- USDTHB: moving in the range 34.44-34.50 this morning, supportive level at 34.30 resistance level at 34.60
· SET Index: 1,658.3 (+0.66%), 16 Feb 2023
· S&P 500 Index: 4,090.4 (-1.39%), 16 Feb 2023
· Thai 10-year government bond yield (interpolated): 2.56 (-3.91 bps), 16 Feb 2023
· US 10-year treasury yield: 3.86 (+5.00 bps), 16 Feb 2023
- U.S. labor market still tight; monthly producer inflation accelerates
- China’s new home prices rise in Jan for first time in a year
- Singapore's Jan non-oil domestic exports fall 25% y/y
- Dollar advances as strong U.S. data backs higher rates backdrop
U.S. labor market still tight; monthly producer inflation accelerates The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, offering more evidence of the economy's resilience despite tighter monetary policy. Other data on Thursday showed monthly producer prices increasing by the most in seven months in January as the cost of energy products surged. Even stripping out energy and other volatile components, underlying producer inflation rose at its fastest pace since last March. The reports, which followed data this week showing robust growth in retail sales in January and an acceleration in monthly consumer prices, further stoked financial market fears that the Federal Reserve could maintain its interest hiking campaign through summer. Initial claims for state unemployment benefits slipped 1,000 to a seasonally adjusted 194,000 for the week ended Feb. 11, the Labor Department said. Economists polled by Reuters had forecast 200,000 claims for the latest week.
China’s new home prices rise in Jan for first time in a year China’s new home prices rose in January for the first time in a year, official data showed on Thursday, as the end of the zero-COVID regime, favourable property policies and market expectations for more stimulus measures boosted demand. New home prices in January were up 0.1% month-on-month, versus a 0.2% slide in December, according to Reuters calculations based on National Bureau of Statistics (NBS) data released on Thursday. More major cities among the 70 surveyed by NBS reported increases in new home prices last month, with prices rising in 36 cities, up from 15 in December. Analysts see rising home prices as a positive sign, but believe more stimulative policies are needed to lift currently dismal demand and spark a longer-term recovery.
Singapore's Jan non-oil domestic exports fall 25% y/y Singapore's non-oil domestic exports (NODX) declined 25% year-on-year in January, led by falls in both electronics and non-electronic products. This was a steeper decline than the 20.6% year-on-year fall in December 2022 and compared with expectations for a 22.0% fall in a Reuters poll. On a month-on-month seasonally adjusted basis, NODX increased 0.9% in January, following December's 2.9% drop. Non-domestic oil exports to Singapore's top 10 markets in January declined as a whole. Exports to China fell 41.1%, due to lower shipments of specialized machinery, petrochemicals and pharmaceuticals, while exports to the United States fell by 31.5% due to declines in sales of structures of ships and boats, specialized machinery and food preparations.
Dollar advances as strong U.S. data backs higher rates backdrop The 10-year government bond yield (interpolated) on the previous trading day was 2.56, +3.91 bps. The benchmark government bond yield (LB31DA) was 2.78, -6.0 bps. LB31DA could be between 2.50-3.00. Meantime, the latest closed US 10-year bond yields was 3.86, +5.0 bps. USDTHB on the previous trading day closed around 34.23 Moving in a range of 34.44-34.50 this morning. USDTHB could be closed between 34.20-34.70 today. The U.S. dollar held gains against a basket of currencies on Thursday, bolstered by stronger-than-expected producer prices and falling jobless claims, hinting that the Federal Reserve would have to maintain its inflation-fighting interest rate hikes for longer. Earlier, the dollar index hit six-week highs, rising to six-week peaks as well against the yen, euro, and Australian dollar. By afternoon trading, the dollar pulled back and traded within narrow ranges. The U.S. producer price index bounced to 0.7% in January, after declining 0.2% in December. Meanwhile, jobless claims unexpectedly fell to 194,000, compared to the 200,000 claims expected, according to a Reuters poll. Against the yen, the U.S. dollar also hit a six-week peak but was last down 0.1 % at 133.94 .
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
