- USDTHB: moving in the range 34.58-34.64 this morning supportive level at 34.45 resistance level at 34.70
· SET Index: 1,405.1 (+0.02%), 22 Dec 2023
· S&P 500 Index: 4,754.6 (+0.17%), 22 Dec 2023
· Thai 10-year government bond yield (interpolated): 2.75 (+0.14 bps), 22 Dec 2023
· US 10-year treasury yield: 3.90 (+1.00 bps), 22 Dec 2023
- US inflation decelerating in boost to economy
- US new home sales fall to one-year low in November
- UK recession might be under way after economy shrinks in Q3
- Dollar slips to 5-month low as US inflation cools
US inflation decelerating in boost to economy US prices fell in November for the first in more than 3-1/2 years, pushing the annual increase in inflation further below 3%, and boosting financial market expectations of an interest rate cut from the Federal Reserve next March. Inflation, as measured by the personal consumption expenditures (PCE) price index, fell 0.1% last month, the Commerce Department's Bureau of Economic Analysis said. That was the first monthly decline in the PCE price index since April 2020 and followed an unchanged reading in October. Food prices edged down 0.1% and energy prices dropped 2.7%. In the 12 months through November, the PCE price index increased 2.6% after rising 2.9% in October. October marked the first time since March 2021 that the annual PCE price index was below 3%. Economists polled by Reuters had forecast the PCE price index unchanged on the month and rising 2.8% year-on-year.
US new home sales fall to one-year low in November Sales of new US single-family homes dropped to a one-year low in November, but the unexpected decline is probably temporary amid a chronic shortage of previously owned homes, which has been supporting demand for new construction. New home sales decreased 12.2% to a seasonally adjusted annual rate of 590,000 units last month, the lowest level since November 2022, the Commerce Department's Census Bureau said on Friday. October's sales pace was revised lower to 672,000 units from the previously reported 679,000 units. Economists polled by Reuters had forecast new home sales, which account for 13.4% of US home sales, rebounding to a rate of 685,000 units. New home sales are counted at the signing of a contract, making them a leading indicator of the housing market.
UK recession might be under way after economy shrinks in Q3 Britain's economy might be in a recession, according to data that showed it shrank between July and September, shortly after finance minister Jeremy Hunt took the rare step of suggesting the Bank of England might cut interest rates to boost growth. Gross domestic product (GDP) contracted by 0.1% in the third quarter, the Office for National Statistics (ONS) said. It had previously estimated that the economy was unchanged from the previous three months and economists polled by Reuters had mostly expected another unchanged reading. Similarly, second-quarter GDP was now estimated to have been flat, a cut from a previous estimate of 0.2% growth. However, there were some more upbeat signs about the economy in separate data also published on Friday which showed retail sales in November jumped by much more than expected, increasing by 1.3% from October, boosted by discount sales.
Dollar slips to 5-month low as US inflation cools The 10-year government bond yield (interpolated) on the previous trading day was 2.75, +0.14 bps. The benchmark government bond yield (LB31DA) was 2.82, -8.00 bps. Meantime, the latest closed US 10-year bond yields was 3.90, +1.00 bps. USDTHB on the previous trading day closed around 34.68 Moving in a range of 34.58-34.64 this morning. USDTHB could be closed between 34.45-34.70 today. The dollar index edged down, hitting a near five-month low as data showed annual US inflation slowed further below 3% in November, cementing market expectations for a US interest rate cut next March. In the 12 months through November, inflation, as measured by the personal consumption expenditures (PCE) price index, stood at 2.6%, easing from 2.9% in October. Excluding the volatile food and energy components, the so-called core PCE price index advanced 3.2% year-on-year in November, the smallest rise since April 2021. The Federal Reserve tracks the PCE price measures for its 2% inflation target.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
