- USDTHB: moving in the range 35.80-35.83 this morning, supportive level at 35.70 resistance level at 36.00
· SET Index: 1,615.0 (-0.31%), 17 Nov 2022
· S&P 500 Index: 3,946.6 (-0.31%), 17 Nov 2022
· Thai 10-year government bond yield (interpolated): 2.73 (-1.91 bps), 17 Nov 2022
· US 10-year treasury yield: 3.77 (+10.0 bps), 17 Nov 2022
- US labor market remains tight despite technology sector layoffs
- Euro zone Oct y/y inflation revised marginally lower, still record high
- UK economy forecast to shrink 1.4% in 2023
- Oil falls on worries of U.S. rate hikes, China demand outlook
US labor market remains tight despite technology sector layoffs The number of Americans filing new claims for unemployment benefits fell last week, showing widespread layoffs remain low despite a surge in technology-sector job cuts that has raised fears of an imminent recession. The weekly jobless claims report from the Labor Department on Thursday, suggested the labor market remained tight. That, together with solid consumer spending, keeps the Federal Reserve on track to continue raising interest rates, though at a slower pace amid signs inflation was starting to subside. Initial claims for state unemployment benefits dropped 4,000 to a seasonally adjusted 222,000 for the week ended Nov. 12. Economists polled by Reuters had forecast 225,000 claims for the latest week. There has been an increase in layoffs in the technology sector, with Twitter, Amazon and Meta, the parent of Facebook, announcing thousands of job cuts this month.
Euro zone Oct y/y inflation revised marginally lower, still record high Euro zone inflation in October was marginally lower than previously reported in year-on-year terms but still at a record high because of surging energy prices, final data showed from the European Union's statistics office showed on Thursday. Eurostat confirmed that consumer inflation in the 19 countries sharing the euro rose 1.5% month-on-month in October, for a 10.6% year-on-year increase, a revision from the 10.7% annual reading reported previously. Of the final year-on-year number, 4.44 percentage points came from soaring energy prices, which were 41.5% higher in October than a year earlier. Another 2.74 percentage points came from more expensive food, alcohol and tobacco.
UK economy forecast to shrink 1.4% in 2023 Britain's economy is forecast to shrink by 1.4% in 2023, finance minister Jeremy Hunt said on Thursday, citing the latest projections from the Office for Budget Responsibility (OBR). The new forecast for next year compared with a forecast for growth of 1.8% in the OBR's previous outlook published in March. Since then, Britain's economy has come under strain from an inflation rate now above 11%, a slowing global economy and political and financial market volatility caused by the brief term of Liz Truss as prime minister. The OBR forecast gross domestic product would grow by 1.3% in 2024 and grow by 2.6% in 2025, Hunt said, compared with the OBR's previous forecasts of growth of 2.1% and 1.8% respectively.
Oil falls on worries of U.S. rate hikes, China demand outlook The 10-year government bond yield (interpolated) on the previous trading day was 2.73, -1.91 bps. The benchmark government bond yield (LB31DA) was 2.715, -1.0 bps. LB31DA could be between 2.65-3.00. Meantime, the latest closed US 10-year bond yields was 3.77, +10.0 bps. USDTHB on the previous trading day closed around 35.85 Moving in a range of 35.80-35.83 this morning. USDTHB could be closed between 35.50-36.20 today. Oil prices fell more than 3% on Thursday, with demand squeezed by mounting COVID-19 cases in China and fears of more aggressive hikes in US interest rates. St. Louis Federal Reserve President James Bullard said a basic monetary policy rule would require interest rates to rise to at least around 5%, while stricter assumptions would recommend rates above 7%. China reported rising daily COVID-19 infections and Chinese refiners have asked to reduce Saudi crude volume in December, while also slowing Russian crude purchases.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
