- USDTHB: moving in the range 34.05-34.14 this morning, supportive level at 34.00 resistance level at 34.20
· SET Index: 1,571.1 (-1.45%), 5 April 2023
· S&P 500 Index: 4,105.0 (+0.36%), 5 April 2023
· Thai 10-year government bond yield (interpolated): 2.46 (-0.31 bps), 5 April 2023
· US 10-year treasury yield: 3.30 (+0.00 bps), 5 April 2023
- U.S. weekly jobless claims hit 228,000, far above estimates
- U.S. services sector growth slows by more than expected in March
- German industrial output rises more than expected in February
- Oil has 3rd weekly gain, but price stuck at ‘OPEC-cut’ highs
U.S. weekly jobless claims hit 228,000, far above estimates The number of new applications for unemployment insurance in the U.S. soared by more than expected last week in the latest sign of cooling in the U.S. labor market, while the previous reading was revised far higher following a broad change in estimation models used by the Labor Department. According to the Labor Department data on Thursday, seasonally-adjusted initial jobless claims for the week ended on April 1 came in at 228,000. The mark was down from 246,000 in the preceding week - a reading that was itself upwardly revised from a preliminary level of 198,000. Economists had seen the weekly figure at 200,000. The four-week moving average, which aims to account for volatility in the weekly numbers, was 237,750, down from a greatly upwardly revised number of 242,000.
U.S. services sector growth slows by more than expected in March Growth in business activity in the services sector in the U.S. slowed by more than expected in March, while price pressures showed signs of easing and the pace of new orders plunged. The closely watched ISM non-manufacturing sector index for March dipped to 51.2 for the month, down from a previous reading of 55.1 in February and 55.2 in January. The figure was still above the 50-point mark that denotes expansion from contraction, but below economists’ projections of 54.5. The prices paid for inputs slipped to 59.5 – its lowest level since 2020 – from 65.6 in the prior month. Meanwhile, the ISM’s gauge of new orders received by services businesses, which make up a majority of the economy, fell sharply to 52.2 from 62.6 in February but managed to avoid contraction.
German industrial output rises more than expected in February German industrial production rose significantly more than expected in February due in part to vehicle manufacturing, increasing 2.0% on the previous month, the federal statistical office said on Thursday. In a Reuters poll, analysts had pointed to a slight increase of 0.1%. The statistics office also revised the figure for January to a 3.7% increase, up from 3.5%. With the revision, the adjusted index of production since December 2022 rose by 5.8%, which more than compensated for the significant decline of 2.4% in December. Production expanded in most economic sectors in February but manufacturing of motor vehicles, Germany’s largest industrial sector, accounted for a particularly large share of the increase, posting a 7.6% increase month-on-month.
Oil has 3rd weekly gain, but price stuck at ‘OPEC-cut’ highs The 10-year government bond yield (interpolated) on the previous trading day was 2.46, -0.31 bps. The benchmark government bond yield (LB31DA) was 2.48, +1.00 bps. LB31DA could be between 2.20-2.70 Meantime, the latest closed US 10-year bond yields was 3.30, +0.00 bps. USDTHB on the previous trading day closed around 33.93 Moving in a range of 34.05-34.14 this morning. USDTHB could be closed between 33.90-34.40 today. One of the craftiest moves in recent times to boost the oil market should result in a weekly gain at least in crude — which is exactly what OPEC+ got. But nothing more. Crude prices did not advance beyond Brent’s initial rally to $86.44 per barrel this week and WTI’s surge to $81.81, which came on the back of the announcement that the world’s largest oil producers will collude to cut a further 1.7 million barrels from daily output after an earlier decision in November to reduce 2.0M barrels per day. New York-traded West Texas Intermediate, or WTI, settled Thursday at $80.70 per barrel, up 9 cents, or 0.1%, from the previous session. For the week, the U.S. crude benchmark rose 6.6%, extending the back-to-back gain of 9.3% and 3.4% in two prior weeks. Just before the three-week stretch, WTI lost 13% in just one week.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
