- USDTHB : moving in the range 34.65 – 34.72 this morning, supporting level of USDTHB is around 34.55 resistance level is around 34.75
- SET Index: 1,584.4 (-0.01%), 13 May 2022
- S&P 500 Index: 4,008 (-0.40%), 16 May 2022
- Thai 10-year government bond yield (interpolated) : 3.39% (-0.10 bps), 13 May 2022
- US 10-year treasury yield: 2.88 (-5.00bps), 16 May 2022
- NY Business Activity Shrinks in May
- Euro Area Posts Trade Gap for 5th Month
- RBA Sees More Rate Hikes: May Meeting Minutes
- Dollar Up, but Falls From 20-Year High While Yuan Pauses Tumble
NY Business Activity Shrinks in May
The New York Empire State Manufacturing Index surprisingly fell to -11.6 in May 2022 from 24.6 in April, missing market forecasts of 17. Business activity in the New York State declined after a strong growth last month, as new orders drpped and shipments fell at the fastest pace since early in the pandemic. Also, delivery times continued to lengthen and inventories expanded. Labor market indicators also pointed to a modest increase in employment.
Euro Area Posts Trade Gap for 5th Month
The Euro Area recorded a €16.4 billion trade gap in March, compared to a €22.5 billion surplus a year earlier. The deficit in energy trade almost tripled to €128.7 billion in the first three months of the year, as the war in Ukraine exacerbated an existing energy crisis in Europe, sending energy prices even higher. Imports soared 35.4% to a record high of €266.5 billion while exports increased at a softer 14% to €250.1 billion, also a record value. The European Union's trade deficit with Russia more than quadrupled to €45.2 billion in the first quarter and the trade gap with China, the biggest trading partner, almost doubled to €91.9 billion.
RBA Sees More Rate Hikes: May Meeting Minutes
Inflation in Australia had increased substantially in Q1 of 2022 and was above the target range of 2 to 3%, the minutes of the Reserve Bank of Australia's May meeting showed. It is expected to increase further in the near term before falling back towards the top of the target range by mid-2024. With that in mind, members viewed that there was a risk of inflation pressure building even further if it had waited any longer to raise the cash rate for the first time in over a decade. They also agreed that further increases in interest rates would likely be required to ensure that inflation returns to the target over time.
Dollar Up, but Falls From 20-Year High While Yuan Pauses Tumble
The 10-year government bond yield (interpolated) on the previous trading day was 3.39, -0.10 bps. The benchmark government bond yield (LB31DA) was 3.35, +8.00 bps. LB31DA could be between 3.30-3.40. Meantime, the latest closed US 10-year bond yields was 2.88%, -5.00bps. USDTHB on the previous trading day closed around 34.74 Moving in a range from 34.65-34.72 this morning. USDTHB could be closed between 34.55-34.75 today. The dollar was up on Tuesday morning in Asia as it continues its fight for a footing. The Chinese yuan found a floor from its recent drop, however, with investors reducing bets on rising U.S. interest rates leading to further gains for the U.S. currency. US equities failed to recover from last week's losses on Monday as prospects of aggressive Fed tightening, the war in Ukraine, and Covid-19 lockdowns in China weighted on investors' mood.
