- USDTHB: moving in the range 36.35-36.55 this morning, supporting level of USDTHB is around 36.30 resistance level is around 36.80
- SET Index: 1,622. (-0.01%), 5 Sep 2022
- S&P 500 Index: 3,924.3 (-1.08%), 2 Sep 2022
- Thai 10-year government bond yield (interpolated): 2.76 (-0.42 bps), 5 Sep 2022
- US 10-year treasury yield: 3.20 (-6.0 bps), 2 Sep 2022
· Euro zone business activity contracted to an 18-month low in August
· Germany announces 65 billion Euro in inflation relief package amid soaring energy prices
· “Liz Truss” wins race to become new U.K. prime minister
· OPEC+ surprises energy markets with a small production cut
· Euro fall below 0.99 against Dollar, the weakest since 2002
Euro zone business activity contracted to an 18-month low in August The S&P Global's final composite Purchasing Managers' Index (PMI) fell to an 18-month low of 48.9 in August from July's 49.9, below a preliminary 49.2 estimate. It was the second deteriorating month as demand shrunk, with customers wary of the deepening cost of living crisis and gloomy economic outlook curtailing their purchases. The new business index fell to 46.9 from 47.6, its lowest since November 2020. New orders also fell the most since February 2021 due to weak demand and jobs growth waned further.
Germany announces 65 billion Euro in inflation relief package amid soaring energy prices The German government has announced a 65 billion-Euro plan to help people and businesses cope with soaring prices as several European nations introduce emergency measures to prepare for a long winter in the wake of disruption in Russian gas supplies to Europe following the Ukraine war. The German government has reacted by activating the second stage of a three-level gas emergency plan, and it’s considering relaxing several of its core energy and environmental policies to mitigate the fallout, including extending the operation of nuclear and coal power plants it had planned to close.
“Liz Truss” wins race to become new U.K. prime minister The Britain’s Conservative Party announced on September 5 that its members had chosen Liz Truss to replace Boris Johnson as leader, turning to a hawkish diplomat, party stalwart and free-market champion to govern a country facing the gravest economic crisis in a generation. Her victory, by a margin of 57.4% to 42.6%, was widely expected in recent weeks after she took a commanding lead in the polls. It makes her Britain’s fourth prime minister in six years and third female leader, after Margaret Thatcher and Theresa May.
OPEC+ surprises energy markets with a small production cut The oil producers, OPEC and non-OPEC partners (OPEC+), decided to reduce production targets by about 100,000 barrels per day (bpd), amounting to only 0.1% of global demand, for October. The decision essentially maintains the status quo as OPEC has been observing wild fluctuations in oil prices, being pulled by multiple factors in both directions. Last month, OPEC+ agreed to raise oil output by just 100,000 bpd. However, oil prices have fallen around 25% since early June after touching multi-year highs in March. by growing concerns that interest rate hikes and Covid-related restrictions in parts of China could slow global economic growth.
Euro fall below 0.99 against Dollar, the weakest since 2002 The 10-year government bond yield (interpolated) on the previous trading day was 2.76, -0.42 bps. The benchmark government bond yield (LB31DA) was 2.59, +1.0 bps. LB31DA could be between 2.55-2.60. Meantime, the latest closed US 10-year bond yields was 3.20, -6.0 bps. USDTHB on the previous trading day closed around 36.55 Moving in a range of 36.35-36.55 this morning. USDTHB could be closed between 36.30-36.80 today. The Euro fell below 99 cents against Dollar for the first time in nearly two decades, while sterling was on the ropes as Russia's halt on gas supply down its main pipeline to Europe sparked concerns. Meanwhile, the U.S. dollar index hit a new two-decade high, surging to a top of nearly 110.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
