- USDTHB: moving in the range 35.48-35.545 this morning supportive level at 35.40 resistance level at 35.70
· SET Index: 1,408.3 (-0.63%), 7 Nov 2023
· S&P 500 Index: 4,378.4 (+0.46%), 7 Nov 2023
· Thai 10-year government bond yield (interpolated): 3.18 (-0.24 bps), 7 Nov 2023
· US 10-year treasury yield: 4.58 (-9.00 bps), 7 Nov 2023
- US trade gap widens more than expected in September
- Japan's wages, consumer spending extend declines in test for BOJ policy
- Chinese exports fall further in Oct, trade surplus hits 17-mth low
- Dollar bounces after sharp selloff, weak data hurts euro
US trade gap widens more than expected in September The US trade deficit widened more than expected in September, making it less likely for trade to have contributed to growth in the third quarter. The trade deficit expanded 4.9% to $61.5 billion from a modestly revised $58.7 billion in August, which was the lowest level since September 2020, the Commerce Department said on Tuesday. Economists polled by Reuters had forecast the trade deficit shrinking to $59.9 billion in September. Exports of goods and services increased 2.2% to $261.1 billion. Goods exports shot up 3.1% to $176.7 billion. At $84.4 billion, exports of services were the highest on record. Imports of goods and services rose 2.7% to $322.7 billion. Goods imports rose 2.7% to $263.0 billion, while services imports rose 2.6% to $59.6 billion. The services surplus retreated modestly to $24.8 billion from a revised $25.9 billion.
Japan's wages, consumer spending extend declines in test for BOJ policy Japan's real wages slipped in September for an 18th month, while consumer spending extended a months-long decline, with rising prices squeezing households' purchasing power, and likely to add to pressure from labor groups for higher wage increases. Financial markets worldwide pay close attention to the wage trends in the world's third-largest economy. The Bank of Japan regards sustainable pay increases as one of the prerequisites for unwinding its ultra-loose monetary stimulus. Inflation-adjusted real wages, a barometer of consumer purchasing power, dropped in September by 2.4% from a year earlier after a revised 2.8% fall the month before. The consumer inflation rate officials use to calculate real wages, which includes fresh food prices but excludes owners' equivalent rent, slowed to 3.6%, the lowest since September last year.
Chinese exports fall further in Oct, trade surplus hits 17-mth low Chinese exports fell more than expected in October amid worsening overseas demand, while an unexpected rise in imports saw China’s trade surplus shrink to its worst level in 17 months. China’s trade balance fell far more than expected to $56.53 billion, missing expectations of $81.95 billion and falling sharply from the $77.71 billion seen last month. The surplus was at its worst level since May 2022, when Chinese economic activity had ground to a halt due to the COVID-19 pandemic. Chinese exports slid 6.4% year-on-year in October, missing expectations for a decline of 5.4% and accelerating from a 6.2% drop in the prior month. The decline was driven chiefly by worsening economic conditions in China’s biggest trade destinations- Europe and the US
Dollar bounces after sharp selloff, weak data hurts euro The 10-year government bond yield (interpolated) on the previous trading day was 3.18, -0.24 bps. The benchmark government bond yield (LB31DA) was 3.14,-1.00 bps. Meantime, the latest closed US 10-year bond yields was 4.58, -9.00 bps. USDTHB on the previous trading day closed around 35.53. Moving in a range of 35.48-35.545 this morning. USDTHB could be closed between 35.40-35.70 today. The US dollar as a sharp selloff last week was seen as overdone in the short term, while the euro was dented by weak German data and the Australian dollar slid after the country's central bank raised interest rates but hinted the hike was the last of the current tightening cycle. The Japanese yen also weakened back above 150 against the greenback, a level that has kept traders on edge in recent weeks as they look for signs of intervention from Tokyo. The dollar index which tracks the US unit against six main peers, was up 0.26% at 105.52. It fell 1.4% last week, its steepest weekly decline since mid-July. The US currency dropped last week after Federal Reserve Chair Jerome Powell took a more dovish tone than expected at the conclusion of the US central bank's two-day policy meeting on Wednesday, when it left interest rates unchanged.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
