- USDTHB: moving in the range 35.205-35.27 this morning supportive level at 35.10 resistance level at 35.40
· SET Index: 1,414.2 (-0.67%), 22 Nov 2023
· S&P 500 Index: 4,556.6 (+0.20%), 22 Nov 2023
· Thai 10-year government bond yield (interpolated): 3.02 (+2.46 bps), 22 Nov 2023
· US 10-year treasury yield: 4.41 (+0.00 bps), 22 Nov 2023
- US weekly jobless claims fall; business spending on equipment easing
- US consumers worry inflation will pick up again
- ECB rate cut expectations rise amid economic slowdown concerns
- Dollar climbs after U.S. labor, consumer sentiment data
US weekly jobless claims fall; business spending on equipment easing Initial claims for state unemployment benefits dropped 24,000 to a seasonally adjusted 209,000 for the week ended Nov. 18. The decline more than reversed the jump in the prior week, which had lifted claims to a three-month high. Economists polled by Reuters had forecast 226,000 claims for the latest week. Unadjusted claims rose 21,239 to 238,677 last week. Claims in California surged 7,911. There were also significant increases in filings in Kentucky, Oregon, Kentucky and Illinois. Only Texas reported a decrease in claims in excess of 1,000. Minutes of the Fed's Oct. 31-Nov. 1 meeting published on Tuesday showed that while policymakers viewed labor market conditions as having "remained tight," they noted that "they had eased since earlier in the year, partly as a result of recent increases in labor supply.“
US consumers worry inflation will pick up again U.S. consumers’ inflation expectations rose for a second straight month in November despite growing signs that price increases are in fact slowing that may create some worry for Federal Reserve policymakers. American households see inflation accelerating to 4.5% over the next year, up from 4.2% in October and from 3.2% in September, the University of Michigan’s twice-monthly survey of consumer sentiment showed. That is the highest rate since April. Over a five-year horizon, consumers now see inflation running at 3.2% on average, up from 3.0% in October and 2.8% in September. That is the highest since a matching reading of 3.2% in 2011. Households’ long-term inflation outlook has not been higher than that since 2008 when it reached 3.4% as the financial crisis was beginning to unfold.
ECB rate cut expectations rise amid economic slowdown concerns Market participants are increasingly anticipating the European Central Bank (ECB) to implement interest rate cuts in 2023 as signs of a slowing economy mount. The ECB, which has previously enacted significant rate hikes to combat inflation, is now facing pressure due to a weakening economic outlook and lower inflation rates. Recent data and market movements suggest a shift in sentiment regarding the future direction of ECB policy. Today, traders projected an initial 75 basis-point reduction in ECB rates, adjusting earlier expectations of a 90 basis-point cut by the end of next year from the current high of 4%. This comes as the German short-term bond yield rose slightly to just below 3%, and the principal ten-year bond yield increased marginally to above 2.5%.
Dollar climbs after U.S. labor, consumer sentiment data The 10-year government bond yield (interpolated) on the previous trading day was 3.02, +2.46 bps. The benchmark government bond yield (LB31DA) was 2.98, +3.00 bps. Meantime, the latest closed US 10-year bond yields was 4.41, +0.00 bps. USDTHB on the previous trading day closed around 35.23. Moving in a range of 35.205-35.27 this morning. USDTHB could be closed between 35.10-35.40 today. The dollar index rose, rebounding from a 2-1/2 month low after economic data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week. Initial claims for state unemployment benefits dropped by 24,000 to a seasonally adjusted 209,000 for the week ended Nov. 18, the Labor Department said on Wednesday, the lowest level in more than a month. Economists polled by Reuters had forecast 226,000 claims for the latest week. Other data, however, showed orders for long-lasting U.S. manufactured goods fell more than expected in October as orders for motor vehicles and parts dropped amid strikes by the United Auto Workers (UAW) union against Detroit's Big Three automakers.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
