- USDTHB : moving in the range 34.80 - 34.99 this morning, supporting level of USDTHB is around 34.93 resistance level is around 35.00
- SET Index: 1,593.5 (-0.59%), 15 Jun 2022
- S&P 500 Index: 3,790.0 (+1.45%), 15 Jun 2022
- Thai 10-year government bond yield (interpolated) : 3.09% (-4.05 bps), 15 Jun 2022
- US 10-year treasury yield: 3.33 (-16.00 bps), 15 Jun 2022
- Fed hikes its benchmark interest rate by 0.75 percentage point
- European Central Bank holds emergency meeting to discuss market rout
- Japan Runs Biggest Trade Deficit in More Than 8 Years in May
- US stock futures climbed higher on Thursday
Fed hikes its benchmark interest rate by 0.75 percentage point The Federal Reserve raised its benchmark interest rates three-quarters of a percentage point in its most aggressive hike since 1994. The rate-setting Federal Open Market Committee took the level of its benchmark funds rate to a range of 1.5%-1.75%, the highest since just before the Covid19 pandemic began in March 2020. According to the “dot plot” of individual members’ expectations, the Fed’s benchmark rate will end the year at 3.4%, an upward revision of 1.5 percentage points from the March estimate. Officials also significantly cut their outlook for 2022 GDP growth, now anticipating just a 1.7% gain, down from 2.8% from March and year-end inflation projections was revised upwards by 0.9 percentage points to 5.2% this year.
European Central Bank holds emergency meeting to discuss market rout The ECB held an emergency monetary policy meeting Wednesday, after bond yields surged for many governments across the euro zone. The difference between Italian and German bond yields widened to its highest margin since early 2020. The market reaction expressed its expectation to see the ECB addressing concerns over financial fragmentation and indeed provide some clarity about what sort of measures it might take to support highly indebted nations. Isabel Schnabel, a member of the ECB’s executive board said: “Our commitment to the euro is our anti-fragmentation tool. This commitment has no limits. And our track record of stepping in when needed backs up this commitment.”, being one of the most defining moments in the ECB’s history after the words “whatever it takes” to safeguard the common currency by President Draghi in 2012.
Japan Runs Biggest Trade Deficit in More Than 8 Years in May Japan ran its biggest single-month trade deficit in more than eight years in May as high commodity prices and declines in the yen swelled imports, clouding the country's economic outlook. Imports soared 48.9% in the year to May, above a median market forecast for a 43.6% gain. This attributes to the surge of mineral fuels purchases to 147.8%, boosted by petroleum (147.2%) and LNG (154.7%); and those of electrical machinery climbed 36.0%, led by semiconductors (70.7%). The import figure outpaced a 15.8% year-on-year rise in exports in the same month, resulting in a 2.385 trillion yen ($17.80 billion) trade deficit, the largest shortfall in a single month since January 2014. Exports increased to the US (13.6%), Hong Kong (22.6%), Taiwan (20.1%), South Korea (41.6%), Singapore (29.9%), Thailand (20.2%), Malaysia (28.3%), and Australia (19.6%). By contrast, exports to China and Germany dropped by 0.2%, each.
US stock futures climbed higher on Thursday The 10-year government bond yield (interpolated) on the previous trading day was 3.09, -4.05 bps. The benchmark government bond yield (LB31DA) was 3.02, -3.00 bps. LB31DA could be between 2.97-3.07. Meantime, the latest closed US 10-year bond yields was 3.33, -16.00 bps. USDTHB on the previous trading day closed around 35.08 Moving in a range from 34.80-34.99 this morning. USDTHB could be closed between 34.93-35.00 today. US stock futures climbed higher on Thursday after the Federal Reserve implemented the largest interest rate increase since 1994 but indicated that moves of that scale likely wouldn’t become common.
