- USDTHB: moving in the range 34.17-34.27 this morning supportive level at 34.10 resistance level at 34.30
· SET Index: 1,522.7 (-1.12%), 17 May 2023
· S&P 500 Index: 4,158.8 (+1.18%), 17 May 2023
· Thai 10-year government bond yield (interpolated): 2.54 (-2.34 bps), 17 May 2023
· US 10-year treasury yield: 3.57 (+3.00 bps), 17 May 2023
- US single-family building permits at 7-month high; housing slump persists
- Euro zone inflation ticks up in April
- Japan April exports rise 2.6% year/year – MOF
- US dollar scales seven-week peak after solid data, debt-ceiling optimism
US single-family building permits at 7-month high; housing slump persists Permits for future U.S. single-family homebuilding jumped to a seven-month high in April, giving the struggling housing market a boost, but tightening credit conditions could make it difficult for builders to get finance for new projects. The third straight monthly increase in single-family building permits, which was reported by the Commerce Department on Wednesday, reinforced the recent improvement in homebuilding sentiment. Still, major obstacles remain for the housing market, with the report also showing the pace of single-family home completions falling to a 15-month low, likely because of shortages of transformers and other building materials recently cited by builders. Single-family building permits rose 3.1% to a seasonally adjusted annual rate of 855,000 units last month, the highest level since last September. Permits in this largest segment of the housing market rose in all four regions.
Euro zone inflation ticks up in April Euro zone inflation accelerated last month, Eurostat said on Wednesday, confirming preliminary data pointing to increasingly stubborn price growth among the 20 nations sharing the euro. Overall price growth accelerated to 7.0% in April from 6.9% a month earlier, as rising services and energy costs offset a slowdown in food price growth. Although underlying price growth, the key focus of European Central Bank policymakers in recent months, slowed a touch, the crucial services component continued to accelerate, pointing to mounting wage pressures that could get inflation stuck above the ECB’s 2% target. Excluding volatile food and fuel prices, core inflation slowed to 7.3% from 7.5%, while an even narrower measure, which excludes alcohol and tobacco, slowed to 5.6% from 5.7% in its first decline since last June.
Japan April exports rise 2.6% year/year – MOF Japan's export growth hit its weakest pace in more than two years in April as China-bound shipments slumped amid lingering worries about faltering global economic demand. Exports rose 2.6% in April from a year earlier, Ministry of Finance data showed on Thursday, slower than a 3.0% increase expected by economists in a Reuters poll and a 4.3% rise in March. That marked the weakest gain since February 2021 when exports declined 4.5%. The world's No. 3 economy emerged from recession in the first quarter, helped by a boost in consumer spending and tourism following the end of COVID-19 pandemic restrictions, but weak exports are weighing on factory activity and hampering a broader recovery. Exports slumped 4.2% in January-March, the first decline in six quarters.
US dollar scales seven-week peak after solid data, debt-ceiling optimism The 10-year government bond yield (interpolated) on the previous trading day was 2.54, +2.34 bps. The benchmark government bond yield (LB31DA) was 2.52, +2.00 bps. LB31DA could be between 2.20-2.70. Meantime, the latest closed US 10-year bond yields was 3.57, +3.00 bps. USDTHB on the previous trading day closed around 34.19 Moving in a range of 34.17-34.27 this morning. USDTHB could be closed between 33.80-34.50 today. The dollar rose to a seven-week high on Wednesday, boosted by optimism about a deal to extend the debt ceiling and avert a U.S. default and amid a round of solid economic data that suggests rate cuts from the Federal Reserve could come later rather than sooner. The dollar index, a measure of the greenback's value against six major currencies, climbed as high as 103.12, its strongest level since late March. It was last up 0.3% at 102.85. The euro, meanwhile, dropped to a six-week low versus the dollar at $1.0811. It last changed hands at $1.0838, down 0.2%.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
