- USDTHB: moving in the range 36.54-36.64 this morning supportive level at 36.50 resistance level at 36.70
· SET Index: 1,337.3 (-0.62%), 4 June 2024
· S&P 500 Index: 5,291.3 (+0.26%), 4 June 2024
· Thai 10-year government bond yield (interpolated): 2.80 (-1.70 bps), 4 June 2024
· US 10-year treasury yield: 4.33 (-8.00 bps), 4 June 2024
- US job openings slip by more than expected in April
- Japan real wages down for 25th month in row but improving steadily
- China services activity grows more than expected in May
- US dollar drifts higher from multi-month lows; yen gains
US job openings slip by more than expected in April The number of job openings in the US fell by more than anticipated in April, in a possible sign of waning labor demand ahead of the Federal Reserve's upcoming June policy meeting. Job openings slipped to 8.059 million as of the last business day of the month, dropping from a downwardly revised total of 8.355 million in March, according to data from the Bureau of Labor Statistics. Economists had predicted a reading of 8.370 million. The biggest decreases in job openings were in the health care and social assistance sectors, which offset an uptick in private education services. Meanwhile, layoffs and "quits" seen as more reliable indicators of labor demand than the openings figure were little changed at 1.5 million and 3.5 million, respectively. The Fed, which is widely tipped to keep interest rates on hold at more than two-decade highs next week, has previously targeted cooling the US labor market as a major pillar of its ongoing push to corral inflation.
Japan real wages down for 25th month in row but improving steadily Japan's inflation-adjusted real wages fell in April from a year earlier but slowed the pace of decline as the Bank of Japan looks for early signs of achieving a positive cycle of rising wages and inflation that would allow it to lift interest rates. Labor ministry data out on Wednesday showed real wages fell 0.7% year-on-year in April, extending a record streak of 25 consecutive monthly declines as higher living costs outweighed pay raises. But it was a slower pace of decline than the preceding month's 2.1% drop. The previous record was a 23-month run of declines in real wages from 2007 to 2009 during the global financial crisis, which had led to millions of job losses. This time, stubborn inflation was to blame for sliding real wages, with consumer inflation of 2.9% outpacing nominal wages.
China services activity grows more than expected in May China’s services sector grew more than expected in May, private purchasing managers index data showed on Wednesday, as persistent stimulus measures from Beijing benefited some facets of the economy. The Caixin services PMI rose to 54 in May, more than expectations of 52.6 and higher than the 52.5 reading in April. Increased new business- on improving local and overseas demand- were a key boost to the sector. Wednesday’s reading showed the services PMI expanding for a 17th consecutive month. Still, the Caixin data contrasted with official PMI data released last week, which showed that non-manufacturing activity grew at a slower pace in May than April. But the Caixin PMI survey differs from the official survey in its scope and areas covered. The Caixin survey covers smaller, private businesses in southern China, while the official survey focuses more on larger, state-run businesses in the north.
US dollar drifts higher from multi-month lows; yen gains The 10-year government bond yield (interpolated) on the previous trading day was 2.80, -1.70 bps. The benchmark government bond yield (LB31DA) was 2.83, -3.00 bps. Meantime, the latest closed US 10-year bond yields was 4.33, -8.00 bps. USDTHB on the previous trading day closed around 36.58. Moving in a range of 36.54-36.64 this morning. USDTHB could be closed between 36.50-36.70 today. The US dollar on Tuesday edged higher from its more than two-month lows against the euro, sterling and Swiss franc, as investors consolidated gains in other currencies ahead of a key nonfarm payrolls report later this week. The greenback, however, pared gains against a basket of currencies led by the euro, extending losses versus the yen after US job openings fell more than expected in April to their lowest in more than three years, according to the Job Openings and Labor Turnover Survey, or JOLTS report. Job openings, a measure of labor demand, were down 296,000 to 8.059 million on the last day of April, the lowest since February 2021.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
