- USDTHB: moving in the range 33.88-33.92 this morning supportive level at 33.80 resistance level at 34.00
· SET Index: 1,533.3 (+0.32%), 3 May 2023
· S&P 500 Index: 4,136.3 (+1.83%), 5 May 2023
· Thai 10-year government bond yield (interpolated): 2.48 (-4.22 bps), 3 May 2023
· US 10-year treasury yield: 3.44 (+7.00 bps), 5 May 2023
- U.S. economy adds 253,000 jobs in April
- Euro zone retail sales fall more than expected in March
- Chinese service sector activity growth slows in April
- Dollar dips against euro as jobs gains offset by negative revisions
U.S. economy adds 253,000 jobs in April The U.S. economy unexpectedly created jobs at a faster pace in April against substantial downward revisions in the preceding months, as the country's labor market showed signs of resilience even as the Federal Reserve has signaled that it may push pause on a string of recent interest rate hikes. According to data from the Labor Department's Bureau of Labor Statistics, nonfarm payrolls rose by 253,000 last month, well above economists' projections that the figure would come in at 180,000. The numbers for the prior two months were heavily revised. The change in March saw the U.S. add 165,000 jobs instead of the original reading of 236,000. In February, the total was brought down to 248,000 from 326,000. The combined revisions are 149,000 lower than previously reported. Meanwhile, the unemployment rate edged down to 3.4% from 3.5% in March, surprising expectations that it would accelerate to 3.6%.
Euro zone retail sales fall more than expected in March Retail sales in the euro zone fell more than expected in March, Eurostat said on Friday, as rapid inflation and rising interest rates ate deep into disposable incomes to limit households’ purchasing power. Retail sales volumes in the 20 nations sharing the euro currency fell by 1.2% in March from the previous month, outpacing the 0.1% drop seen in a Reuters poll of economists. Consumption has been weak all year as real incomes fall and households are now spending a larger part of their incomes on expensive energy, eroding demand for other goods. Higher interest rates have also pushed up debt service costs and households have increased their savings, both because of higher rates and also out of precaution as the bloc’s economy has been skirting a recession for several quarters now.
Chinese service sector activity growth slows in April Chinese service sector activity grew at a slower-than-expected pace in April, a private survey showed on Friday, indicating that a post-COVID economic rebound in the country appeared to be cooling after an initial spike. The Caixin Services Purchasing Managers’ Index (PMI) read 56.4 in April, lower than expectations of 57.3 and the prior month’s reading of 57.8, Caixin Insight said in a note. But the index still hovered near three-year highs, as the sector was underpinned by pent-up consumer demand after the country relaxed COVID restrictions earlier this year. The reading also came in line with a government survey released earlier this week, which showed that non-manufacturing activity remained robust despite some cooling in April. Services input cost inflation surged to a one-year high, the Caixin data showed, which could herald a broader increase in Chinese inflation over the coming months.
Dollar dips against euro as jobs gains offset by negative revisions The 10-year government bond yield (interpolated) on the previous trading day was 2.48, -4.22 bps. The benchmark government bond yield (LB31DA) was 2.52, -5.00 bps. LB31DA could be between 2.20-2.70 Meantime, the latest closed US 10-year bond yields was 3.44, +7.00 bps. USDTHB on the previous trading day closed around 34.05 Moving in a range of 33.88-33.92 this morning. USDTHB could be closed between 33.80-34.30 today. The dollar gave back earlier gains against the euro but stayed stronger against the yen on Friday after jobs gains and wage growth for April beat economists’ forecasts but showed downward jobs revisions for March. Employers added 253,000 jobs, beating economists' forecasts for a 180,000 gain. U.S. average hourly earnings rose at an annual rate of 4.4%, above expectations for a 4.2% increase. But data for March was also revised lower to show 165,000 jobs added instead of 236,000 as previously reported.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
