- USDTHB : moving in the range 35.30 – 35.45 this morning, supporting level of USDTHB is around 35.20 resistance level is around 35.50
- SET Index: 1,574.5 (+0.98%), 21 Jun 2022
- S&P 500 Index: 3,764.8 (+2.62%), 21 Jun 2022
- Thai 10-year government bond yield (interpolated) : 2.95% (-4.00bps), 21 Jun 2022
- US 10-year treasury yield: 3.31 (+6.00bps), 21 Jun 2022
- Wall Street sees higher probability of U.S. recession next year
- U.S. Existing Home Sales Slide for Fourth Straight Month
- UK manufacturers' price expectations fall to 9-month low
- Yen drops to fresh 24-year low vs U.S. dollar
Wall Street sees higher probability of U.S. recession next year
Goldman Sachs forecast a 30% chance of the U.S. economy tipping into recession over the next year, up from 15% earlier, following record-high inflation and a weak macroeconomic backdrop due to the Ukraine conflict. Meanwhile, economists at Morgan Stanley on Tuesday placed the odds of a U.S. recession for the next 12 months at around 35%. UBS also said a recession would be shallow if it does happen, but it does not expect one in the United States or globally in 2022 or 2023. The latest forecast comes about a week after the U.S. Federal Reserve rolled out its biggest rate hike since 1994 to stem a surge in inflation and as several other central banks also took aggressive steps to tighten monetary policy.
U.S. Existing Home Sales Slide for Fourth Straight Month
Existing home sales in the U.S. dropped for a fourth straight month in May, falling to a seasonally adjusted annual rate of 5.41M units, according to data from the National Association of Realtors.Sales declined by 3.4% compared to April and 8.6% on an yearly basis - the weakest reading since June 2020, but above analyst expectations of 5.39M. The data may suggest a cooling in the red-hot housing market, adding that home sales have essentially returned to the levels seen in 2019 prior to the pandemic.
UK manufacturers' price expectations fall to 9-month low
British manufacturers' expectations for higher prices fell to a nine-month low in June, in a rare sign of softening price pressures at a time when consumer price inflation is soon expected to reach double digits. The Confederation of British Industry's monthly industrial price balance - which show firms' expectations for selling prices over the next three months - dropped to +58 in June from +75 in May, its lowest since September. The index is still far above its long-run average of +5. Manufacturers in the CBI survey expect slower growth over the next three months, although a backlog of orders is cushioning the impact of weaker demand, at least temporarily.
Yen drops to fresh 24-year low vs U.S. dollar
The 10-year government bond yield (interpolated) on the previous trading day was 2.95, -4.00 bps. The benchmark government bond yield (LB31DA) was 2.88, -1.00 bps. LB31DA could be between 2.83-2.93. Meantime, the latest closed US 10-year bond yields was 3.31%, +6.00bps. USDTHB on the previous trading day closed around 35.39 Moving in a range from 34.30-35.45 this morning. USDTHB could be closed between 35.30-35.60 today. The Japanese yen plunged against the U.S. dollar on Tuesday to its lowest since October 1998, as the Bank of Japan's ultra-loose monetary policy was in stark contrast to an aggressive Federal Reserve determined to stamp out soaring inflation. The yen dropped to a new 24-year low of 136.455 per dollar, extending losses which have already seen it shed more than 18% of its value versus the greenback this year.
Sources : ttb analytics , Bloomberg, CNBC, Investing, CEIC
