- USDTHB: moving in the range 34.23-34.34 this morning supportive level at 34.20 resistance level at 34.40
· SET Index: 1,433.4 (+1.23%), 2 Jan 2024
· S&P 500 Index: 4,742.8 (-0.57%), 2 Jan 2024
· Thai 10-year government bond yield (interpolated): 2.73 (+3.47 bps), 2 Jan 2024
· US 10-year treasury yield: 3.95 (+7.00 bps), 2 Jan 2024
- US construction on solid ground; manufacturing under pressure
- Euro zone economy likely entered recession last year
- China's home sales during New Year holiday fall 26% compared with 2023
- Dollar edges higher as risk rally hits pause
US construction on solid ground; manufacturing under pressure US construction spending rose less than expected in November amid a decline in outlays on public projects, but data for the prior month was revised sharply higher suggesting underlying strength in the sector. Despite coming below expectations, the report from the Commerce Department on Tuesday added to a recent raft of data on the labor market, consumer spending and confidence in suggesting that the economy regained its poise after appearing to stumble at the start of the fourth quarter. Construction activity is being underpinned by the new single-family housing segment, thanks to an acute shortage of previously owned homes on the market. A policy by President Joe Biden's administration to bring semiconductor manufacturing back to the United States is also boosting the construction of factories, helping the keep the economy afloat.
Euro zone economy likely entered recession last year Euro zone factories ended 2023 on the back foot, with activity contracting in December for an 18th straight month, according to a survey which gave scant signs of any imminent strong bounce back in an economy likely in recession. HCOB's final euro zone manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, did nudge up to 44.4 in December from November's 44.2 but remained firmly below the 50 mark separating growth in activity from contraction. A preliminary estimate was for no change from November. An index measuring output, which feeds into a composite PMI due on Thursday and seen as a good gauge of economic health, dipped to 44.4 from November's final reading of 44.6 but was ahead of the 44.1 flash estimate.
China's home sales during New Year holiday fall 26% compared with 2023 China's average daily home sales during the three-day New Year holiday in 40 cities, based on floor area, fell 26% compared with the same period last year, a survey showed on Tuesday. Sales fell the most in smaller cities, dropping 50% during the holiday, according to data from the China Index Academy, one of the country's largest independent real estate researchers. For 2024, the firm said it expected more easing of restrictive property policies, with full relaxation on home buying curbs in second-tier cities. Authorities in recent months have been rolling out measures to support the crisis-hit property market. Top Chinese leaders at a key meeting in December to chart the economic course for 2024 pledged to resolve real estate risks and promote stable and healthy development of the market.
Dollar edges higher as risk rally hits pause The 10-year government bond yield (interpolated) on the previous trading day was 2.73, +3.47 bps. The benchmark government bond yield (LB31DA) was 2.685, +3.5 bps. Meantime, the latest closed US 10-year bond yields was 3.95, +7.00 bps. USDTHB on the previous trading day closed around 34.28 Moving in a range of 34.23-34.34 this morning. USDTHB could be closed between 34.20-34.40 today. The dollar rose broadly on Wednesday and stood near a two-week high against its major peers, underpinned by a confluence of factors including elevated US Treasury yields and a cautious turn in risk sentiment that weighed on Wall Street. Trading was thinned in Asia with Japan out on a holiday, and with investors still returning from an extended New Year break, currencies traded mostly sideways in early deals. However, the New Zealand dollar, often used as a proxy for risk appetite, slid to a two-week low of $0.62485. The Australian dollar likewise hit a two-week trough of $0.6756. The US currency was broadly firm, enjoying some respite after having fallen 2% last month and clocking its first yearly loss since 2020.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
