- USDTHB: moving in the range 35.85-36.09 this morning, supporting level of USDTHB is around 35.85 resistance level is around 36.30
- SET Index: 1,631.6 (-0.12%), 24 Aug 2022
- S&P 500 Index: 4,128.7 (-0.22%), 24 Aug 2022
- Thai 10-year government bond yield (interpolated): 2.55 (-5.21 bps), 24 Aug 2022
- US 10-year treasury yield: 3.11 (+6.00 bps), 24 Aug 2022
- Eurozone manufacturing PMI hits 26-month low in August
- EU’s consumer confidence rose from the bottom
- Global oil price on the rise, U.S. crude oil inventories dropped by more than expected
- Britain's imports of goods from Russia fell to their 25-year lowest level in June
- 10-year US Treasury remaining above 3% looked ahead to the Fed’s speech
Eurozone manufacturing PMI hits 26-month low in
August
The eurozone manufacturing Purchasing Managers Index (PMI)
plunged to its lowest in the last 26 months at 49.7 in August, according to
preliminary figures. The composite PMI index also hit its 16-month low at 49.2.
The overall drop in output was again driven by a contraction in the
manufacturing sector, where production fell for the third month running and at
a solid pace.
EU’s consumer confidence rose from the bottom The European Commission announced the flash estimate that the Consumer Confidence Indicator for the euro area rose by 2.1 points to -24.9 in August from July's record low of -27, and the EU recovered 1.0 point to -26.0. However, consumer confidence remains below its historical low at the onset of the COVID-19 pandemic in spring 2020.
Global oil price on the rise, U.S. crude oil inventories dropped by more than expected According to the Energy Information Administration (EIA) reported that U.S. crude inventories fell by 3.3 million barrels in the week to August 19 to 421.7 million barrels, compared with analysts' expectations in a Reuters poll for a 933,000-barrel drop. After rebounding last week. Overall U.S. gasoline demand sunk in the most recent period, leaving the four-week average of daily gasoline product supplied 7%yoy. Distillate stockpiles, which include diesel and heating oil, fell by 661,000 barrels in the week to 111.6 million barrels. Moreover, Saudi Arabia also suggested the Organization of the Petroleum Exporting Countries (OPEC) could consider cutting output, though bearish economic signals from central bankers and falling equities weighed. Brent oil prices then were modestly higher this morning at 101.97 USD/barrel for the first-time during a few months.
Britain's imports of goods from Russia fell to their 25-year lowest level in June The Office for National Statistics reported that imports of goods from Russia were 33 million pounds ($39 million) in June, a 96.6% fall compared with the average monthly imports in the 12 months before the invasion in February this year. In June, Britain also imported no fuel from Russia for the first time ever. Russia was the UK's largest supplier of refined oil in 2021. However, British exports to Russia recorded a slight month-on-month increase in June but have still dropped by two-thirds compared with the monthly average for the 12 months to February. The British government has banned the import of some Russian products and hiked tariffs on others as part of its sanctions package and will phase out imports of Russian oil and oil products by the end of 2022.
10-year US Treasury remaining above 3% looked ahead to the Fed’s speech The 10-year government bond yield (interpolated) on the previous trading day was 2.55, -5.21 bps. The benchmark government bond yield (LB31DA) was 2.47, -5.0 bps. LB31DA could be between 2.40-2.50. Meantime, the latest closed US 10-year bond yields was 3.11, +6.00 bps. USDTHB on the previous trading day closed around 36.05 Moving in a range of 35.85-36.09 this morning. USDTHB could be closed between 35.85-36.30 today. The 10-year Treasury yield rose remaining above the 3% for a few consecutive days after surpassing it for the first time in a month in the previous session. The dollar continues to draw ample strength from risk aversion and fears over the Fed reasserting its hawkish direction on Jackson Hole this Friday (August 26).
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
