- USDTHB: moving in the range 35.13-35.22 this morning supportive level at 35.10 resistance level at 35.40
· SET Index: 1,423.6 (+0.29%), 21 Nov 2023
· S&P 500 Index: 4,538.2 (+0.53%), 21 Nov 2023
· Thai 10-year government bond yield (interpolated): 3.00 (-2.16 bps), 21 Nov 2023
· US 10-year treasury yield: 4.41 (-1.00 bps), 21 Nov 2023
- US existing home sales slump to more than 13-year low, prices accelerate
- Japan cuts view on economy for first time in 10 months
- Singapore's Q3 GDP tops initial estimates on financial services, tourism
- Dollar poised to halt slide after Fed minutes
US existing home sales slump to more than 13-year low, prices accelerate Existing home sales tumbled 4.1% last month to a seasonally adjusted annual rate of 3.79 million units, the lowest level since August 2010 when the sales were declining following the expiration of a government tax credit for homebuyers. Home resales are counted at the closing of a contract. October's sales likely reflected contracts signed in the prior two months, when the average rate on the popular 30-year fixed-rate mortgage jumped to levels last seen in late 2000. Economists polled by Reuters had forecast home sales would slide to a rate of 3.90 million units. Sales fell in the Northeast, West and the densely populated South. They were unchanged in the Midwest, the most affordable region. Home resales, which account for a big chunk of U.S. housing sales, plunged 14.6% on a year-on-year basis in October.
Japan cuts view on economy for first time in 10 months Japan's government slashed its view on the economy for November in its first such downgrade in 10 months, as weak demand weighed on capital spending and consumer expenditure. Authorities also cut their view on capital expenditure for the first time since December 2021, saying the pace of recovery was "pausing". The new assessment by the Cabinet Office came after data last week showed the economy shrank in July-September for the first time in three quarters as demand waned. In a bid to soften inflation's hit to the economy, Prime Minister Fumio Kishida's government compiled this month a package of measures that will involve spending of more than 17 trillion yen ($113 billion). The government expects the economy to continue to recover moderately but there are risks such as those from global monetary tightening and the Chinese economy.
Singapore's Q3 GDP tops initial estimates on financial services, tourism
Singapore's economy grew faster than initial estimates in the third quarter, helped by a resurgence in tourism and service sector activity, although authorities warned of risks to the outlook from inflation and geopolitics. Gross domestic product (GDP) rose 1.1% year-on-year, higher than the initial estimates of 0.7% released last month. On a quarter-on-quarter seasonally-adjusted basis, gross domestic product expanded 1.4% in the July to September period, compared with 1% in advanced estimates. The trade ministry narrowed GDP growth to around 1.0% in 2023 from the lower half of 0.5% to 1.5% range. It expects GDP growth in 2024 to be from 1.0% to 3.0%. The trade-reliant economy narrowly avoided a technical recession - defined as two consecutive quarter-on-quarter contractions - when it posted a slight expansion in second quarter GDP.
Dollar poised to halt slide after Fed minutes The 10-year government bond yield (interpolated) on the previous trading day was 3.00, -2.16 bps. The benchmark government bond yield (LB31DA) was 3.02,-4.00 bps. Meantime, the latest closed US 10-year bond yields was 4.41, -1.00 bps. USDTHB on the previous trading day closed around 35.12. Moving in a range of 35.13-35.22 this morning. USDTHB could be closed between 35.10-35.40 today. The dollar has stumbled of late, dropping nearly 2% last week, as recent data has showed a slowing of the economy and inflation pressures, leading markets to price out any additional Fed rate hikes. Investors are gauging when the Fed may begin to cut rates, pricing in a nearly 60% chance of a cut of at least 25 basis points by May, according to CME's FedWatch Tool, edging up from about 58% on Monday. The dollar index rose 0.14% to 103.58 after falling to a fresh 2-1/2 month low of 103.17, its lowest since Aug. 31. The dollar's recent weakness has buoyed the yen, along with expectations the Bank of Japan may eventually start to move off its ultra-loose monetary policy next year.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
