- USDTHB: moving in the range 34.905-35.05 this morning supportive level at 34.85 resistance level at 35.05
· SET Index: 1,393.4 (-0.29%), 27 Nov 2023
· S&P 500 Index: 4,550.4 (-0.02%), 27 Nov 2023
· Thai 10-year government bond yield (interpolated): 3.12 (+4.81 bps), 27 Nov 2023
· US 10-year treasury yield: 4.39 (-8.00 bps), 27 Nov 2023
- Higher mortgage rates weigh on US new home sales in October
- China’s industrial profits growth slows, keeps stimulus calls alive
- Thai October export growth highest in more than a year but misses forecast
- US dollar falls against most currencies as rate cut view weighs
Higher mortgage rates weigh on US new home sales in October Sales of new US single-family homes fell more than expected in October as higher mortgage rates squeezed out buyers even as builders cut prices, but the setback is likely temporary amid a persistent shortage of previously owned houses on the market. New home sales dropped 5.6% to a seasonally adjusted annual rate of 679,000 units last month, the Commerce Department's Census Bureau said. September's sales pace was revised lower to 719,000 units from the previously reported 759,000 units. Economists polled by Reuters had forecast new home sales, which account for 15.2% of US home sales, would fall to a rate of 723,000 units. The supply of previously owned houses on the market is nearly 50% below its pre-pandemic level, which last week reported that home resales plunged to more than a 13-year low in October.
China’s industrial profits growth slows, keeps stimulus calls alive Profits at China’s industrial firms extended gains for a third month in October, albeit at a slower pace, suggesting more policy support from Beijing is needed to help shore up growth in the world’s second-largest economy. The 2.7% year-on-year rise sees profit growth narrow back to single-digits, following an 11.9% increase in September and a 17.2% gain in August, putting pressure on authorities to extend further assistance to manufacturers as soft global demand continues to dog policymakers heading into 2024. For the first 10 months of 2023, profits slid 7.8% from a year earlier, narrowing from a 9% decline in the first nine months, data from the National Bureau of Statistics (NBS) showed.
Thai October export growth highest in more than a year but misses forecast Thailand's exports in October rose at the fastest annual pace in more than a year but less than expected, and the commerce ministry said full-year exports would still show a small contraction. Customs-based exports, a key driver of Thailand's economy, climbed 8.0% in October from a year earlier, the fastest since June 2022, compared with a forecast rise of 9.3% on-year in a Reuters poll. The export gains were helped by higher shipments of agricultural products and industrial goods, the ministry said. The ministry anticipated that the export momentum to continue into next year. Exports, however, are expected to contract 1% this year before rising 2% next year. Exports declined 2.7% year-on-year in the first 10 months of 2023.
US dollar falls against most currencies as rate cut view weighs The 10-year government bond yield (interpolated) on the previous trading day was 3.12, +4.81 bps. The benchmark government bond yield (LB31DA) was 3.08, +2.00 bps. Meantime, the latest closed US 10-year bond yields was 4.39, -8.00 bps. USDTHB on the previous trading day closed around 35.22. Moving in a range of 34.905-35.05 this morning. USDTHB could be closed between 34.85-35.05 today. The US dollar slid against most major currencies on Monday, with a measure tracking the greenback's value on track for its biggest monthly drop in a year, weighed down by expectations that the Federal Reserve could start cutting interest rates by the first half of next year. The dollar index, which measures the currency against six major peers, slipped 0.1% to 103.37 and was headed for a monthly loss of more than 3%, its worst performance since November 2022. Market pricing shows a roughly 23% chance that the Fed may begin easing monetary policy as early as March, according to the CME Group's (NASDAQ:CME) FedWatch Tool. In May, that probability rises to about 50% at the Fed's May meeting. Investors are also looking to a slew of events and data this week that could determine the future path of interest rates globally.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
