- USDTHB: moving in the range 35.30-35.41 this morning, supporting level of USDTHB is around 35.32 resistance level is around 35.45
- SET Index: 1,618.8 (+0.62%), 9 Aug 2022
- S&P 500 Index: 4,122.5 (-0.43%), 9 Aug 2022
- Thai 10-year government bond yield (interpolated): 2.51 (-2.13 bps), 9 Aug 2022
- US 10-year treasury yield: 2.80 (+3.00 bps), 9 Aug 2022
- US Labor Costs Rise More than Expected
- UK Retail Sales Rise on Hot Weather Spending
- China Inflation Rate at 2-Year High of 2.7%
- Asian shares track Wall Street losses ahead of U.S. inflation data
US Labor Costs Rise More than Expected
Unit labor costs in the US nonfarm business sector surged by
10.8 percent in the second quarter of 2022, above market forecasts and
following an upwardly revised 12.7 percent gain in the previous period. It
reflects a 5.7 percent increase in hourly compensation and a 4.6 percent
decrease in productivity. Over the last four quarters, unit labor costs
increased 9.5 percent, being the most significant gain since the first quarter
of 1982.This is due to an acute shortage of workers do
boosting wage growth. At the end of June, there were 10.7 million job openings.
The acceleration of unit labor costs suggests that strong wage pressures will
continue to keep inflation elevated at high level.
UK Retail Sales Rise on Hot Weather Spending Retail sales in the United Kingdom increased by 1.6% from the same period last year in July 2022, rising for the first time in five months. Spending on food and drink grew 1.8%yoy, while that of non-food and drink categories rose 1.2%yoy. Sales improved in July due to that the heatwave boosted sales of hot weather essentials. However, inflation pressures are likely to weigh on spending again when the summer ends. Analysts said the sales growth was due in large part to inflation, with overall prices significantly higher than the same period last year, while sales volume declined as higher costs continued to weigh on consumers.
China Inflation Rate at 2-Year High of 2.7% China's annual inflation rate rose to 2.7%yoy in July 2022, compared with market forecasts of 2.9%. For month-on-month basis, consumer prices rose 0.5% in July, the highest figure in five months. This was the fastest rise in consumer prices since July 2020, mainly due to a surge in food prices with cost of pork bouncing back sharply after a cut in production capacity and a strong recovery in demand. Food prices rose 6.3%, being the most in 22 months. Meanwhile, non-food inflation slowed to 1.9% from 2.5% last month with the cost continuing to rise for transportation & communication, 6.1% from 8.5% last month. China has set a target of CPI at around 3% for this year, the same as in 2021.
Asian shares track Wall Street losses ahead of U.S. inflation data The 10-year government bond yield (interpolated) on the previous trading day was 2.51, -2.13 bps. The benchmark government bond yield (LB31DA) was 2.43, -2.0 bps. LB31DA could be between 2.38-2.48. Meantime, the latest closed US 10-year bond yields was 2.80, +3.00 bps. USDTHB on the previous trading day closed around 35.48 Moving in a range of 35.30-35.41 this morning. USDTHB could be closed between 35.32-36.45 today. Asian shares fell and the dollar steadied on Wednesday as investors waited for a key U.S. report on inflation providing hints to the Federal Reserve's plans for future monetary tightening despite last week's unexpectedly strong U.S. jobs numbers.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
