- USDTHB: moving in the range 34.49-34.52 this morning supportive level at 34.35 resistance level at 34.65
- SET Index: 1,460.1 (+0.50%), 19 Nov 2024
- S&P 500 Index: 5,917.0 (+0.40%), 19 Nov 2024
- Thai 10-year government bond yield (interpolated): 2.446 (-0.22 bps), 19 Nov 2024
- US 10-year treasury yield: 4.39 (-3.00 bps), 19 Nov 2024
- US single-family housing starts slump; high mortgage rates remain a challenge
- Escalation of Ukraine War drives traders towards safe-haven assets
- Japan’s exports rise despite global risks, aiding recovery
- Thailand to launch second phase of stimulus program in January
- US Dollar fluctuates as Russia-Ukraine tensions impact risk sentiment
US single-family housing starts slump; high mortgage rates remain a challenge
US privately-owned housing starts fell 3.1% in October, from 1.353 million to 1.311 million, below the 1.33 million forecast. Single-family starts dropped 6.9% to 970,000, while multi-family starts were 326,000. Building permits declined 0.6%, from 1.425 million to 1.416 million. Analysts attributes some weakness to hurricane impacts but expects a rebound in the South as rebuilding begins. They forecast gradual improvement in starts, but note risks from high mortgage rates, labor shortages, and potential policy effects from President-elect Trump.
Escalation of Ukraine War drives traders towards safe-haven assets
Vladimir Putin issued a decree permitting Russia to use nuclear weapons if it faces a conventional attack on its territory, while Ukraine launched its first strike inside Russia using US-supplied ATACMS missiles. In response to Putin’s decision, Washington stated it would not change its nuclear posture.
Japan’s exports rise despite global risks, aiding recovery
Japan’s exports exceeded expectations in October, rising 3.1% year-on-year despite ongoing uncertainties in key international markets. This marked a rebound after a 10-month streak of growth was broken in September. The increase was stronger than the 1% growth forecast. Imports also rose by 0.4%, defying economists' predictions of a 1.9% decline. The trade deficit grew to ¥461.2 billion ($2.98 billion), up from ¥294.1 billion. Exports of chip-making machinery and medical goods increased, while mineral fuel exports fell.
Thailand to launch second phase of stimulus program in January
Thailand's second phase of the "digital wallet" scheme will begin in January, distributing 40 billion baht ($1.16 billion) to 4 million people. The $14 billion stimulus program, launched in September, provides 10,000 baht ($289) to 45 million people, with a third of payments already made. Delays have hindered economic recovery, with growth at just 1.9% last year. The second round will prioritize those over 60, with payments expected by late January before the Lunar New Year.
US Dollar fluctuates as Russia-Ukraine tensions impact risk sentiment
The 10-year government bond yield (interpolated) on the previous trading day was 2.446, -0.22 bps. The benchmark government bond yield (LB346A) was 2.42, -1.0 bps. Meantime, the latest closed US 10-year bond yields was 4.39, -3.00 bps. USDTHB on the previous trading day closed around 34.61, moving in a range of 34.49 – 34.52 this morning. USDTHB could be closed between 34.35 – 34.65 today. The dollar saw choppy trading, initially supported by a risk-off sentiment driven by heightened geopolitical tensions from the Ukraine-Russia conflict. However, as the sell-off in risk assets slowed, the dollar gave up its gains, leaving the index unchanged by the end of the day. The euro recovered from early losses, stabilizing as the dollar fluctuated, with EUR/USD capped at 1.0600 resistance, following in-line final HICP data for October. The Japanese yen benefited from early safe-haven demand, pushing USD/JPY below 154.00, but it later rebounded, ending the day largely unchanged.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
