- USDTHB: moving in the range 33.64-33.66 this morning supportive level at 33.50 resistance level at 33.80
- SET Index: 1,451.2 (-0.13%), 29 Oct 2024
- S&P 500 Index: 5,832.9 (+0.16%), 29 Oct 2024
- Thai 10-year government bond yield (interpolated): 2.439 (+2.00 bps), 29 Oct 2024
- US 10-year treasury yield: 4.28 (+0.00 bps), 29 Oct 2024
- US job openings hit a three-and-a-half-year low in September
- US consumer confidence rebounds in October
- China considers $1.4 trillion fiscal stimulus plan
- Thailand maintains inflation target for next year with conditions
- The dollar steadies ahead of important economic data
US job openings hit a three-and-a-half-year low in September
U.S. job openings fell to the lowest level in more than 3-1/2 years in September and data for the prior month was revised down, pointing to a considerable easing in labor market conditions. Job openings decreased to 7.443 million from a revised figure of 7.861 million, falling short of the consensus estimate of 8.0 million and the lowest analyst projection of 7.775 million. Meanwhile, the quits rate decreased to 1.9% from 2.0%. Despite the significant shortfall in job openings, analysts pointed out that the decline was primarily seen in the South and likely influenced by Hurricane Helene.
US consumer confidence rebounds in October
U.S. consumer confidence reached a nine-month high in October, hitting 108.7—well above the expected 99.5 and last month's 99.2. The Present Situation index rose by 14.2 points to 138.0, while the Expectations Index increased by 6.3 points to 89.1. Consumers had a positive outlook on current business conditions, noting improved job availability and reduced concerns about job scarcity. They also expressed greater optimism for future business conditions.
China considers $1.4 trillion fiscal stimulus plan
China is considering over 10 trillion yuan ($1.4 trillion) in additional borrowing to support the economy and manage local government debt risks. This fiscal stimulus may be approved at a legislative meeting from November 4-8 and includes 6 trillion yuan in debt over three years for off-balance-sheet debt, plus 4 trillion yuan in bonds for regional governments to purchase idle land and properties. The package could expand if Donald Trump wins reelection, as he may increase economic challenges for China.
Thailand maintains inflation target for next year with conditions
Thai authorities have reached a preliminary agreement to maintain the inflation target at 1% to 3% for the upcoming year. This target, set in 2020, could be extended to 2025 if the Bank of Thailand implements policies to raise inflation to 2%. The Finance Ministry supports the central bank's plan to keep the CPI band unchanged, provided it promotes growth, inflation, and addresses household debt. Both the Finance Ministry and the Bank of Thailand must jointly agree on the price target, which also requires cabinet approval to become official.
The dollar steadies ahead of important economic data
The 10-year government bond yield (interpolated) on the previous trading day was 2.439, +2.00 bps. The benchmark government bond yield (LB346A) was 2.43, +2.0 bps. Meantime, the latest closed US 10-year bond yields was 4.28, +0.00 bps. USDTHB on the previous trading day closed around 33.77, moving in a range of 33.64 – 33.66 this morning. USDTHB could be closed between 33.50 – 33.80 today. The dollar remained stable, fluctuating within a narrow range. It initially gained ground alongside stronger US Treasury yields, reflecting typical 'Trump trade' behavior, but later weakened after a successful US 7-year auction boosted Treasuries. The market showed limited response to mixed US economic data. The euro returned to flat against the dollar after briefly dipping below the 1.0800 level amid low trading activity. The Japanese yen ultimately weakened, with USD/JPY experiencing volatile movements around the 153.00 level.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
