- USDTHB: moving in the range 34.55-34.675 this morning, supportive level at 34.55 resistance level at 34.75
· SET Index: 1,659.5 (-0.55%), 22 Feb 2023
· S&P 500 Index: 3,991.1 (-0.16%), 22 Feb 2023
· Thai 10-year government bond yield (interpolated): 2.59 (+2.35 bps), 22 Feb 2023
· US 10-year treasury yield: 3.93 (-2.00 bps), 22 Feb 2023
- U.S. home sales post 12th straight monthly drop; house price inflation slows
- Japan manufacturers gloomy as global slowdown hurts
- German inflation remains high at start of year
- Oil prices rise on potential for deeper Russian supply cut
U.S. home sales post 12th straight monthly drop; house price inflation slows U.S. existing home sales dropped to the lowest level in more than 12 years in January, but the pace of decline slowed, raising cautious optimism that the housing market slump could be close to reaching a bottom. The report from the National Association of Realtors on Tuesday also showed the smallest increase in annual house prices since 2012, which should help to improve affordability. It will, however, be a while before the housing market turns the corner. Mortgage rates have resumed their upward trend after robust retail sales and labor market data as well as strong monthly inflation readings raised the prospect of the Federal Reserve maintaining its interest rate hiking campaign through summer. Existing home sales fell 0.7% to a seasonally adjusted annual rate of 4.00 million units last month, the lowest level since October 2010, when the nation was grappling with the foreclosure crisis. That marked the 12th straight monthly decline in sales, the longest such stretch since 1999.
Japan manufacturers gloomy as global slowdown hurts Big manufacturers in Japan remained gloomy in February and the service-sector mood slid for a second straight month, a Reuters’ poll showed, a sign that the global slowdown is holding back the country’s recovery from COVID-induced economic doldrums. The monthly Reuters Tankan, which closely tracks the Bank of Japan’s (BOJ) key tankan quarterly survey, found the sentiment index for big manufacturers stood at -5 in February, little changed from the prior month’s -6. The mood in the service sector slid for a second straight month to 17, down from a three-year high of +25 seen in December and underlining concerns about private consumption, which accounts for more than half the Japanese economy. Respondents expected gradual improvement in conditions over the coming three months.
German inflation remains high at start of year Germany's inflation rate showed no signs of easing at the start of the year, as energy and food price pressures remained high due to the war in Ukraine. German consumer prices, harmonized to compare with other European Union countries, rose by 9.2% on the year in January, data from the federal statistics office showed on Wednesday. Compared with December, prices increased by 0.5%, it added, confirming preliminary data on both a monthly and annual basis. According to non-harmonized standards, German consumer prices rose 8.7% on the year in January and 1.0% on the month. This follows revised inflation rates of 8.1% in December and 8.8% in November. Energy product prices were 23.1% higher year-on-year despite government relief measures. Excluding energy prices, the inflation rate stood at 7.2% in January.
Oil prices rise on potential for deeper Russian supply cut The 10-year government bond yield (interpolated) on the previous trading day was 2.59, +2.35 bps. The benchmark government bond yield (LB31DA) was 2.735, +2.00 bps. LB31DA could be between 2.50-3.00. Meantime, the latest closed US 10-year bond yields was 3.93, -2.0 bps. USDTHB on the previous trading day closed around 34.65 Moving in a range of 34.55-34.675 this morning. USDTHB could be closed between 34.30-34.80 today. Oil prices rose on Thursday as reports suggested that Russia's supply cuts will be bigger than previously announced, although fears of rising interest rates saw markets nursing steep losses for the week. Reuters reported that Moscow is planning to cut oil exports from its western ports by up to 25% in March from the prior month, in a bid to push up oil prices. The move is expected to result in a deeper supply cut than the 500,000 barrels announced earlier this month. The supply cuts are in response to Western price caps imposed on Russian oil exports, which Moscow has condemned.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
