- USDTHB: moving in the range 36.45-36.48 this morning supportive level at 36.35 resistance level at 36.65
· SET Index: 1,423.0 (-1.04%), 19 Oct 2023
· S&P 500 Index: 4,278.0 (-2.20%), 19 Oct 2023
· Thai 10-year government bond yield (interpolated): 3.39 (+2.40 bps), 19 Oct 2023
· US 10-year treasury yield: 4.98 (+7.00 bps), 19 Oct 2023
- US Jobless Claims Hit Nine-Month Low, Putting Pressure on Fed
- US existing home sales drop to 13-year low in September
- Japan CPI inflation beats estimates in Sept, core CPI remains sticky
- Dollar dips on dovish Powell comments
US Jobless Claims Hit Nine-Month Low, Putting Pressure on Fed Despite the expectations of increasing layoffs due to high US interest rates, American unemployment benefit applications have significantly dropped to a nine-month low of 198,000 last week. The new jobless claims fell from a revised 211,000 of the previous week, marking the first time they dipped below the 200,000 mark since mid-January. These figures indicate low job losses and a steady economy, contradicting economists' forecasts of new claims totaling 210,000 for the week ending Sunday. A decrease in new jobless claims was reported in 45 out of the 53 states and territories reporting to the federal government, with an increase observed only in eight. Raw or actual claims before seasonal adjustments reached a low of 181,181 - one of the lowest levels in over half a century.
US existing home sales drop to 13-year low in September US existing home sales dropped to a 13-year low in September as surging mortgage rates and tight supply combined to reduce affordability for many first-time buyers. Existing home sales fell 2.0% last month to a seasonally adjusted annual rate of 3.96 million units, the lowest level since October 2010, the National Association of Realtors said on Thursday. They are counted at the closing of a contract and last month's sales likely reflected contracts signed in August, when the rate on the popular 30-year fixed mortgage vaulted above 7%. Economists polled by Reuters had forecast home sales slipping to a rate of 3.89 million units. Sales dropped 1.1% in the South and decreased 4.1% in the Midwest. They rose 4.2% in the Northeast and slumped 5.3% in the West. Home resales, which account for a big chunk of US housing sales, declined 15.4% on a year-on-year basis in September.
Japan CPI inflation beats estimates in Sept, core CPI remains sticky Japanese consumer inflation grew slightly more than expected in September as food prices remained elevated, while a core inflation reading that is closely watched by the Bank of Japan remained near 40-year peaks. National core consumer price index inflation, which excludes volatile fresh food prices, grew 2.8% year-on-year in September, data from the Statistics Bureau showed. The reading was slightly above analyst expectations of 2.7%, but lower than the prior month’s reading of 3.1%. The reading marked the first time in 13 months that core CPI inflation had broken below 3%, although a bulk of the decline could be attributed to government subsidies on electricity and gas prices, which were rolled out earlier this year.
Dollar dips on dovish Powell comments The 10-year government bond yield (interpolated) on the previous trading day was 3.39, +2.40 bps. The benchmark government bond yield (LB31DA) was 3.34,+3.00 bps. Meantime, the latest closed US 10-year bond yields was 4.98, +7.00 bps. USDTHB on the previous trading day closed around 36.42. Moving in a range of 36.45-36.48 this morning. USDTHB could be closed between 36.35-36.65 today. The dollar dropped after Federal Reserve Chair Jerome Powell was interpreted as being generally dovish in comments made at an economic forum, even as he warned that the US central bank could raise interest rates again. The US economy's strength and continued tight labor markets could warrant further rate increases, Powell said. But he also noted that recent market-driven increases in bond yields have helped to "significantly" tighten overall financial conditions. The comments were “marginally more dovish, I guess, but he was pretty careful to leave the door open to more tightening if the economic circumstances warrant that. It was a pretty even-handed message, I think,” said Shaun Osborne, chief foreign exchange strategist at Scotiabank in Toronto. Several Fed officials in recent weeks have noted the impact of rising Treasury yields. The benchmark 10-year yield reached a 16-year high of 4.996%.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
