- USDTHB: moving in the range 35.25-35.335 this morning supportive level at 35.15 resistance level at 35.40
· SET Index: 1,535.2 (+0.11%), 11 Aug 2023
· S&P 500 Index: 4,489.7 (+0.57%), 14 Aug 2023
· Thai 10-year government bond yield (interpolated): 2.61 (+0.67 bps), 11 Aug 2023
· US 10-year treasury yield: 4.19 (+3.00 bps), 14 Aug 2023
- US consumer sentiment dips in August; inflation expectations improve
- Japan's Q2 GDP beats forecasts as exports zoom
- China's Jan-July property investment down 8.5% y/y
- Dollar hits highest in more than a month on China economy concerns
US consumer sentiment dips in August; inflation expectations improve U.S. consumer sentiment dipped in August, but Americans expected inflation to edge lower over the next year and beyond. The University of Michigan's preliminary reading on the overall index of consumer sentiment came in at 71.2 this month compared to 71.6 in July. Economists polled by Reuters had forecast a preliminary reading of 71.0. "In general, consumers perceived few material differences in the economic environment from last month, but they saw substantial improvements relative to just three months ago," Joanne Hsu, the director of the University of Michigan's Surveys of Consumers, said in a statement. The survey's reading of one-year inflation expectations slipped to 3.3% this month from 3.4% in July, showing stability for three consecutive months. The five-year inflation outlook fell to 2.9% from 3.0% in the prior month, remaining in the narrow 2.9%-3.1% range for 24 of the last 25 months.
Japan's Q2 GDP beats forecasts as exports zoom Japan's economy grew much faster than expected in April-June, as brisk auto exports and tourist arrivals helped offset the drag from a slowing post-COVID consumer recovery, although global recession prospects cloud the outlook. The 6.0% annualized growth in Japan's economy translated into a quarterly gain of 1.5%, much bigger than median estimates of 0.8% in a Reuters poll and bringing gross domestic product (GDP) to a record high. It was the fastest expansion since the final quarter of 2020 and followed a revised 3.7% expansion in January-March. While the headline GDP data provides some relief to policymakers seeking to balance economic growth with sustainable inflation, it masks underlying weakness in the household sector.
China's Jan-July property investment down 8.5% y/y Property investment in China fell 8.5% in the first seven months from the same period a year earlier, after sliding 7.9% in January-June, according to data from the National Bureau of Statistics (NBS) on Tuesday. Property sales by floor area in China declined 6.5% in January-July from a year earlier, compared with a 5.3% fall in the first six months, official data showed on Tuesday, amid still-weak demand and a deepening debt crisis. New construction starts measured by floor area fell 24.5% year-on-year, after a 24.3% drop in the first six months. Funds raised by China's property developers were down 11.2% on year after a 9.8% slide in January-June. China's property debt crisis has deepened amid an absence of strong policy support, adding to woes for the faltering economic recovery.
Dollar hits highest in more than a month on China economy concerns The 10-year government bond yield (interpolated) on the previous trading day was 2.61, +0.62 bps. The benchmark government bond yield (LB31DA) was 2.61, +0.00 bps. LB31DA could be between 2.30-2.80. Meantime, the latest closed US 10-year bond yields was 4.19, +3.00 bps. USDTHB on the previous trading day closed around 35.13. Moving in a range of 35.25-35.335 this morning. USDTHB could be closed between 35.00-35.50 today. The U.S. dollar hit more than a one-month high on Monday as investors sought a safe haven due to concerns about China's economy, and traders braced for possible Japanese government intervention after the yen hit its lowest level since November. The dollar index, which tracks the currency against its major peers, was up 0.301% at 103.170, hitting its highest level in more than a month. Analysts said investors bought the dollar as shelter from concerns about the health of the global economy, particularly China. A source told Reuters that Country Garden, China's largest private developer, is seeking to delay payment on a private onshore bond for the first time, in a new sign of stress in the sector.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
