- USDTHB: moving in the range 34.52-34.59 this morning supportive level at 34.45 resistance level at 34.75
· SET Index: 1,434.6 (+0.35%), 4 Jan 2024
· S&P 500 Index: 4,688.7 (-0.34%), 4 Jan 2024
· Thai 10-year government bond yield (interpolated): 2.74 (-0.13 bps), 4 Jan 2024
· US 10-year treasury yield: 3.99 (+8.00 bps), 4 Jan 2024
- Weekly US jobless claims fall to two-month low; labor market steadily cooling
- German inflation rises in December due to base effects
- Japan service activity expands in Dec, led by strong new business
- Dollar gains vs most currencies as US nonfarm payrolls loom
Weekly US jobless claims fall to two-month low; labor market steadily cooling Initial claims for state unemployment benefits dropped 18,000 to a seasonally adjusted 202,000 for the week ended Dec. 30, the lowest level since mid-October. Economists polled by Reuters had forecast 216,000 claims for the latest week. Claims data tend to be volatile around this time of year because of holidays. They have largely bounced around in the lower end of their 194,000-265,000 range for 2023. Unadjusted claims fell 6,820 to 268,020 last week. Claims plunged by an estimated 7,572 in California and tumbled 6,080 in Texas. That helped to more than offset notable increases in Pennsylvania, New Jersey, Michigan, Massachusetts and Connecticut. The labor market is steadily cooling following 525 basis points worth of interest rate hikes from the Federal Reserve since March 2022.
German inflation rises in December due to base effects German inflation rose in December due to base effects, putting a temporary halt on the downward trend seen in the last months and possibly offering the European Central Bank an argument in favor of keeping interest rates steady for some time. Inflation, harmonized to compare with other European Union countries, rose in December to 3.8% year-on-year, the federal statistics office said on Thursday, in line with the expectations of analysts polled by Reuters and up from 2.3% in November. Economists pay close attention to German inflation data, as Germany usually publishes its figures one day before the euro zone inflation data release. Euro zone inflation, due on Jan. 5, is expected to rise to 3.0% in December from 2.4% in November, according to economists polled by Reuters.
Japan service activity expands in Dec, led by strong new business Japan's December service activity expanded at a faster pace from the previous month thanks to strong demand and a lift in confidence even though the overall growth rate was modest, a business survey showed. The service sector has been a bright spot for the world's third-largest economy, marking 16 consecutive months of growth and helping offset some of the drag on momentum from the struggles facing manufacturers. The final au Jibun Bank Service purchasing managers' index (PMI) climbed to 51.5 in December from 50.8 in November when it posted the slowest growth in 2023, according to index publisher S&P Global Intelligence. It was below the flash reading of 52.0 but remained above the 50.0 threshold separating expansion from contraction. Overall, the headline figure was the second softest for last year compared to those in early and mid-2023.
Dollar gains vs most currencies as US nonfarm payrolls loom The 10-year government bond yield (interpolated) on the previous trading day was 2.74, -0.13 bps. The benchmark government bond yield (LB31DA) was 2.74, -0.5 bps. Meantime, the latest closed US 10-year bond yields was 3.99, +8.00 bps. USDTHB on the previous trading day closed around 34.52 Moving in a range of 34.52-34.59 this morning. USDTHB could be closed between 34.45-34.75 today. The dollar rose against most currencies in choppy trading, bolstered by better-than-expected US labor market data that dampened expectations of multiple interest rate cuts by the Federal Reserve this year. A crucial nonfarm payrolls report due on Friday could guide the outlook on Fed policy easing. Economists polled by Reuters forecast that 170,000 jobs were created in December, fewer than the 199,000 the month before. The US currency gained on news that US private employers hired more workers than expected in December. Private payrolls increased by 164,000 jobs last month, the ADP National Employment Report showed, the largest monthly increase since August. Economists polled by Reuters had forecast private payrolls rising by 115,000. Initial claims for state unemployment benefits dropped by 18,000 to a seasonally adjusted 202,000 for the week ended Dec. 30, also bolstering the dollar.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
