- USDTHB: moving in the range 33.12-33.195 this morning supportive level at 33.00 resistance level at 33.30
- SET Index: 1,442.7 (-0.60%), 3 Oct 2024
- S&P 500 Index: 5,699.9 (-0.17%), 3 Oct 2024
- Thai 10-year government bond yield (interpolated): 2.516 (+1.51 bps), 3 Oct 2024
- US 10-year treasury yield: 3.85 (+6.00 bps), 3 Oct 2024
- US service sector activity reaches a 1.5-year high, but employment declines
- Initial jobless claims climb to 225,000
- US factory orders unexpectedly fall in August
- Dollar rises ahead of key payrolls report, supported by Middle East turmoil
US service sector activity reaches a 1.5-year high, but employment declines
U.S. services sector activity surged to a 1.5-year high in September, driven by robust growth in new orders, indicating that the economy remained strong in the third quarter. The ISM Services PMI rose significantly to 54.9 from 51.5, exceeding all analyst forecasts. This growth was primarily fueled by increases in new orders and business activity, which reached 59.4 (up from 53.0) and 59.9 (up from 53.3), respectively. However, the inflation indicator for prices paid also increased to 59.4 from 57.3, while the employment component slipped into contraction. inventory sentiment declined, but Supplier Deliveries improved to above 50, and there were varying increases in imports, exports, and backlog of orders.
Initial jobless claims climb to 225,000
The number of Americans filing first-time claims for state unemployment benefits rose more than expected last week but remained close to a four-month low reached the previous week. Initial Jobless Claims increased to 225,000 from 219,000, surpassing the forecast of 220,000. Continued claims for the prior week held steady at 1.826 million, below the consensus estimate of 1.832 million. The four-week average for initial claims fell to 224,250 from 225,000, while unadjusted claims totaled 181,000, down from 182,000. Seasonal adjustments had predicted a decline of 5,600. Economists noted a rise in claims in Washington over the last two weeks, likely linked to the Boeing strike. The data also indicated no significant impact from Hurricane Helene, although it and the port strikes are expected to raise claims in the coming weeks.
US factory orders unexpectedly fall in August
New orders for U.S.-manufactured goods unexpectedly declined in August, indicating a pullback in business spending on equipment for the third quarter. Factory orders fell by 0.2% following a slightly revised 4.9% increase in July. Economists had anticipated no change in factory orders after the previously reported 5.0% rise in July. Additionally, orders for non-defense capital goods excluding aircraft, which are considered a gauge of business spending on equipment, rose by 0.3% in August, revised from an earlier estimate of 0.2%. However, shipments of core capital goods decreased by 0.1%, rather than the 0.1% increase reported last month. Non-defense capital goods orders fell by 1.3%, matching initial estimates.
Dollar rises ahead of key payrolls report, supported by Middle East turmoil
The 10-year government bond yield (interpolated) on the previous trading day was 2.516, +1.51 bps. The benchmark government bond yield (LB346A) was 2.505, +1.5 bps. Meantime, the latest closed US 10-year bond yields was 3.85, +6.00 bps. USDTHB on the previous trading day closed around 33.05 moving in a range of 33.12 – 33.195 this morning. USDTHB could be closed between 33.00 – 33.30 today. The dollar continued its upward trend this week, testing the 102.00 level amid ongoing tensions in the Middle East and following a series of data releases, including a much stronger-than-expected US ISM Services figure. Attention now shifts to the upcoming NFP report on Friday. The euro faced slight pressure but remained above the 1.1000 level, with mixed results from the Services and Composite PMI releases in the eurozone. The Japanese yen weakened slightly against the dollar, but USD/JPY movement was limited, facing resistance at the 147.00 level.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
