- USDTHB: moving in the range 35.60-35.71 this morning supportive level at 35.50 resistance level at 35.80
· SET Index: 1,479.6 (+0.86%), 29 Jun 2023
· S&P 500 Index: 4,396.4 (+0.45%), 29 Jun 2023
· Thai 10-year government bond yield (interpolated): 2.59 (+0.75 bps), 29 Jun 2023
· US 10-year treasury yield: 3.85 (+14.0 bps), 29 Jun 2023
- US weekly jobless claims post biggest drop in 20 months as economy shows stamina
- Tokyo CPI inflation grows less than expected in June, remains sticky
- Chinese manufacturing PMI shrinks for third straight month in June
- Dollar index hits two-week high as data boosts Fed hike expectations
US weekly jobless claims post biggest drop in 20 months as economy shows stamina The number of Americans filing new claims for unemployment benefits fell last week by the most in 20 months, the latest sign of the economy's resilience that could push the Federal Reserve to resume raising interest rates in July. The unexpected decline in applications reported by the Labor Department on Thursday reversed a recent jump, which had left initial jobless claims over the prior three weeks hovering at levels last seen in October 2021. Initial claims for state unemployment benefits decreased 26,000 to a seasonally adjusted 239,000 for the week ended June 24. The drop was the largest since October 2021. Economists polled by Reuters had forecast 265,000 claims for the latest week.
Tokyo CPI inflation grows less than expected in June, remains sticky Consumer price index inflation in Japan’s capital grew slightly less than expected in June, data showed on Friday, helped chiefly by smaller increases in the prices of food and fuel. Tokyo core consumer price index inflation, which disregards volatile fresh food prices, grew 3.2% in June from the prior year, data from Japan’s Statistics Bureau showed. The reading was lower than expectations for growth of 3.3% but remained steady from the prior month. Overall CPI inflation in Japan’s capital grew 3.1% in June, lower than expectations of 3.8% and the prior month’s reading of 3.2%. But a core inflation indicator which ignores both fresh food and energy prices grew 3.8% through June, remaining close to a 40-year peak hit in the prior month.
Chinese manufacturing PMI shrinks for third straight month in June Chinese manufacturing activity shrank as expected in June, data showed on Friday, as the country’s biggest economic engines took little support from recent stimulus measures, clouding the country’s economic prospects this year. The official manufacturing purchasing managers’ index (PMI) read 49.0 in June, data from the National Bureau of Statistics showed. The reading was in line with expectations and slightly higher than the prior month’s reading of 48.8. A reading below 50 indicates contraction, with the manufacturing PMI now having shrunk for a third consecutive month. The weak data comes despite a slew of stimulus measures by the Chinese government to shore up economic growth, which even included several interest rate cuts by the People’s Bank of China through June.
Dollar index hits two-week high as data boosts Fed hike expectations
The 10-year government bond yield (interpolated) on the previous trading day was 2.59, +0.75 bps. The benchmark government bond yield (LB31DA) was 2.58, +0.50 bps. LB31DA could be between 2.30-2.80. Meantime, the latest closed US 10-year bond yields was 3.85, +14.00 bps. USDTHB on the previous trading day closed around 35.65 Moving in a range of 35.60-35.71 this morning. USDTHB could be closed between 35.20-35.70 today. The U.S. dollar index climbed to a two-week high on Thursday after economic data showed the labor market remained on a solid footing, giving the Federal Reserve a possible cushion to continue raising interest rates. Weekly initial jobless claims decreased 26,000 to a seasonally adjusted 239,000, the largest drop in 20 months and below the expectation of 265,000 by economists polled by Reuters. In addition, the Commerce Department revised its first-quarter gross domestic product estimate to 2%, up from the 1.3% reported in May and above the 1.4% previous estimate. Fed Chair Jerome Powell, at an event held by the Spanish central bank in Madrid on Thursday, indicated the central bank is likely to resume their rate hike path after a pause earlier this month.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing
