- USDTHB: moving in the range 35.98-36.05 this morning supportive level at 35.90 resistance level at 36.10
· SET Index: 1,387.1 (-0.18%), 13 Nov 2023
· S&P 500 Index: 4,411.6 (-0.08%), 13 Nov 2023
· Thai 10-year government bond yield (interpolated): 3.19 (+4.33 bps), 13 Nov 2023
· US 10-year treasury yield: 4.63 (+2.00 bps), 13 Nov 2023
- Moody's turns negative on US credit rating
- UK house asking prices in largest fall since 2018 in November
- IMF upgrades China's growth forecasts of 2023 and 2024
- Global oil demand continues to demonstrate strength and resilience, with better-than-expected growth in 4Q23
- Dollar firm ahead of US inflation data; yen hovers near one-year low
Moody's turns negative on US credit rating The global ratings agency, Moody’s, lowered its assessment of U.S. credit outlook from “stable” to “negative”, underscoring America’s worsening fiscal standing and the implications of political dysfunction. However, Moody’s kept the U.S. at AAA, its highest rating, the firm indicated the rating could slip in the future. This rating comes amid an increasingly polarized political environment, headlined by infighting among House Republicans that’s paralyzed Congress through a messy speaker fight and an increasing debt load.
UK house asking prices in largest fall since 2018 in November Asking prices for homes in Britain have fallen at their fastest pace in five years for the time of year, according to property website Rightmove. Its data shows that new seller asking prices are now 3% behind May’s peak and this relatively small fall in asking prices, coupled with stable numbers of new properties coming to the market each month, are strong indicators that forced sales are not widespread. The number of sales being agreed is now 10% below the same period in 2019, improving from being 15% below 2019’s level last month.
IMF upgrades China's growth forecasts of 2023 and 2024 According to the International Monetary Fund (IMF), has upgraded its GDP growth forecasts for China in 2023 and 2024. It now expects China's economy to grow by 5.4% this year, up from its previous forecast of 5%. However, the IMF also warns of slower growth next year, projecting that China's GDP will expand by 4.6% in 2024 – up from a 4.2% forecast in October – due to weakness in the property sector and subdued export demand. The upward revision to growth forecasts is attributed to China's approval of a 1 trillion-yuan ($137 billion) sovereign bond issue and measures to support the economy.
Global oil demand continues to demonstrate strength and resilience, with better-than-expected growth in 4Q23 The November’s OPEC oil market report, the world oil demand growth forecast for 2023 is revised up marginally from the previous month’s assessment to 2.5 mb/d. In the non-OECD, the upward revisions to China’s oil demand in both 3Q23 and 4Q23 outpaced the downward revisions in the non-OECD region in 3Q23. In 2023, OECD oil demand is expected to rise by around 0.1 mb/d, while non-OECD oil demand is expected to increase by 2.4 mb/d. For 2024, world oil demand is expected to grow by a healthy 2.2 mb/d, unchanged from the previous month’s assessment.
Dollar firm ahead of US inflation data; yen hovers near one-year low The 10-year government bond yield (interpolated) on the previous trading day was 3.19, -4.33 bps. The benchmark government bond yield (LB336A) was 3.12, +3.00 bps. Meantime, the latest closed US 10-year bond yields was 4.63, +2.00 bps. USDTHB on the previous trading day closed around 36.005 Moving in a range of 35.98-36.05 this morning. USDTHB could be closed between 35.90-36.10 today. Meanwhile, the dollar stalled at the 106 resistance as awaited another batch of inflation data from the US that is expected to offer further clues this week on whether the Federal Reserve has more work to do to tame price pressures. The Japanese Yen, on the other hand, remained vulnerable that was trading at 151.58 yen against US Dollar, hovering not far from a one-year low of 151.74 at the end of October, remained on watch for possible intervention by BOJ.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
