- USDTHB: moving in the range 33.32-33.435 this morning supportive level at 33.20 resistance level at 33.50
- SET Index: 1,468.5 (+0.79%), 10 Oct 2024
- S&P 500 Index: 5,780.1 (-0.21%), 10 Oct 2024
- Thai 10-year government bond yield (interpolated): 2.54 (-0.71 bps), 10 Oct 2024
- US 10-year treasury yield: 4.09 (+3.00 bps), 10 Oct 2024
- US consumer prices rise above expectations in September
- US Initial jobless claims surge, highest in more than a year
- BOK cuts rates as slumping economy slows inflation
- China to lift ban on Australian lobster imports by year-end
- Dollar trades flat in the messy US CPI and labor data release aftermath
US consumer prices rise above expectations in September
The Labor Department's Bureau of Labor Statistics reported that the US consumer price index (CPI) increased 0.2%mom last month after gaining 0.2%mom in August slightly above expectation of 0.1%mom. On annual basis, the CPI climbed 2.4%YoY, that was the smallest rise since February 2021 and followed a 2.5%YoY advance in August. The core CPI increased 0.3%mom in September after rising 0.3%mom in August or advanced 3.3%YoY followed a 3.2%YoY gain in August. Still, food prices have jumped nearly 25% from pre-pandemic levels. Restaurant food prices increased 0.3%mom from last month and clothing prices rose 1.1%mom. Gasoline prices have declined 4.1%mom, or 15.3% contraction compared to last year.
US Initial jobless claims surge, highest in more than a year
The Labor Department reported Thursday that applications for jobless claims jumped by 33K to 258K for the week of October 3. That’s the most since August 5, 2023, and notably higher than the forecasted number of 231K. it was indicated a larger than expected increase in unemployment claims. Furthermore, the current data also surpasses the previous figure of 225K. The increase from the previous figure to the actual figure represents a substantial rise in jobless claims, further emphasizing the potential economic concerns. Further details of the publication revealed that the advance seasonally adjusted insured unemployment rate was 1.2% and the 4-week moving average was 231K, increase of 6.75K from the previous week's unrevised average.
BOK cuts rates as slumping economy slows inflation
The Bank of Korea (BOK) lowered its benchmark interest rate by a quarter percentage point to 3.25% at its monetary policy review, which is the first time cut in four and a half years. Gross domestic product contracted in the second quarter, private consumption is falling and headline inflation in September undershot the bank's 2% target. Concerns over Seoul's hot housing markets and households ramping up debt had been delaying the bank's policy pivot, but a cooling in transactions in the last few weeks has given policymakers some room to focus on driving growth.
China to lift ban on Australian lobster imports by year-end
Prime Minister Anthony Albanese said on Thursday, China will resume imports of Australian lobster by year-end, marking the end of a four-year diplomatic fight that saw tens of billions of dollars of Australian exports locked out of China. He agreed on the timeline to resume full lobster trade by year end during a meeting with Chinese Premier Li Qiang on the sidelines of the Association of Southeast Asian Nations meeting in Laos. China first imposed unofficial bans and tariffs on Australian goods ranging from coal to wine and rock lobster in late 2020 after years of tensions that culminated in Canberra calling for an inquiry into the early COVID-19.
Dollar trades flat in the messy US CPI and labor data release aftermath
The 10-year government bond yield (interpolated) on the previous trading day was 2.54, -0.71 bps. The benchmark government bond yield (LB346A) was 2.545, -0.5 bps. Meantime, the latest closed US 10-year bond yields was 4.09, +3.00 bps. USDTHB on the previous trading day closed around 33.44 Moving in a range of 33.32-33.435 this morning. USDTHB could be closed between 33.20-33.50 today. Dollar was up slightly by 0.1% in choppy trading after hitting its highest since August 15. Dollar was trading in a tight range in the wake of Thursday’s labor data report release showed signs of labor market weakness and a higher-than-expected rise in U.S. inflation in September. The Euro dropped to its lowest since August 9 against the dollar and was down 0.17% while the British pound seems to face some selling pressure and slip back to the 1.3050 area, down modestly for the day.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
