- USDTHB: moving in the range 37.94-38.10 this morning, supportive level at 37.90 resistance level at 38.20
· SET Index: 1,570.6 (-0.58%), 10 Oct 2022
· S&P 500 Index: 3,612.4 (-0.75%), 10 Oct 2022
· Thai 10-year government bond yield (interpolated): 3.14 (+3.53 bps), 10 Oct 2022
· US 10-year treasury yield: 3.89 (+6.00 bps), 7 Oct 2022
- China's services activity falls for first time since May
- Germany girds for gas supply pain, targets $93 billion price relief plan
- Japan’s foreign exchange reserves fall by record $54bn
- Dollar rises, stocks fall with economic data, rates in focus
China's services activity falls for first time since May The Caixin services purchasing managers' index (PMI) plunged to 49.3 in September 2022 from 55.0 in the prior month. This was the first contraction in services activity since May, amid the severity of the COVID outbreaks in many areas across the mainland. New orders shrank for the first time in four months; while employment dropped for the ninth month running, with the rate of job shedding the steepest pace since May and backlogs grew for the second month in a row. Export orders expanded slightly, however, following an improvement in some foreign markets. On inflation, input cost increased for the 27th consecutive month, due to greater costs for raw materials and labor. That said, the rate of inflation edged down to the lowest since June and was mild. Meantime, fees charged rose at the quickest pace for five months.
Germany girds for gas supply pain, targets $93 billion price relief plan Germany officials reported that it plans to urgently implement a 96 billion Euro ($93 billion) plan to ease pressure on consumers from surging gas prices as it was warned that the supply situation heading into winter remained tense even with full reserves. It is also supported the commission's proposals to give households and small and medium-sized businesses a one-off payment worth one month's gas bill this year and a mechanism to limit prices from March, and it was working to implement them. The package will be funded through additional loans that will be authorized this year, but the debt will not be included in this year's budget or next year's debt calculations.
Japan’s foreign exchange reserves fall by record $54bn According to Ministry of Finance’s data, Japan’s foreign reserves decreased by a record to $1.238 trillion in September 2022 as the government conducted its first currency intervention in 24 years during the period to arrest the yen’s sharp depreciation. The figure compared with $1.409 trillion in the same month last year and $1.292 trillion in August 2022, falling for the second straight month both on a year-on-year and month-on-month basis. Besides, Japan spent up to a record of 2.8 trillion yen in its intervention efforts last month, while investors await daily intervention data for the July-September period set to be released in November. Total reserve assets were broken down into; foreign currency reserves ($1.121 trillion), IMF reserve position ($9,832 million), SDRs ($57,450 million), gold ($45,470 million) and other reserve assets ($3,920 million).
Dollar rises, stocks fall with economic data, rates in focus The 10-year government bond yield (interpolated) on the previous trading day was 3.14, +3.53 bps. The benchmark government bond yield (LB31DA) was 3.00, +3.00 bps. LB31DA could be between 2.95-3.15. Meantime, the latest closed US 10-year bond yields was 3.89, +6.00 bps. (U.S. bond market closed on Monday) USDTHB on the previous trading day closed around 37.92 Moving in a range of 37.94-38.10 this morning. USDTHB could be closed between 37.90-38.20 today. The dollar started the week firmly on Monday by 112.77 or rose 0.7%, with a strong U.S. labor market reinforcing bets on higher interest rates as traders braced for data expected to show stubbornly high inflation. More importantly, U.S. unemployment unexpectedly fell last month, Friday figures showed, and inflation data due on Thursday is forecast to show headline inflation at a hot 8.1%yoy. Meanwhile, the Dow Jones Industrial Average fell 93.91 points, or 0.32%; the S&P 500 lost 27.27 points, or 0.75%; and the Nasdaq Composite dropped 110.30 points, or 1.04%.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
