- USDTHB: moving in the range 35.19-35.28 this morning supportive level at 35.15 resistance level at 35.45
- SET Index: 1,296.3 (+0.44%), 8 Aug 2024
- S&P 500 Index: 5,319.3 (+2.28%), 8 Aug 2024
- Thai 10-year government bond yield (interpolated): 2.602 (-0.50 bps), 8 Aug 2024
- US 10-year treasury yield: 3.99 (+3.0 bps), 8 Aug 2024
- U.S. weekly jobless claims fell more than expected
- Fed has "time" to assess the economic slowdown, says Barkin
- China’s auto market hits milestone with EVs and hybrids making up half of July sales
- Dollar gains after US jobless claims fall more than expected
U.S. weekly jobless claims fell more than expected
Last week, the number of new unemployment benefit applications in the U.S. decreased more than anticipated, indicating that concerns about a deteriorating labor market may have been exaggerated. The Labor Department reported a drop of 17,000 in initial claims, bringing the total to a seasonally adjusted 233,000 for the week ending August 3—marking the largest decrease in nearly a year. This was better than the 240,000 claims economists had predicted. Since June, claims had been trending upward, partly due to fluctuations related to temporary vehicle plant closures for updates and disruptions from Hurricane Beryl in Texas. Additionally, the number of people continuing to receive benefits after the initial week rose by 6,000, reaching a seasonally adjusted total of 1.875 million.
Fed has "time" to assess the economic slowdown, says Barkin
Fed's Barkin stated that lowering rates in July would require either clear signs of a labor market downturn or confidence in managing inflation. He’s optimistic about future inflation and notes that while hiring has slowed, layoffs remain minimal. Barkin is concerned about job growth stalling and highlighted that increased labor supply might raise the unemployment rate. He sees falling wages as a sign of labor market normalization and suggests there’s time to determine if the economy is stabilizing or if more action is needed.
China’s auto market hits milestone with EVs and hybrids making up half of July sales
In July, half of all vehicles sold in China were new electric or plug-in hybrid models, marking a significant lead over Western markets in EV adoption. NEV sales soared 37% year-over-year to a record 50.7% of total car sales. This growth contrasts with the U.S., where electric and hybrid vehicle sales were 18% in the first quarter. Despite strong NEV growth and record sales for brands like BYD and Li Auto, overall car sales in China dropped 3.1% due to weak consumer confidence amid a prolonged property market crisis.
Dollar gains after US jobless claims fall more than expected
The 10-year government bond yield (interpolated) on the previous trading day was 2.602, -0.50 bps. The benchmark government bond yield (LB346A) was 2.59, -2.00 bps. Meantime, the latest closed US 10-year bond yields was 3.99, +3.0 bps. USDTHB on the previous trading day closed around 35.45 moving in a range of 35.19 – 35.28 this morning. USDTHB could be closed between 35.15 - 35.45 today. The Dollar Index rose after weekly Initial Jobless Claims data came in lower than expected, peaking at 103.54 before easing back. The Euro, closely tied to the Dollar, remained relatively flat ahead of the APAC session but fell to 1.0883 against the USD after the jobless claims report, before recovering above 1.0900. The Japanese yen continued to decline, marking its third straight day of losses, as safe-haven currencies weakened. The key driver was the US Jobless Claims data, which pushed USD/JPY above 147.00.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics,
Investing, CEIC
