- USDTHB: moving in the range 34.13-34.175 this morning supportive level at 34.00 resistance level at 34.30
- SET Index: 1,397.8 (-0.22%), 26 Dec 2024
- S&P 500 Index: 6,037.6 (-0.04%), 26 Dec 2024
- Thai 10-year government bond yield (interpolated): 2.267 (+0.27 bps), 26 Dec 2024
- US 10-year treasury yield: 4.58 (-1.0 bps), 26 Dec 2024
- U.S. jobless claims decline, but unemployment duration increases
- Tokyo inflation rises as subsidies are temporarily removed
- World Bank raises China's GDP forecast for 2024 and 2025
- The Japanese yen remains below 158 level after the release of Japanese data
U.S. jobless claims decline, but unemployment duration increases
Initial jobless claims decreased slightly as layoffs remain low. For the week ending Dec. 21, claims for state unemployment benefits dropped by 1,000 to a seasonally adjusted 219,000, below the forecast of 224,000. Meanwhile, continuing claims, which indicate the number of people still receiving benefits, increased to 1.91 million for the week ending Dec. 14. This marked the highest level in over three years, suggesting it’s taking longer for the unemployed to secure new jobs. Continuing claims have been steadily rising this year, reflecting challenges in the job market.
Tokyo inflation rises as subsidies are temporarily removed
Inflation in Tokyo accelerated for the second consecutive month in December, as the government phased out utility subsidies, likely fueling expectations of an interest rate hike next year. Core CPI, which excludes volatile fresh food items, increased 2.4% year-on-year in December, slightly below the expected 2.5% and up from 2.2% the previous month. The rise was mainly driven by higher energy prices after the removal of subsidies for gas and electricity bills, which had previously reduced the overall price index by 0.31 percentage points. A core measure excluding both energy and fresh food costs rose 1.8% in December, down from 1.9% in the prior month. Meanwhile, headline CPI inflation climbed to 3.0%, up from 2.6% the previous month.
World Bank raises China's GDP forecast for 2024 and 2025
The World Bank has upgraded its growth forecast for China, expecting a 4.9% GDP expansion in 2024 and 4.5% in 2025. These revisions are driven by stronger exports and recent policy measures aimed at stabilizing the economy, such as supporting the property sector and boosting consumer spending. This represents a slight increase of 0.1 percentage points for 2024 and 0.4 percentage points for 2025 compared to previous projections. However, the World Bank cautions that challenges remain, including weak household confidence, high local government debt, and a prolonged downturn in the property market, which continue to impact economic activity.
The Japanese yen remains below 158 level after the release of Japanese data
The 10-year government bond yield (interpolated) on the previous trading day was 2.267, +0.27 bps. The benchmark government bond yield (LB346A) was 2.233, +0.36 bps. Meantime, the latest closed US 10-year bond yields was 4.58, -1.0 bps. USDTHB on the previous trading day closed around 34.23, moving in a range of 34.13 – 34.175 this morning. USDTHB could be closed between 34.00 – 34.30 today. Trading volumes were generally low on Thursday, as many traders were on holidays between the Christmas break on Wednesday and the upcoming New Year holiday next week. The dollar index remained around the 108 level. The Japanese yen fell to a five-month low of 158 per dollar, following comments from Bank of Japan Governor Kazuo Ueda, before recovering slightly on Friday after data showed inflation in Tokyo had accelerated for a second consecutive month in December. Meanwhile, the euro experienced a slight gain overnight, reaching approximately 1.0420, before dipping to around 1.0415 during Friday's Asian trading session.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
