- USDTHB: moving in the range 34.937-34.97 this morning supportive level at 34.85 resistance level at 35.05
· SET Index: 1,391.0 (+0.87%), 15 Dec 2023
· S&P 500 Index: 4,719.2 (-0.01%), 15 Dec 2023
· Thai 10-year government bond yield (interpolated): 2.81 (+2.97 bps), 15 Dec 2023
· US 10-year treasury yield: 3.91 (-1.00 bps), 15 Dec 2023
- US manufacturing output increases in November, underlying trend soft
- Euro zone likely in recession, PMI surveys show
- China's economic conditions to improve in 2024
- Dollar rebounds as Fed's Williams talks down rate cuts
US manufacturing output increases in November, underlying trend soft Production at US factories rose in November, lifted by a rebound in motor vehicle output following the end of strikes, but activity was weaker elsewhere as manufacturing grapples with higher borrowing costs and softening demand. Despite the manufacturing sector's mixed fortunes, the economy continued to expand as the year ended. A survey on Friday showed business activity picked up in December amid rising orders and demand for workers in the services industry. Manufacturing output rose 0.3% in November, the Federal Reserve said. Data for October was revised lower to show production at factories falling 0.8% instead of by the previously reported 0.7%. Economists polled by Reuters had forecast factory output would rebound 0.4%.
Euro zone likely in recession, PMI surveys show The downturn in euro zone business activity surprisingly deepened in December, according to closely watched surveys which indicated the bloc's economy is almost certainly in recession. It was a broad-based decline with activity deteriorating in both Germany and France and across services and manufacturing, the surveys showed. Last quarter, the euro zone economy contracted 0.1%, official data has shown, and December's Purchasing Managers' Index (PMI) - seen as a good gauge of economic health - suggested activity has now declined in every month of this quarter. That would mark two consecutive quarters of economic contraction, meeting the technical definition of recession.
China's economic conditions to improve in 2024 China's economy is expected to see more favorable conditions and more opportunities than challenges in 2024, state media said citing officials of the Chinese Communist Party's finance and economy office. Macroeconomic policies will continue to provide support for economic recovery, the official Xinhua said in a detailed readout of the annual Central Economic Work Conference held from Dec. 11-12, during which top leaders set economic targets for the following year. Still, blockages persist in the domestic economic cycle as demand, consumption and enterprise investment remain weak. Next year, the party officials said China will look to shift from a post-pandemic recovery to sustained consumption growth.
Dollar rebounds as Fed's Williams talks down rate cuts The 10-year government bond yield (interpolated) on the previous trading day was 2.81, +2.97 bps. The benchmark government bond yield (LB31DA) was 2.74, +5.00 bps. Meantime, the latest closed US 10-year bond yields was 3.91, -1.00 bps. USDTHB on the previous trading day closed around 34.86 Moving in a range of 34.937-34.97 this morning. USDTHB could be closed between 34.85-35.05 today. The dollar rebounded on Friday after Federal Reserve Bank of New York President John Williams pushed back against the market’s rate cut expectations, though the dollar index remained on track for its worst weekly performance in a month. The dollar tumbled broadly after updated interest rate projections of Fed officials released on Wednesday showed an expectation for 75 basis points in cuts in 2024. Fed Chairman Jerome Powell was also interpreted as striking a more dovish tone at the conclusion of the US central bank’s two day meeting, when he said that the tightening of monetary policy is likely over, with a discussion of cuts coming "into view.“ But Williams said on Friday that "we aren't really talking about rate cuts right now" at the Fed and it's "premature" to speculate about them.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
