- USDTHB: moving in the range 34.87-34.93 this morning supportive level at 34.80 resistance level at 35.00
· SET Index: 1,387.7 (-0.98%), 29 Nov 2023
· S&P 500 Index: 4,550.6 (-0.09%), 29 Nov 2023
· Thai 10-year government bond yield (interpolated): 2.97 (-6.85 bps), 29 Nov 2023
· US 10-year treasury yield: 4.27 (-0.09 bps), 29 Nov 2023
- US economy grows 5.2% in third quarter; higher interest rates sapping momentum
- Euro zone economic sentiment inches up in November
- China's manufacturing PMI shrinks further in Nov, misses expectations
- Dollar rises from 3-1/2-month low; rate cut bets intact
US economy grows 5.2% in third quarter; higher interest rates sapping momentum Gross domestic product increased at a 5.2% annualized rate last quarter, revised up from the previously reported 4.9% pace, the Commerce Department's Bureau of Economic Analysis (BEA) said in its second estimate of third-quarter GDP. It was the fastest pace of expansion since the fourth quarter of 2021. Economists polled by Reuters had expected GDP growth would be revised up to a 5.0% rate. The economy grew at a 2.1% pace in the April-June quarter and is expanding at a pace well above what Federal Reserve officials regard as the non-inflationary growth rate of around 1.8%.The upward revision to growth last quarter reflected upgrades to business investment on structures, mostly warehouses and healthcare facilities. Spending by state and local governments was also revised higher.
Euro zone economic sentiment inches up in November Euro zone economic sentiment increased slightly for a second consecutive month in November, in line with expectations, as a modest up-tick of the mood in services, retail and amongst consumers outweighed a decline in manufacturers' confidence. The European Commission's monthly survey on Wednesday showed economic sentiment in the 20 countries sharing the euro rose to 93.8 points from a revised 93.5 in October. Economists polled by Reuters had expected an increase to 93.7 points. Sentiment in services, the biggest sector of the euro zone economy, rose against expectations of a decline, while for industry, sentiment fell against expectations of an increase.
China's manufacturing PMI shrinks further in Nov, misses expectations Chinese manufacturing activity declined further in November, as the sector saw increased headwinds from slowing overseas demand, while growth in the non-manufacturing sector also deteriorated. The official manufacturing purchasing managers index (PMI) read 49.4 in November, data from the National Bureau of Statistics showed. The reading was weaker than expectations of 49.6, and contracted from the prior month’s reading of 49.5. A reading below 50 indicates contraction, with China’s manufacturing PMI now having contracted for six out of the 11 months so far in 2023. The manufacturing sector has been struggling with a steady decline in overseas demand for Chinese goods, which saw new orders and production levels drop drastically this year.
Dollar rises from 3-1/2-month low; rate cut bets intact The 10-year government bond yield (interpolated) on the previous trading day was 2.97, -6.85 bps. The benchmark government bond yield (LB31DA) was 3.04, -8.00 bps. Meantime, the latest closed US 10-year bond yields was 4.27, -7.00 bps. USDTHB on the previous trading day closed around 34.71. Moving in a range of 34.87-34.93 this morning. USDTHB could be closed between 34.80-35.00 today. The dollar climbed from more than three-month lows on Wednesday after data showing the US economy grew faster in the third quarter than initially reported helped investors consolidate positions following four days of losses. The greenback rose against the euro and an index of six major peers, but remained on track to post its biggest monthly decline since November 2022 on growing expectations the Federal Reserve will cut interest rates in the first half of 2024. But markets are waiting to see whether Fed Chair Jerome Powell will let stand comments by Fed Governor Christopher Waller on Tuesday flagging a possible rate cut in the months ahead. The remarks sent US bond yields and the dollar sliding. The dollar rose on news that US gross domestic product increased at a 5.2% annualized rate in the last quarter, faster than the previously reported 4.9%. It was the fastest expansion since the fourth quarter of 2021, the US Commerce Department said in its second estimate of third-quarter GDP.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
