- USDTHB: moving in the range 35.68-35.765 this morning supportive level at 35.55 resistance level at 35.80
· SET Index: 1,373.9 (-0.51%), 12 Dec 2023
· S&P 500 Index: 4,643.7 (+0.46%), 12 Dec 2023
· Thai 10-year government bond yield (interpolated): 2.85 (-1.87 bps), 12 Dec 2023
· US 10-year treasury yield: 4.20 (-3.00 bps), 12 Dec 2023
- US November’s inflation edged down while core inflation remains
- UK unemployment rate holds steady at 4.2%
- Japan’s PPI slows to weakest pace since 2021
- Oil falls on softening demand, oversupply concerns
- Dollar dips as investors wait for Fed’s last meeting
US November’s inflation edged down while core inflation remains The Bureau of Labor Statistics reported that the US headline
consumer price index was 3.1% on an annual basis or 0.1% on monthly basis, in
line with expectations, which fell marginally below October’s 3.2%. Energy
costs dropped 5.4% with the decline of gasoline and gas service. The food index
increased 0.2% in November, after rising 0.3% in October. Likewise, the core
inflation rose 0.3% in November, after rising 0.2% in October. Indexes which
increased in November include rent, owners’ equivalent rent, medical care, and
motor vehicle insurance.
UK unemployment rate holds steady at 4.2% The United Kingdom’s ILO Unemployment Rate held steady at 4.2% in three months to October, according to the latest data published by the Office for National Statistics (ONS). The market consensus was for a 4.2% print in the October quarter. Additional details of the report showed that the number of people claiming jobless benefits climbed by 16K in November, compared with an increase of 8.9K in October while beating the estimate of 20.3K. On the other hand, average Earnings excluding Bonus in the UK rose 7.3% 3M YoY in October versus September’s 7.8% increase. Markets had expected an acceleration of 7.4%.
Japan’s PPI slows to weakest pace since 2021 The Japan’s Producer Price Index (PPI), which measures costs of goods traded between businesses, stood at 119.5 against the 2020 average of 100, rising for 33 months in a row. Japan’s PPI slowed notably from 0.9% a year earlier to 0.3% in November but beat expectation of 0.1%. In addition, government subsidies aimed at curbing gasoline prices pushed down the index’s increase by 0.9 ppt. Besides, PPI climbed 4.0% for food and beverages, 2.2% for transportation equipment and 12.3% for ceramic, stone, and clay products. The increases mainly reflected sales price hikes in response to higher prices of raw materials, energy, components, as well as transportation fees and other costs.
Oil falls on softening demand, oversupply concern Oil prices fell more than 3% on Tuesday to their lowest level in six months on concerns of oversupply and after U.S. economic data showed an unexpected rise in consumer prices. Brent crude futures for February settled down $2.79, or 3.7%, to $73.24 a barrel. U.S. West Texas Intermediate crude futures for January slipped $2.71, or 3.8%, to $68.61 a barrel. Weak demand and concerns that the OPEC+ deal to curb supplies will not do enough to balance the market weighed on prices, he added. OPEC+ agreed to limit supplies by 2.2 million barrels per day in the first quarter.
Dollar dips as investors wait for Fed’s last meeting The 10-year government bond yield (interpolated) on the previous trading day was 2.85, -1.87 bps. The benchmark government bond yield (LB336A) was 2.85, -1.00 bps. Meantime, the latest closed US 10-year bond yields was 4.20,-3.00 bps. USDTHB on the previous trading day closed around 35.65 Moving in a range of 35.68-35.765 this morning. USDTHB could be closed between 35.55-35.80 today. Investors will focus on how Fed officials see the economy holding up and where they see interest rates over the coming quarters when the U.S. central bank concludes its two-day meeting on Wednesday.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
