- USDTHB: moving in the range 35.03-35.075 this morning supportive level at 34.95 resistance level at 35.20
· SET Index: 1,557.4 (+0.54%), 24 Aug 2023
· S&P 500 Index: 4,376.3 (-1.35%), 24 Aug 2023
· Thai 10-year government bond yield (interpolated): 2.79 (-0.77 bps), 24 Aug 2023
· US 10-year treasury yield: 4.23 (+4.00 bps), 24 Aug 2023
- US jobless claims fall
- UK retail sales slide by most in over two years
- Tokyo CPI inflation eases more than expected in August
- Dollar rises ahead of Jackson Hole gathering
US jobless claims fall The number of Americans filing new claims for unemployment benefits fell for a second straight week, as labor market conditions remained tight despite the Federal Reserve's aggressive interest rate hikes. Initial claims for state unemployment benefits decreased by 10,000 to a seasonally adjusted 230,000 for the week ended Aug. 19, the Labor Department said on Thursday. The previous week's level was revised up by 1,000 claims. Economists polled by Reuters had forecast 240,000 claims for the latest week. Economists have anticipated a downturn in the labor market since the Fed began increasing rates in March 2022, and some have been bracing for a measurable increase in unemployment claims in the wake of the recent collapse of Yellow trucking company, which has about 30,000 workers.
UK retail sales slide by most in over two years British retail sales fell in August at the fastest rate since March 2021 and most stores are expecting another tough month ahead. The Confederation of British Industry's monthly balance of retail sales, which compares volumes with a year ago, fell to -44 in August from -25 in July. Expectations for the month ahead improved to -21 from -32 but were still deeply negative. The quarterly business situation balance - a gauge of sentiment among retailers - fell to -14 from +6 in May, the lowest reading this year. The CBI data echoed industry data earlier this week that showed sales growth at British supermarkets slowed in August, reflecting lower inflation as well as a hit to demand from unsettled, unseasonably wet weather.
Tokyo CPI inflation eases more than expected in August Consumer inflation in Japan’s capital grew at a slower-than-expected pace in August, data showed on Friday, although the reading still remained well above the Bank of Japan’s target range. Core consumer price index (CPI) inflation, which excludes volatile fresh food prices, rose 2.8% in the 12 months to August, data from the Statistics Bureau showed. The reading was less than expectations of 2.9% and the prior month’s reading of 3.0%. Overall CPI inflation rose 2.9% in August, less than expectations for growth of 3% and the prior month’s reading of 3.2%. But a core figure that excludes both fresh food and energy costs remained at 4% in August- its highest level in over 40 years. The figure is closely watched by the BOJ to gauge inflationary conditions in the country and indicates that underlying inflation remains high.
Dollar rises ahead of Jackson Hole gathering The 10-year government bond yield (interpolated) on the previous trading day was 2.79, -0.77 bps. The benchmark government bond yield (LB31DA) was 2.79, -1.00 bps. Meantime, the latest closed US 10-year bond yields was 4.23, +4.00 bps. USDTHB on the previous trading day closed around 34.91. Moving in a range of 35.03-35.075 this morning. USDTHB could be closed between 34.95-35.20 today. The dollar rose across the board on Thursday as investors awaited Fed Chair Jerome Powell's speech on Friday at the Jackson Hole Economic Policy Symposium. Investors are looking forward to Powell's address on monetary policy at 10:05 am ET on Friday for clues to the Fed's thinking on whether it is about done with interest rate hikes and how long it plans to hold rates high. Two Federal Reserve officials - Philadelphia Fed President Patrick Harker and Boston Fed President Susan Collins - on Thursday tentatively welcomed a jump in bond market yields as something that could complement the U.S. central bank's work to slow the economy and get inflation back to the 2% target, while also noting they see a good chance that no more interest rate increases will be needed.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
