- USDTHB: moving in the range 35.12-35.22 this morning supportive level at 35.00 resistance level at 35.30
· SET Index: 1,415.3 (+0.01%), 16 Nov 2023
· S&P 500 Index: 4,508.2 (+0.28%), 16 Nov 2023
· Thai 10-year government bond yield (interpolated): 3.03 (-2.72 bps), 16 Nov 2023
· US 10-year treasury yield: 4.45 (-8.00 bps), 16 Nov 2023
- US labor market loosening as weekly jobless claims hit three-month high
- US import prices post largest drop in seven months
- China's home prices dip for 4th month, may weaken further
- Dollar steady as US jobless claims boost Fed rate cut bets
US labor market loosening as weekly jobless claims hit three-month high The number of Americans filing new claims for unemployment benefits increased to a three-month high last week, suggesting that the labor market was gradually cooling in another boost to the Federal Reserve's fight against inflation. Initial claims for state unemployment benefits rose 13,000 to a seasonally adjusted 231,000 for the week ended Nov. 11, the highest since August. Economists polled by Reuters had forecast 220,000 claims for the latest week. Claims are in the middle of their 194,000-265,000 range for this year. Unadjusted claims increased 1,713 to 215,874 last week. There was a jump in filings in Massachusetts and New York, which more than offset notable decreases in Oregon and Georgia. Job growth slowed in October and the unemployment rate rose to an almost two-year high of 3.9%. Conditions remain fairly tight, with 1.5 job openings per every unemployed person in September.
US import prices post largest drop in seven months US import prices fell more than expected in October amid a broad decline in the costs of goods, the latest indication that inflation was retreating. Import prices dropped 0.8% last month, the biggest drop since March, the Labor Department's Bureau of Labor Statistics said on Thursday. Data for September was revised higher to show prices increasing 0.4% instead of edging up 0.1% as previously reported. Economists polled by Reuters had forecast import prices, which exclude tariffs, falling 0.3%. In the 12 months through October, import prices declined 2.0% after decreasing 1.5% in September. Annual import prices have now dropped for nine straight months. Data this week showed consumer prices were unchanged in October, while producer prices declined by the most in three-and-a-half years.
China's home prices dip for 4th month, may weaken further China's new home prices fell for the fourth straight month with dozens of cities hit by declines, the most since the peak of the COVID-19 pandemic last year, suggesting a broader weakening in the sector that could drag on the country's overall recovery. New home prices in October dropped 0.3% month-on-month after a 0.2% dip in September, according to Reuters calculations based on National Bureau of Statistics (NBS) data. Once a key engine of economic growth accounting for around a quarter of China's economic activity, a regulatory crackdown since 2020 to curb debt has tightened liquidity and raised default risks for developers, delaying many projects. Authorities have rolled out a flurry of measures to prop up the pivotal sector, including relaxing curbs on home purchases and cutting borrowing costs but homebuyers remain cautious.
Dollar steady as US jobless claims boost Fed rate cut bets The 10-year government bond yield (interpolated) on the previous trading day was 3.03, -2.72 bps. The benchmark government bond yield (LB31DA) was 3.02,-2.00 bps. Meantime, the latest closed US 10-year bond yields was 4.45, -8.00 bps. USDTHB on the previous trading day closed around 35.59. Moving in a range of 35.12-35.22 this morning. USDTHB could be closed between 35.00-35.30 today. The dollar meandered after US jobless claims rose more than expected last week, indicating a cooling labor market that could prompt the Federal Reserve to cut interest rates in early 2024 as it tries to engineer a soft landing. The dollar index, a measure of the US currency against six peers, edged higher 0.08% as a slowing US economy leads the market to perceive the Fed is done raising rates. Conversely, the euro strengthened 0.02% to $1.0848 after it jumped 1.69% on Tuesday, its biggest single-day percentage gain since November 2022. The dollar plunged on Tuesday, also registering its biggest single-day decline in a year, after data on consumer prices came in softer than expected and increased the outlook for many that inflation was quickly decelerating to the Fed's 2% target.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
