- USDTHB: moving in the range 35.76-35.82 this morning, supportive level at 35.60 resistance level at 36.00
· SET Index: 1,620.0 (-0.58%), 16 Nov 2022
· S&P 500 Index: 3,958.8 (-0.83%), 16 Nov 2022
· Thai 10-year government bond yield (interpolated): 2.75 (+1.27 bps), 16 Nov 2022
· US 10-year treasury yield: 3.67 (-13.0 bps), 16 Nov 2022
- US retail sales rise solidly; fourth-quarter GDP estimates raised
- UK inflation hits 41-year high as Hunt readies tough budget
- Japan trade gap persists as weak yen squeezes purchasing power
- Dollar is red but supported by U.S. data, hawkish Fed speakers
US retail sales rise solidly; fourth-quarter GDP estimates raised US retail sales increased more than expected in October as households stepped up purchases of motor vehicles and a range of other goods, suggesting consumer spending picked up early in the fourth quarter, which could help to support the economy. The solid retail sales reported by the Commerce Department on Wednesday and signs of a slowdown in inflation raised cautious optimism the economy could avoid an anticipated recession next year or experience only a mild downturn. While other data showed manufacturing production barely growing in October, business equipment output remained strong. Continued strength in consumer and business spending will keep the Federal Reserve on track to tighten monetary policy further, though subsiding inflation gives the U.S. central bank room to scale back the size of its interest rate hikes.
UK inflation hits 41-year high as Hunt readies tough budget Surging household energy bills and food prices pushed British inflation to a 41-year high, data showed a day before finance minister Jeremy Hunt announces “tough but necessary” tax hikes and spending cuts to control price growth. Consumer prices rose 11.1% in the 12 months to October, the most since October 1981 and a big jump from 10.1% in September, the Office for National Statistics said on Wednesday. Economists in a Reuters poll – many of whom think inflation is probably peaking around now – had forecast inflation would rise to 10.7%. Inflation would have risen to around 13.8% in October had the government not intervened to limit the price of household energy bills to 2,500 pounds ($2,960) a year on average, the ONS said.
Japan trade gap persists as weak yen squeezes purchasing power Japan's imports in October surged by more than half from a year earlier, dwarfing growth in exports and enlarging a trade deficit that has weighed heavily on the yen. The trade gap is therefore worsening the pain felt by households struggling to make ends meet amid currency-driven price hikes of imported goods and by import-reliant businesses facing difficulty in passing cost rises on to customers. At 9.00 trillion yen, Japan's exports in October were up 25.3% on a year before, led by shipments of cars, chips and electronics parts, according to government trade data. It was the 20th consecutive month to show annual export growth and followed a 28.9% gain seen in September.
Dollar is red but supported by U.S. data, hawkish Fed speakers The 10-year government bond yield (interpolated) on the previous trading day was 2.75, +1.27 bps. The benchmark government bond yield (LB31DA) was 2.71, +0.5 bps. LB31DA could be between 2.65-3.00. Meantime, the latest closed US 10-year bond yields was 3.67, -13.0 bps. USDTHB on the previous trading day closed around 35.70 Moving in a range of 35.76-35.82 this morning. USDTHB could be closed between 35.50-36.20 today. The dollar was supported by stronger-than-expected U.S. retail sales data on Wednesday as investors also looked for clues from Federal Reserve speakers on the path for interest rates. But the euro gained against the greenback and the yen as geopolitical concerns eased after Poland and NATO said on Wednesday that Tuesday's explosion, which killed two in Poland, was probably from a stray missile from Ukraine's air defenses and not an intentional Russian strike.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
