- USDTHB: moving in the range 35.51-35.58 this morning supportive level at 35.35 resistance level at 35.65
· SET Index: 1,377.9 (-0.20%), 18 Jan 2024
· S&P 500 Index: 4,780.9 (+0.88%), 18 Jan 2024
· Thai 10-year government bond yield (interpolated): 2.77 (+2.15 bps), 18 Jan 2024
· US 10-year treasury yield: 4.14 (+4.00 bps), 18 Jan 2024
- US weekly jobless claims at 16-month low
- Euro zone current account surplus shrinks in Nov
- Japan CPI inflation falls as expected in Dec, points to ultra-dovish BOJ
- Dollar gains for fifth straight session on solid labor data
US weekly jobless claims at 16-month low Initial claims for state unemployment benefits dropped 16,000 to a seasonally adjusted 187,000 for the week ended Jan. 13, the lowest level since September 2022. Economists polled by Reuters had forecast 207,000 claims for the latest week. Claims data tend to be volatile at the turn of the year. Some of the volatility relates to fewer layoffs after the holidays than is normal. While that could have contributed to some of the drop in claims, economists said the data was consistent with a fairly tight labor market. They noted that companies generally remained reluctant to lay off workers following difficulties finding labor during and after the COVID-19 pandemic. Unadjusted claims decreased 29,543 to 289,228 last week, with filings plunging by 17,176 in New York.
Euro zone current account surplus shrinks in Nov The euro zone's current account surplus declined in November on lower primary income, which typically includes the flow of profits, wages, interest income and dividends into and out of the bloc, data from the European Central Bank showed. Based on calendar and seasonally-adjusted figures, the surplus eased to 24.6 billion euros from 32.3 billion euros a month earlier while the unadjusted figure slipped to 31.7 billion euros from 28.4 billion euros. In the 12 months to November, the bloc generated a current account surplus equal to 1.6% of GDP compared to deficit of 0.5%in the previous 12 months.
Japan CPI inflation falls as expected in Dec, points to ultra-dovish BOJ Japanese consumer inflation eased as expected in December, furthering bets that the Bank of Japan will keep its ultra-dovish policy largely unchanged when it meets in the coming week. Core consumer price index (CPI) inflation, which disregards volatile fresh food prices, rose an annualized 2.3% as expected in December, data from the Statistics Bureau showed. The reading fell further from the 2.5% seen in November. The core CPI index was also at its lowest level since July 2022. A core reading that disregards both fresh food and energy fell to 3.7% from 3.8% in the prior month. The reading is closely watched by the BOJ as an indicator of underlying inflation, and was now well below a 40-year peak hit in 2023.
Dollar gains for fifth straight session on solid labor data The 10-year government bond yield (interpolated) on the previous trading day was 2.77, +2.15 bps. The benchmark government bond yield (LB31DA) was 2.75, +2.00 bps. Meantime, the latest closed US 10-year bond yields was 4.14, +4.00 bps. USDTHB on the previous trading day closed around 35.59 Moving in a range of 35.51-35.58 this morning. USDTHB could be closed between 35.35-35.65 today. The dollar index climbed for a fifth straight session on Thursday after labor market data showed job growth, keeping expectations for an interest rate cut from the Federal Reserve in check. The US dollar index, which measures the currency against a basket of six peers, was up 0.14% at 103.47, after reaching 103.69, its highest since Dec. 13. It was on track for its fifth straight session of gains, its longest streak since August. Expectations for a cut from the Fed in March of at least 25 basis points (bps) are currently at 57.1%, according to CME's FedWatch Tool, compared with 55.5% in the prior session and a decline from the 73.2% a week ago. A separate report from the US Commerce Department showed single-family homebuilding took a breather in December after a recent stretch of gains. New construction remains underpinned by a shortage of previously owned houses for sale. Fed officials, including Governor Christopher Waller this week, have pushed back against expectations of an aggressive round of rate cuts, suggesting the speed and timing will be slower than market participants had initially priced in.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
