- USDTHB: moving in the range 35.03-35.20 this morning supportive level at 34.95 resistance level at 35.20
· SET Index: 1,415.8 (+0.03%), 17 Nov 2023
· S&P 500 Index: 4,514.0 (+0.25%), 17 Nov 2023
· Thai 10-year government bond yield (interpolated): 3.02 (-0.90 bps), 17 Nov 2023
· US 10-year treasury yield: 4.44 (-1.00 bps), 17 Nov 2023
- US housing starts rise moderately; tight supply supporting new construction
- More expensive services, food drive euro zone inflation in Oct
- Japan Oct CPI seen accelerating, staying above BOJ's target
- Dollar posts steep weekly fall, trades below 150 yen
US housing starts rise moderately; tight supply supporting new construction US single-family homebuilding increased marginally in October and activity could remain moderate in the near term amid higher mortgage rates, which sent homebuilder confidence tumbling to an 11-month low in November. Single-family housing starts, which account for the bulk of homebuilding, rose 0.2% to a seasonally adjusted annual rate of 970,000 units last month, the Commerce Department's Census Bureau said. Data for September was revised up to show starts rising to a rate of 968,000 units instead of 963,000 units as previously reported. Single-family homebuilding peaked in May. A survey on Thursday showed confidence among home builders slumped this month. The National Association of Home Builders noted that builders anticipated lower sales over the next six months, with mortgage rates stuck above 7% since mid-August.
More expensive services, food drive euro zone inflation in Oct More expensive services and food were the main drivers of consumer price growth in the euro zone in October, as the EU's statistics office confirmed year-on-year inflation slowed sharply. Eurostat said consumer inflation in the 20 countries using the euro decelerated to 2.9% year-on-year in October from 4.3% in September after prices rose 0.1% month-on-month. Price rises in the services sectors, the biggest part of the euro zone economy, added 1.97 percentage points to the final year-on-year number and more expensive food, alcohol and tobacco added another 1.48 percentage points. A sharp fall in energy prices subtracted 1.45 points from the final number while non-energy industrial goods added another 0.9 percentage points. The European Central Bank wants to keep inflation at 2.0% over the medium term and has raised interest rates to record highs to slow down price growth, at the same time slowing euro zone economic growth.
Japan Oct CPI seen accelerating, staying above BOJ's target Japan's core consumer inflation likely accelerated again in October, staying above the central bank's 2% price target for a 19th straight month. The nationwide core consumer price index (CPI), which strips off volatile fresh food items, likely grew 3.0% in October from a year ago, according to the median estimate of 17 economists, compared with a 2.8% gain in September. After core CPI hit a peak of 4.2% in January, it slowed below the 3% threshold for the first time in over a year in September as utility bills fell reflecting the lagged effect of past oil price falls. The pace of year-on-year growth is expected to increase in October as the government's subsidies on electricity and gas bills have been reduced.
Dollar posts steep weekly fall, trades below 150 yen The 10-year government bond yield (interpolated) on the previous trading day was 3.02, -0.90 bps. The benchmark government bond yield (LB31DA) was 3.00,-2.00 bps. Meantime, the latest closed US 10-year bond yields was 4.44, -1.00 bps. USDTHB on the previous trading day closed around 35.21. Moving in a range of 35.03-35.20 this morning. USDTHB could be closed between 34.95-35.20 today. The dollar posted its second-steepest weekly decline versus other major currencies this year, while the yen strengthened sharply, and the dollar traded below 150 yen, as concerns grow about the weakening global economic outlook. Cooler-than-expected US inflation data on Tuesday and Wednesday hastened market expectations for how soon the Federal Reserve will cut rates. Such a move would weaken a major dollar support and could come as early as next year's first quarter. The dollar index, which measures the greenback against six other major currencies, slid to lows last seen on Sept. 1, while the yield on benchmark 10-year Treasury notes fell to a two-month low of 4.379%.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
