- USDTHB: moving in the range 34.20-34.35 this morning
· SET Index: 1,593.9 (-0.41%), 18 April 2023
· S&P 500 Index: 4,154.9 (+0.09%), 18 April 2023
· Thai 10-year government bond yield (interpolated): 2.53 (+2.95 bps), 18 April 2023
· US 10-year treasury yield: 3.58 (-2.00 bps), 18 April 2023
- US housing market stabilizing as single-family homebuilding, permits surge
- Strong UK pay growth boosts chance of Bank of England rate rise
- J.P.Morgan, Citi upgrade China's 2023 full-year GDP growth forecast
- Dollar slips after upbeat China data; euro, pound rise
US housing market stabilizing as single-family homebuilding, permits surge U.S. single-family homebuilding increased for a second straight month in March, while permits for future construction surged, offering some glimmers of hope for the depressed housing market ahead of the busy spring selling season. The improvement in the single-family housing market segment, which was reported by the Commerce Department on Tuesday, likely reflected buyers taking advantage of a retreat in mortgage rates. A survey on Monday showed falling mortgage rates and tight supply of previously owned houses were supporting the new home market. Single-family housing starts, which account for the bulk of homebuilding, rose 2.7% to a seasonally adjusted annual rate of 861,000 units last month. Data for February was revised higher to show single-family homebuilding rising to a rate of 838,000 units instead of the previously reported pace of 830,000 units.
Strong UK pay growth boosts chance of Bank of England rate rise British wages rose faster than anticipated last month, in a move that economists judge may tip the Bank of England towards a further rise in interest rates next month, despite an unexpected increase in joblessness too. The Office for National Statistics (ONS) said the unemployment rate edged up to 3.8% - its highest since the second quarter of 2022 – rather than holding at 3.7%, as forecast by economists in a Reuters poll. Annual pay growth for the three months to January was revised up to 5.9% and held at that level for the three months to February – above all forecasts in the Reuters poll, which had pointed to a drop to 5.1%. Excluding bonuses, wage growth held at 6.6%. Sterling strengthened and government bond yields rose to a one-month high after the data, as financial markets saw a more than 80% chance of the Bank of England (BoE) raising interest rates to 4.5% in May to help bring down inflation, which was above 10% in February.
J.P.Morgan, Citi upgrade China's 2023 full-year GDP growth forecast J.P.Morgan and Citigroup upgraded China's 2023 full-year gross domestic product growth forecast on Tuesday, citing that the country's decision to lift stringent COVID-19 restrictions last December helped boost growth. J.P.Morgan and Citi upgraded their annual economic growth forecast for the world's second-largest economy by 40 basis points to 6.4% and 6.1% year-on-year, respectively. China's economy grew at a faster-than-expected rate in the first quarter, official data showed on Tuesday, expanding 4.5% year-on-year, as policymakers move to bolster growth following the end of the pandemic curbs. The Wall Street banks pointed to a rebound in travel-related consumption and services and the stabilization in the housing markets for the stronger-than-expected GDP growth.
Dollar slips after upbeat China data; euro, pound rise The 10-year government bond yield (interpolated) on the previous trading day was 2.53, +2.95 bps. The benchmark government bond yield (LB31DA) was 2.50, +3.00 bps. LB31DA could be between 2.20-2.70 Meantime, the latest closed US 10-year bond yields was 3.58, -2.00 bps. USDTHB on the previous trading day closed around 34.41 Moving in a range of 34.20-34.35 this morning. USDTHB could be closed between 34.20-34.70 today. The dollar fell against most major currencies on Tuesday after better-than-forecast growth data from China, while strong pay figures from Britain supported the pound. China's gross domestic product (GDP) grew 4.5% year on year in the first three months of the year, data showed, beating analyst forecasts for a 4% expansion after the end of COVID-19 restrictions lifted the world's second-largest economy. Separate data on March activity in China also showed retail sales growth quickened to 10.6%, beating expectations and hitting a near two-year high, while factory output growth also sped up but was just below expectations.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
