- USDTHB: moving in the range 35.46-35.54 this morning supportive level at 35.30 resistance level at 35.55
· SET Index: 1,411.8 (+0.25%), 8 Nov 2023
· S&P 500 Index: 4,382.8 (+0.38%), 8 Nov 2023
· Thai 10-year government bond yield (interpolated): 3.14 (-3.56 bps), 8 Nov 2023
· US 10-year treasury yield: 4.49 (-9.00 bps), 8 Nov 2023
- US 30-year mortgage rate plunges by most in nearly 16 months
- Euro zone retail sales fall in Sept, exposing weak consumer demand
- China car sales seen 20% up in November as makers eye sales goals
- Dollar steady against euro, yen on intervention watch as it hits one-week low
US 30-year mortgage rate plunges by most in nearly 16 months The interest rate on the most common type of U.S. residential mortgage plunged last week by the most in nearly 16 months on the back of a rally in the Treasury market that drove down the benchmark yields used to set home loan costs. The Mortgage Bankers Association (MBA) on Wednesday said the average contract rate on a 30-year fixed-rate mortgage dropped in the week ended Nov. 3 by a quarter percentage point to 7.61%, the lowest in about a month. It was the largest weekly drop since late July 2022. The second weekly decline further pulled home-purchasing borrowing costs down from two-decade highs near 8% reached in October when yields on the 10-year Treasury note, the benchmark for U.S. home loan rates, had been charging higher.
Euro zone retail sales fall in Sept, exposing weak consumer demand Euro zone retail sales fell roughly in line with expectations in September, highlighting weak consumer demand and the prospect of recession. The European Union's statistics office Eurostat said retail sales in the 20 countries sharing the euro fell 0.3% month-on-month and by 2.9% year-on-year in September. Economists polled by Reuters had expected declines of 0.2% in the month and 3.1% from a year earlier. The monthly fall was caused mainly by a sharp drop in sales of non-food products, including online sales, both of which fell by 1.9% from August. Automotive fuel sales were also down 0.9%. The euro zone economy shrank by 0.1% in the three months to September, data showed last week, and a key purchasing managers' survey showed the fourth quarter has got off to a poor start.
China car sales seen 20% up in November as makers eye sales goals China's car sales are expected to jump by more than 20% in November, citing increased confidence among carmakers striving to deliver annual sales goals in the world's top auto market. Car sales totaled 2.05 million units in October, up 9.9% from a year earlier, extending gains to a third month. Sales in the first 10 months of 2023 rose 3% year-on-year to 17.46 million units. The October figures came on the back of a 2.2% increase in August and a 4.7% rise in September. New energy vehicle (NEV) sales rose by 37.5% in October year-on-year, accounting for 37.4% of total car sales. NEV sales growth picked up from a 22.1% increase in September, amid signs that an economic recovery was gaining traction. Demand for electric vehicles, however, has weakened in China as consumers favor more economical plug-in hybrids, helping carmakers such as Li Auto and BYD gain market share.
Dollar steady against euro, yen on intervention watch as it hits one-week low The 10-year government bond yield (interpolated) on the previous trading day was 3.14, -3.56 bps. The benchmark government bond yield (LB31DA) was 3.13,-4.00 bps. Meantime, the latest closed US 10-year bond yields was 4.49, -9.00 bps. USDTHB on the previous trading day closed around 35.52. Moving in a range of 35.46-35.54 this morning. USDTHB could be closed between 35.30-35.55 today. The dollar was steady against the euro and gained against the yen as it consolidated after a sharp selloff last week on rising confidence that the Federal Reserve has ended its interest rate-hiking cycle. Traders also remained on alert for potential intervention in the Japanese currency as it rose above the 151 level against the dollar, its weakest level in a week. Many economists and analysts expect the U.S. economy to slow in the fourth quarter, which makes further rate hikes less likely and will dent the appeal of the greenback, which has benefited from the relative strength of the United States compared to other major economies. That said, the dollar may continue to gain in the short-term as it recovers from last week’s selloff, which was viewed by some as overdone.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
