- USDTHB: moving in the range 35.69-35.73 this morning supportive level at 35.60 resistance level at 35.85
· SET Index: 1,542.0 (-0.20%), 15 Sep 2023
· S&P 500 Index: 4,450.3 (-0.38), 15 Sep 2023
· Thai 10-year government bond yield (interpolated): 2.99 (+1.97 bps), 15 Sep 2023
· US 10-year treasury yield: 4.33 (+4.00 bps), 15 Sep 2023
- US manufacturing production barely rises in August
- U.S. consumer sentiment slips again but inflation outlook improves
- UK consumers anticipate inflation rise, Bank of England reports
- Dollar down after data but set for ninth straight weekly climb
US manufacturing production barely rises in August Production at U.S. factories barely rose in August as motor vehicle output dropped and activity could plunge in the months ahead after the United Auto Workers (UAW) union embarked on strikes at three factories. Manufacturing output edged up 0.1% last month. Data for July was revised slightly lower to show production at factories rebounding 0.4% instead of 0.5% as previously reported. Economists polled by Reuters had forecast factory output gaining 0.1%. Production was down 0.6% on a year-on-year basis in August. Motor vehicle and parts output decreased 5.0% last month after accelerating 5.1% in July, when it benefited from difficulties adjusting the data for seasonal fluctuations related to annual plant shutdowns for retooling. Manufacturing, which accounts for 11.1% of the economy, was already hobbled by slowing demand for goods because of higher interest rates.
U.S. consumer sentiment slips again but inflation outlook improves U.S. consumer sentiment edged lower for a second straight month in September, but their economic outlook brightened modestly as household expectations for near-term inflation fell to the lowest in more than a year. The University of Michigan's preliminary reading of its Consumer Sentiment Index dropped to 67.7 this month from a final reading of 69.5 in August. That was below the median forecast of 69.1 among economists polled by Reuters. The survey's barometer of current economic conditions fell, but its gauge of consumer expectations edged higher. The survey's one-year inflation expectation fell to 3.1% - the lowest since March 2021 - from 3.5%, while the five-year inflation outlook slid to a one-year low of 2.7% from 3.0%.
UK consumers anticipate inflation rise, Bank of England reports The Bank of England reported that UK consumers are expecting a minor increase in inflation over the coming year, indicating a potential steady rise in prices. The anticipated price increase for the next year is 3.6%, a slight uptick from the 3.5% forecast made in May. Despite this figure representing a significant drop from its peak of 4.9% a year ago, it continues to surpass the central bank's target rate of 2%. The data suggests that inflationary pressures might be gradually becoming a more permanent feature of the UK's economic landscape. The central bank's observation of increased inflation expectations among consumers indicates that the economy could be set to experience a steady rise in prices in the near future. This comes even as the predicted rate remains higher than the Bank of England's target, suggesting that inflation may be more entrenched in the economy than previously thought.
Dollar down after data but set for ninth straight weekly climb
The 10-year government bond yield (interpolated) on the previous trading day was 2.99, +1.97 bps. The benchmark government bond yield (LB31DA) was 2.98, +1.00 bps. Meantime, the latest closed US 10-year bond yields was 4.33, +4.00 bps. USDTHB on the previous trading day closed around 35.77. Moving in a range of 35.69-35.73 this morning. USDTHB could be closed between 35.60-35.85 today. The US dollar was lower, after data showing a dip in consumer sentiment, but the greenback was still poised for a ninth straight week of gains, while the yen weakened to a 10-month low. The University of Michigan's preliminary reading of its Consumer Sentiment Index dropped to 67.7 this month from a final reading of 69.5 in August and below the forecast of 69.1 among economists polled by Reuters. However, consumers saw inflation lower on both a one-year and five-year basis. Earlier data from the Labor Department showed import prices increased 0.5% last month as fuel prices jumped, but underlying price pressures stayed subdued while a separate report from the New York Fed showed factory activity picked up in the state in September.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
