- USDTHB : moving in the range 34.25 – 34.35 this morning, supporting level of USDTHB is around 34.30 resistance level is around 34.50
- SET Index: 1,663.4 (+0.59%), 31 May 2022
- S&P 500 Index: 4,158.2 (+2.44%), 31 May 2022
- Thai 10-year government bond yield (interpolated) : 2.95% (+3.00bps), 31 May 2022
- US 10-year treasury yield: 2.85 (+11.00bps), 31 May 2022
- European Inflation Spiked in May, Rising Rate Hike Possibilities
- South Korea exports growth accelerates in May, China curbs hurt
- Australia's economy slows a little in Q1, demand still solid
- Dollar rises as inflation worries hurt risk sentiment
European Inflation Spiked in May, Rising Rate Hike Possibilities
Inflation in the Eurozone surged to a new record high in May, piling more pressure on the European Central Bank to end its money-printing and bring its key interest rates back above zero. Data from Eurostat showed consumer price inflation rose to 8.1% in the 12 months through May, up from 7.4% in April. Inflation excluding food and energy prices, watched closely by the ECB, accelerated to 4.4% year-on-year from 3.9%. The ECB has penciled in gradual interest rate increases in July and September but, after Tuesday's data, markets and at least one ECB rate-setter doubt that hikes worth 25 basis points each will be enough to tame fast price growth.
South Korea exports growth accelerates in May, China curbs hurt
South Korea's exports grew at a faster pace in May than a month earlier as a rise in shipments to Europe and United States more than offset disruptions to trade with China from its strict COVID restrictions. Exports rose 21.3% from a year earlier to $61.52 billion, trade ministry data showed on Wednesday. Shipments to the United States jumped 29.2% from a year earlier, above than April's 26.6%, while exports to the European Union gained 23.5%. Lockdowns in China have snarled logistics and supply chains, hammering trade in the region. Exports to China grew just 1.2% in May from a year earlier after declining 3.4% in April. Imports, meanwhile, jumped 32.0% to $63.22 billion. That brought the trade balance to a $1.71 billion deficit, after logging a $2.51 billion deficit in April.
Australia's economy slows a little in Q1, demand still solid
Australian economic growth slowed in the first quarter as a flood of imports and dismal weather proved a drag, but strength in domestic demand and mounting price pressures still set the scene for more hikes in interest rates. Data from the Australian Bureau of Statistics out on Wednesday showed gross domestic product (GDP) rose 0.8% in the March quarter from the previous quarter, topping market forecasts of a 0.5% gain. Annual growth ticked down to a still-solid 3.3%, from 4.2%, and most analysts expect that to accelerate again as cashed-up consumers seem happy to keep spending.
Dollar rises as inflation worries hurt risk sentiment
The 10-year government bond yield (interpolated) on the previous trading day was 2.95, +3.00 bps. The benchmark government bond yield (LB31DA) was 2.85, +4.00 bps. LB31DA could be between 2.83-2.98. Meantime, the latest closed US 10-year bond yields was 2.85%, +11.00bps. USDTHB on the previous trading day closed around 34.19 Moving in a range from 34.25-34.35 this morning. USDTHB could be closed between 34.25-34.50 today. The U.S. dollar strengthened across the board on Tuesday as Treasury yields climbed and worries over a further acceleration in global inflation depressed investors' risk appetite. The dollar was supported by demand for safe havens. U.S. stocks fell on Tuesday as soaring oil prices and hawkish comments from a U.S. Federal Reserve official spooked investors.
