- USDTHB: moving in the range 35.835-35.90 this morning supportive level at 35.70 resistance level at 35.95
· SET Index: 1,393.7 (-0.32%), 27 Feb 2024
· S&P 500 Index: 5,078.2 (+0.17%), 27 Feb 2024
· Thai 10-year government bond yield (interpolated): 2.56 (-0.46 bps), 27 Feb 2024
· US 10-year treasury yield: 4.31 (+3.00 bps), 27 Feb 2024
- US consumer confidence ebbs in February; inflation expectations fall
- US durable goods orders slump; business investment on equipment appears soft
- German consumer sentiment stabilizes at low level in March
- Dollar slips vs yen after Japan inflation data, US durable goods
US consumer confidence ebbs in February; inflation expectations fall US consumer confidence retreated in February after three straight monthly increases as households worried about the labor market and the domestic political environment. The Conference Board said that its consumer confidence index slipped to 106.7 this month from a downwardly revised 110.9 in January. Economists polled by Reuters had forecast the index little changed at 115.0 from the previously reported 114.8. "February's write-in responses revealed that while overall inflation remained the main preoccupation of consumers, they are now a bit less concerned about food and gas prices, which have eased in recent months, said Dana Peterson, chief economist at The Conference Board in Washington. "But they are more concerned about the labor market situation and the US political environment.“ Consumers' inflation expectations fell to 5.2%, the lowest level since March 2020, from 5.3% in January.
US durable goods orders slump; business investment on equipment appears soft Orders for long-lasting US manufactured goods fell by the most in nearly four years in January, while business investment on equipment appeared to have eased, signs that the economy lost momentum at the start of the year. Concerns about the economy's outlook, especially the labor market, and the upcoming presidential election were uppermost in consumers' minds in February resulting in confidence retreating after three straight monthly increases. The decline in confidence reported by the Conference Board was despite inflation expectations over the next 12 months falling to the lowest level in almost four years. The reports joined a stream of weak data, including retail sales, housing starts and manufacturing production.
German consumer sentiment stabilizes at low level in March German consumer sentiment is expected to stabilize at a low level in March as households are confronted with great uncertainty due to constantly rising prices and a weaker outlook for Europe's largest economy. The consumer sentiment index published jointly by GfK and the Nuremberg Institute for Market Decisions (NIM) rose slightly heading into March, to -29.0 from a revised -29.6 the month before, in line with a forecast by analysts polled by Reuters. The German government recently slashed its economic growth outlook for this year to just 0.2% from 1.3% previously. Despite February income expectations increasing to their highest value since February 2022 - before the war in Ukraine broke out - consumers' willingness to buy was still extremely low as households remain cautious about making major purchases.
Dollar slips vs yen after Japan inflation data, US durable goods The 10-year government bond yield (interpolated) on the previous trading day was 2.56, -0.47 bps. The benchmark government bond yield (LB31DA) was 2.57, +2.00 bps. Meantime, the latest closed US 10-year bond yields was 4.31, +3.00 bps. USDTHB on the previous trading day closed around 35.89 Moving in a range of 35.835-35.90 this morning. USDTHB could be closed between 35.70-35.95 today. The dollar eased against the Japanese yen after data showed Japan's core consumer inflation exceeded forecasts while US durable goods orders fell more than expected in January. Overnight data out of Japan kept alive some expectations that the Bank of Japan might end negative interest rates by April. In the US, the Commerce Department's Census Bureau said orders for durable goods, items ranging from toasters to aircraft meant to last three years or more, tumbled 6.1% last month, exceeding the 4.5% decline forecast by economists polled by Reuters. Markets have recently pulled back expectations on the timing and size of Federal Reserve rate cuts this year as the US economy remains strong and inflation pressures stubborn.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
