- USDTHB: moving in the range 35.77-35.80 this morning supportive level at 35.60 resistance level at 35.90
· SET Index: 1,405.0 (-0.48%), 9 Nov 2023
· S&P 500 Index: 4,347.4 (-0.71%), 8 Nov 2023
· Thai 10-year government bond yield (interpolated): 3.08 (-5.89 bps), 9 Nov 2023
· US 10-year treasury yield: 4.62 (-13.00 bps), 9 Nov 2023
- New US jobless claims edge down; continued claims on the rise
- Japan logs current account surplus as trade swings back into black
- China's consumer prices back in decline as recovery wobbles
- Dollar steady against euro, yen on intervention watch as it hits one-week low
New US jobless claims edge down; continued claims on the rise The number of Americans filing new claims for unemployment benefits edged down last week, signaling that layoffs remain low even as the still-strong job market shows some signs of cooling. Initial claims for state unemployment benefits fell 3,000 to a seasonally adjusted 217,000 for the week ended Nov. 4 from an upwardly revised 220,000 in the prior week. Economists polled by Reuters had forecast 218,000 claims for the latest week. Meanwhile, the rolls of those receiving benefits after an initial week of aid, a proxy for hiring, rose for a seventh straight week to 1.834 million during the week ending Oct. 28, the highest level since April, the claims report showed. Some economists contend the rise in continuing claims reflects difficulties adjusting the data for seasonal fluctuations.
Japan logs current account surplus as trade swings back into black Japan logged in September its largest current account surplus in 18 months as the trade balance swung into the black, with hefty gains from overseas investments boosting the balance of payments. Japan's current account surplus stood at 2.72 trillion yen ($18.03 billion) in September, the MOF data showed, a little shy of economists' median forecast for a surplus of 3.0 trillion yen in a Reuters poll. It was the eighth straight month of surplus, the MOF data showed. Japan's current account has recently highlighted the pain that high energy costs and a weak yen have inflicted on the world's third-biggest economy, which relies heavily on imports of fuel and raw materials. Japan's position as an export powerhouse has also waned in recent years, in part because companies have moved production overseas, in a gradual shift towards making overseas investment a pillar of the country's earning power.
China's consumer prices back in decline as recovery wobbles China's consumer prices swung lower in October, as key gauges of domestic demand pointed to weakness not seen since the pandemic, while factory-gate deflation deepened, casting doubts over the chances of a broad-based economic recovery. The consumer price index (CPI) dropped 0.2% in October from a year earlier and slipped 0.1% from September, data from the National Bureau of Statistics (NBS). The declines undershot the median 0.1% year-on-year fall and flat month-on-month reading predicted in a Reuters poll. Both indicators were last negative at the same time in November 2020 during the COVID-19 pandemic. The headline figure was dragged by a further slump in pork prices, down 30.1%, speeding up from a 22% slide in September, amid an oversupply of pigs and weak demand.
Dollar steady against euro, yen on intervention watch as it hits one-week low The 10-year government bond yield (interpolated) on the previous trading day was 3.08, -5.89 bps. The benchmark government bond yield (LB31DA) was 3.09,-2.00 bps. Meantime, the latest closed US 10-year bond yields was 4.62, -13.00 bps. USDTHB on the previous trading day closed around 35.48. Moving in a range of 35.77-35.80 this morning. USDTHB could be closed between 35.60-35.90 today. The dollar was steady against the euro and gained against the yen as it consolidated after a sharp selloff last week on rising confidence that the Federal Reserve has ended its interest rate-hiking cycle. Traders also remained on alert for potential intervention in the Japanese currency as it rose above the 151 level against the dollar, its weakest level in a week. Many economists and analysts expect the U.S. economy to slow in the fourth quarter, which makes further rate hikes less likely and will dent the appeal of the greenback, which has benefited from the relative strength of the United States compared to other major economies. That said, the dollar may continue to gain in the short-term as it recovers from last week’s selloff, which was viewed by some as overdone.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
