- USDTHB: moving in the range 34.28-34.35 this morning supportive level at 34.20 resistance level at 34.40
· SET Index: 1,415.9 (+0.38%), 28 Dec 2023
· S&P 500 Index: 4,769.8 (-0.28%), 29 Dec 2023
· Thai 10-year government bond yield (interpolated): 2.70 (-2.70 bps), 28 Dec 2023
· US 10-year treasury yield: 3.88 (+4.00 bps), 29 Dec 2023
- New US jobless claims rise again as labor market cools
- China manufacturing activity grows more than expected in Dec
- Singapore's Q4 GDP speeds up on firmer construction, manufacturing
- Dollar starts 2024 steady, focus switches to data
New US jobless claims rise again as labor market cools The number of Americans filing initial claims for unemployment benefits rose last week, indicating the labor market continues to cool in the year's fourth quarter. New state unemployment benefit claims rose by 12,000 last week to 218,000, according to the Labor Department. A Reuters poll showed economists expected an increase to 210,000 initial claims for the week ended Dec. 23. The rolls of those receiving benefits after one week of aid rose 14,000 from the week prior, reaching 1.875 million. Continued unemployment claims, a measure for hiring, have increased since mid-September, indicating those already out of work may be having difficulties getting a job. Amid slower job growth and milder inflation, the Federal Reserve has left its benchmark interest rate unchanged for three consecutive policy meetings.
China manufacturing activity grows more than expected in Dec Chinese manufacturing activity grew past expectations in December, a private survey showed on Tuesday, as new orders clocked steady growth amid continued improvement in local and overseas demand for Chinese goods. The Caixin Manufacturing Purchasing Managers Index (PMI) grew 50.8 in December, beating expectations for a reading of 50.4, and growing slightly from the 50.7 seen in the prior month. A reading above 50 indicates expansion, with the index now remaining in expansion for a second consecutive month. The reading contrasted the results of a government survey released over the weekend, which showed that Chinese manufacturing activity remained in contraction through the final month of 2023. The official survey also showed that China’s manufacturing sector contracted in 2023, with an average of the past 12 months’ PMI data coming in at 49.8.
Singapore's Q4 GDP speeds up on firmer construction, manufacturing Singapore's economy grew 2.8% in the fourth quarter year-on-year, preliminary government data showed on Tuesday, faster than some economists expected and helped by improvements in construction and manufacturing. The fourth quarter growth in gross domestic product (GDP) was faster than the 1% expansion in the third quarter of 2023. For the full year of 2023, Singapore's economy grew 1.2%, moderating from the 3.6% growth in 2022. Both OCBC economist Selena Ling and Maybank economist Chua Hak Bin said the year-on-year growth was better than they had anticipated in the fourth quarter. Ling was expecting a 1.8% expansion while Chua was looking at 2.5%. On a quarter-on-quarter seasonally adjusted basis, GDP expanded 1.7% in the October to December period, extending the 1.3% expansion in the third quarter.
Dollar starts 2024 steady, focus switches to data The 10-year government bond yield (interpolated) on the previous trading day was 2.70, -2.70 bps. The benchmark government bond yield (LB31DA) was 2.82, -8.00 bps. Meantime, the latest closed US 10-year bond yields was 3.88, -4.00 bps. USDTHB on the previous trading day closed around 34.20 Moving in a range of 34.28-34.35 this morning. USDTHB could be closed between 34.20-34.40 today. The dollar was steady on the first trading day of the year as traders weighed the prospect of steep interest rate cuts from the Federal Reserve in 2024 and looked to economic data this week for clues on the central bank's next moves. The dollar index, which measures the U.S. currency against six rivals, fell 2% in 2023, snapping two years of gains, and was last at 101.43, up 0.049%. Markets are now pricing in an 86% chance of rate cuts to start from March, according to CME FedWatch tool, with over 150 basis points (bps) of easing anticipated in the year. The focus now switches to a slew of economic data due this week, including the data on job openings and nonfarm payrolls.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
