- USDTHB: moving in the range 35.52-35.67 this morning supportive level at 35.50 resistance level at 35.80
· SET Index: 1,368.2 (-0.58%), 26 Jan 2024
· S&P 500 Index: 4,891.0 (-0.07%), 26 Jan 2024
· Thai 10-year government bond yield (interpolated): 2.68 (-2.82 bps), 26 Jan 2024
· US 10-year treasury yield: 4.15 (+1.00 bps), 26 Jan 2024
- US prices rise moderately in December; inflation trending lower
- Euro zone inflation falling quicker than thought, data show
- China's industrial profits fell 2.3% in 2023
- US dollar slips after inflation data, Fed meeting looms next week
US prices rise moderately in December; inflation trending lower The personal consumption expenditures (PCE) price index increased 0.2% last month after dropping 0.1% in November, the Commerce Department's Bureau of Economic Analysis said. Food prices rose 0.1% and the cost of energy products increased 0.3%. In the 12 months through December, the PCE price index advanced 2.6%, matching November's gain. The inflation readings were in line with economists' expectations. Excluding the volatile food and energy components, the PCE price index climbed 0.2% after rising 0.1% in November. The so-called core PCE price index increased 2.9% year-on-year, the smallest gain since March 2021, after rising 3.2% in November. The Fed tracks the PCE price measures for its 2% inflation target. Monthly inflation readings of 0.2% over time are necessary to bring inflation back to target.
Euro zone inflation falling quicker than thought, data show Euro zone inflation could fall faster than expected this year as economic growth will remain anaemic, a raft of surveys and indicators, bolstering bets for an early start to European Central Bank interest rate cuts. The ECB kept interest rates unchanged on Thursday and insisted that even a discussion about rate cuts was premature because prices pressures have yet to be fully extinguished. But fresh figures show inflation is cooling quickly, growth is anaemic and lending growth is at best bottoming out after an exceptionally weak 2023. A key ECB survey now sees inflation at 2.4% this year, down from 2.7% seen three months ago and well below the 2.7% projected by ECB staff. In 2025, price growth could then average 2.0%, spot on the ECB's target, the Survey of Professional Forecasters, a key input in the bank's policy deliberations, showed.
China's industrial profits fell 2.3% in 2023 Profits at China's industrial firms fell 2.3% in 2023, their second straight yearly decline, due to sluggish demand at home and abroad, adding pressure on economic growth amid a deep property slump and deflationary risks. The drop followed a 4.4% profit fall in the first 11 months from the same period a year earlier, according to data from the National Bureau of Statistics (NBS) on Saturday. Last year's profits decline was chiefly due to sharply lower factory-gate prices, driven by over-capacity in some industries, said economist Nie Wen at Hwabao Trust in Shanghai. Industrial profits will likely rise by between 5% and 6% this year, as a slight improvement in demand and historic lows in inventories in China, Europe, the United States and Japan will lead to a rebound in industrial prices.
US dollar slips after inflation data, Fed meeting looms next week The 10-year government bond yield (interpolated) on the previous trading day was 2.68, -2.82 bps. The benchmark government bond yield (LB31DA) was 2.71, +0.40 bps. Meantime, the latest closed US 10-year bond yields was 4.15, +1.00 bps. USDTHB on the previous trading day closed around 35.67 Moving in a range of 35.52-35.67 this morning. USDTHB could be closed between 35.50-35.80 today. The US dollar inched lower on Friday, after data showed inflation rose modestly in December but was trending lower, which should keep the Federal Reserve on track to cut interest rates by the middle of the year. Volume faded in the afternoon ahead of the weekend and as investors braced next week for a slew of important US economic data such as non-farm payrolls for January and key events led by the Federal Open Market Committee meeting and the Treasury's refunding announcement. The latter will outline the US government's borrowing requirements for the upcoming quarter. On the week, the greenback was on track to post gains for four straight weeks. The dollar index was last down 0.1% at 103.41.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
