- USDTHB: moving in the range 35.30-35.38 this morning supportive level at 35.15 resistance level at 35.45
· SET Index: 1,397.4 (-0.65%), 24 Nov 2023
· S&P 500 Index: 4,559.3 (+0.06%), 24 Nov 2023
· Thai 10-year government bond yield (interpolated): 3.07 (+4.47 bps), 24 Nov 2023
· US 10-year treasury yield: 4.47 (+6.00 bps), 24 Nov 2023
- US business activity steady in November
- Eurozone PMIs beat expectations, fueling EUR gains ahead of key data releases
- Germany's economy shrinks slightly in third quarter
- Dollar slips on bets US rates have peaked
US business activity steady in November US business activity held steady in November, but employment in the private sector declined for the first time in almost three-and-a-half years, consistent with expectations for an economic slowdown in the fourth quarter. S&P Global said on Friday that its flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, was unchanged at 50.7 this month as a modest rise in services sector activity offset a contraction in manufacturing. A reading above 50 indicates expansion in the private sector. The survey's flash manufacturing PMI dropped to 49.4 this month from 50.0 in October. Its flash services sector PMI edged up to 50.8 from 50.6 in the prior month. Economists expect overall economic activity to moderate considerably this quarter as the lagged effects of higher interest rates from the Federal Reserve start to have a greater impact.
Eurozone PMIs beat expectations, fueling EUR gains ahead of key data releases The Eurozone's latest Purchasing Managers' Index (PMI) data provided a positive surprise as composite and manufacturing figures outperformed expectations. The composite PMI rose to 47.1, while the manufacturing sector marked a six-month high at 43.8, and services saw an increase to 48.2. This upbeat data has bolstered the euro, which gained traction against the US dollar, trading higher at 1.0909 amid speculation of potential rate cuts by mid-2024. The strength of the euro reflects a cautious optimism in the market as traders position themselves in anticipation of these significant economic indicators.
Germany's economy shrinks slightly in third quarter Germany's economy shrank slightly in the third quarter compared with the previous three months. The figure confirmed an initial estimate, published in late October, that saw Europe's largest economy shrink by 0.1%. Germany has been among the weakest economies in Europe this year as high energy costs, weak global orders and higher interest rates have taken their toll. In the second quarter, Germany's economy had grown by 0.1% after stagnating in the first three months of the year. Adjusted gross domestic product (GDP) contracted by 0.4% year-on-year in the third quarter. Private consumer spending, which accounts for about two-thirds of GDP, was 0.3% lower than in the previous quarter, the statistics office said. Government consumer spending increased for the first time in more than a year by 0.2%.
Dollar slips on bets US rates have peaked The 10-year government bond yield (interpolated) on the previous trading day was 3.07, +4.54 bps. The benchmark government bond yield (LB31DA) was 3.02, +6.00 bps. Meantime, the latest closed US 10-year bond yields was 4.47, +6.00 bps. USDTHB on the previous trading day closed around 35.45. Moving in a range of 35.30-35.38 this morning. USDTHB could be closed between 35.15-35.45 today. The dollar slipped against a basket of currencies on Friday on news of steady US business activity in November, but private sector employment declined in line with expectations for a fourth-quarter economic slowdown. Currencies traded in a relatively narrow range with US markets closing early the day after the US Thanksgiving holiday. The dollar index, which measures the US currency with six peers, eased 0.4% to 103.35, staying close to the 2-1/2 month low of 103.17 touched earlier this week. For the week, the index was down 0.5%, after slipping 1.9% last week. The index is on course for its weakest monthly performance in a year on growing expectations the Federal Reserve is done with raising interest rates and could start cutting them next year. Elsewhere, the Japanese yen was about flat against the dollar at 149.45, after strengthening on news that Japan's core consumer price growth picked up slightly in October.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
