- USDTHB: moving in the range 36.60-36.715 this morning supportive level at 36.50 resistance level at 36.75
· SET Index: 1,367.8 (-0.22%), 23 May 2024
· S&P 500 Index: 5,307.0 (-0.27%), 23 May 2024
· Thai 10-year government bond yield (interpolated): 2.82 (-1.22 bps), 23 May 2024
· US 10-year treasury yield: 4.47 (+4.00 bps), 23 May 2024
- US business activity quickens in May; price pressures building up
- US new home sales fall in April; prices rise from year ago
- Japan's inflation slows further, keeping BOJ cautious on further rate hikes
- Dollar higher on US business activity boost
US business activity quickens in May; price pressures building up U.S. business activity accelerated to the highest level in just over two years in May, but manufacturers reported a surge in prices for a range of inputs, suggesting that goods inflation could pick up in the months ahead. S&P Global said on Thursday that its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, jumped to 54.4 this month. That was the highest level since April 2022 and followed a final reading of 51.3 in April. A reading above 50 indicates expansion in the private sector. Economists polled by Reuters had forecast the index little changed at 51.1. The increase was driven by the services sector, with the flash PMI rising to 54.8 from 51.3 in April. The manufacturing flash PMI inched up to 50.9 from 50.0.
US new home sales fall in April; prices rise from year ago Sales of new U.S. single-family homes fell more than expected in April amid a resurgence in mortgage rates and higher prices, further evidence that the housing market was losing momentum in the second quarter. New home sales dropped 4.7% to a seasonally adjusted annual rate of 634,000 units last month, the Commerce Department's Census Bureau said on Thursday. The sales pace for March was revised lower to 665,000 units from the previously reported 693,000 units. Economists polled by Reuters had forecast new home sales, which account for more than 10% of U.S. home sales, would fall to a rate of 679,000 units. Sales plunged 20.9% in the Northeast and 7.3% in the West. They fell 4.8% in the densely populated South but increased 10.0% in the Midwest. New home sales are counted at the signing of a contract, making them a leading indicator of the housing market. They, however, can be volatile on a month-to-month basis.
Japan's inflation slows further, keeping BOJ cautious on further rate hikes Japan's core inflation slowed for a second straight month in April, likely signaling that the Bank of Japan will be patient in raising interest rates as consumption remains fragile. While inflation is tracking comfortably above the central bank's 2% target, policymakers are keen to see Japan's price impulse bears the stamp of sustainable domestic demand. The nationwide core consumer price index (CPI), which excludes fresh food items, rose 2.2% from a year earlier after gaining 2.6% in March, government data showed on Friday. It matched the median market forecast. The "core core" index, which excludes both fresh food and energy costs and is closely watched by the Bank of Japan as a key gauge of broader inflation trends, rose 2.4% after increasing 2.9% in March. That marked the slowest growth since September 2022.
Dollar higher on US business activity boost The 10-year government bond yield (interpolated) on the previous trading day was 2.82, -1.22 bps. The benchmark government bond yield (LB31DA) was 2.85, -3.00 bps. Meantime, the latest closed US 10-year bond yields was 4.47, +4.00 bps. USDTHB on the previous trading day closed around 36.53. Moving in a range of 36.65-36.715 this morning. USDTHB could be closed between 36.50-36.75 today. The dollar rose against the euro on Thursday after data showed U.S. business activity accelerated to the highest level in just over two years in May, suggesting that economic growth picked up half-way through the second quarter. S&P Global said that its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, jumped to 54.4 this month. That was the highest level since April 2022 and followed a final reading of 51.3 in April. Data on Thursday also showed the number of Americans filing new claims for unemployment benefits fell last week, pointing to underlying strength in the labor market that should continue to support the economy.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
