raised worries over the economic outlook, and as Treasury yields rose. Risk sentiment took a hit as tech giant Alphabet slumped after its cloud division missed revenue estimates, while other mega-cap stocks also edged lower, pressured by rising U.S. Treasury yields. The dollar index, which measures its strength against a basket of six rivals, was 0.3% higher at 106.5, its highest level in nearly a week.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
