- USDTHB: moving in the range 35.35-35.39 this morning supportive level at 35.25 resistance level at 35.50
· SET Index: 1,376.3 (+0.59%), 29 Jan 2024
· S&P 500 Index: 4,927.9 (+0.75%), 29 Jan 2024
· Thai 10-year government bond yield (interpolated): 2.65 (-2.27 bps), 29 Jan 2024
· US 10-year treasury yield: 4.08 (-7.00 bps), 29 Jan 2024
- US Congress negotiators reach deal on 12 gov't spending bills
- UK shop prices rise at slowest pace since May 2022
- China's January factory activity likely contracted but less sharply
- Dollar gains on euro before Fed meeting
US Congress negotiators reach deal on 12 gov't spending bills Bipartisan negotiators in the US Congress have reached agreement on the spending levels in the 12 bills that legislators would need to pass to avert a government shutdown beginning in early March. The agreement is the necessary next step after Republican House Speaker Mike Johnson and Democratic Senate Majority Leader Chuck Schumer agreed earlier in the year on a $1.59 trillion discretionary spending level for the fiscal year that began on Oct. 1. Congress will eventually have to pass the 12 bills to fund the government and avert a partial shutdown of federal agencies that would otherwise begin on March 1. The United States' $34.4 trillion national debt is rapidly escalating and has prompted worries in part because of the heavy interest payments now being borne by the Treasury Department.
UK shop prices rise at slowest pace since May 2022 Prices in British shops rose at the slowest annual pace since May 2022 this month, the British Retail Consortium (BRC) said, adding to signs of easing inflation pressures ahead of this week's Bank of England (BoE) policy decision. The BRC said shop price inflation dropped to 2.9% in January from 4.3% in December, driven by heavier discounting of goods in January sales this year than in 2023. Non-food prices were up 1.3%, the least since February 2022, while food prices rose 6.1% on the year - the smallest increase since June 2022 - as lower prices for tea and milk were partly offset by higher alcohol duties. Britain's headline rate of consumer price inflation, which covers a wider range of goods and services than the BRC data, rose to 4.0% in December from 3.9% in November, its lowest since September 2021.
China's January factory activity likely contracted but less sharply China's manufacturing activity in January likely shrank for the fourth straight month though at a slower pace than in December, a Reuters poll showed, indicating the country's sprawling sector was still struggling to regain momentum at the start of 2024. The official purchasing managers' index (PMI) likely nudged up to 49.2 in January from December's 49.0, according to the median forecast of 35 economists in a poll. The 50-point mark separates growth from contraction. The National Bureau of Statistics will release the PMI data on Wednesday, providing the first official snapshot of how the world's No.2 economy has started off the new year after a shakier-than-expected post-COVID recovery.
Dollar gains on euro before Fed meeting The 10-year government bond yield (interpolated) on the previous trading day was 2.65, -2.27 bps. The benchmark government bond yield (LB31DA) was 2.67, -3.00 bps. Meantime, the latest closed US 10-year bond yields was 4.08, -7.00 bps. USDTHB on the previous trading day closed around 35.59 Moving in a range of 35.35-35.39 this morning. USDTHB could be closed between 35.25-35.50 today. The dollar gained against the euro as investors prepared for the prospect that the Federal Reserve could push back against expectations of an imminent rate cut when it concludes its two-day meeting on Wednesday. Traders have cut odds that the US central bank will reduce rates in March to 48%, from 89% a month ago, according to the CME Group’s FedWatch Tool, as data reinforces a view that the US economy remains solid. That also contrasts to a weaker economic outlook for European countries, which is making the single currency relatively less attractive.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
