- USDTHB: moving in the range 36.815-36.845 this morning supportive level at 36.70 resistance level at 36.90
· SET Index: 1,363.3 (-0.34%), 2 May 2024
· S&P 500 Index: 5,064.2 (+0.91%), 2 May 2024
· Thai 10-year government bond yield (interpolated): 2.76 (-1.95 bps), 2 May 2024
· US 10-year treasury yield: 4.58 (-5.00 bps), 2 May 2024
- US labor market remain tight; productivity falters in first quarter
- US manufacturing PMI decreased as new orders down, but in-line the 50 mark
- South Korea consumer inflation edged down in April
- Dollar struggles to rebound; gold price rallies after Federal Reserve meeting
US labor market remain tight; productivity falters in first quarter
Initial claims for state unemployment benefits were unchanged at a seasonally adjusted 208,000 for the week ended April 27. Claims have been bouncing around in a 194,000-225,000 range this year. The number of Americans filing new claims for unemployment benefits held steady at a low-level last week, pointing to a still tight labor market that should continue to underpin the economy in the second quarter. Though demand for labor is softening, with job openings falling to a three-year low in March, layoffs remain very low as companies hang on to their workers following challenges finding labor during and after the COVID-19 pandemic. Further, the advance seasonally adjusted insured unemployment rate was 1.2% and the 4-week moving average stood at 210,000, a decrease of 3,500 from the previous week's unrevised average.
US manufacturing PMI decreased as new orders down, but in-line the 50 mark
The US S&P Global UK Manufacturing Purchasing Managers’ Index (PMI) posted in line with the 50.0 no-change mark in April to point to stable business conditions at the start of the second quarter, which was down from 51.9 in March and signaled an end to a three-month sequence of improving operating conditions. Manufacturing new orders decreased for the first time in four months during April, albeit modestly. Respondents signaled caution among clients and a reluctance to commit to new business amid subdued market conditions. The reduction in total new business was recorded despite sustained growth in new export orders. New business from abroad increased for the third month running.
South Korea consumer inflation edged down in April
The official data showed South Korea's consumer inflation index stood at 2.9%yoy or 0.1%mom in April for the first time in three months, coming in lower than economists' estimates, compared with a rise of 3.1%yoy in March. The softness in the sequential growth rate was concentrated in food (-1.2%), while transport (0.9%) and service prices such as recreation (0.5%) and restaurant/hotels (0.3%) continued to rise. The recent pick-up in global commodity prices, combined with the weak KRW will likely keep inflation sticky in the coming months. Food prices should fall further with better harvesting and government efforts. But second-round effects from energy price rises and the weak KRW will add more inflationary pressures.
Dollar struggles to rebound; gold price rallies after Federal Reserve meeting
The 10-year government bond yield (interpolated) on the previous trading day was 2.76, -1.95 bps. The benchmark government bond yield (LB346A) was 2.78, -2.00 bps. Meantime, the latest closed US 10-year bond yields was 4.58, -5.00 bps. USDTHB on the previous trading day closed around 37.05 Moving in a range of 36.815-36.845 this morning. USDTHB could be closed between 36790-36.90 today. The Dollar Index moves up and down in a tight channel above 105.50 on Thursday. Meanwhile, the benchmark 10-year US Treasury bond yield stays in negative territory slightly below 4.6% mark and US stock index futures trade modestly higher. The gold price was trading in the $2,290s on Thursday after falling almost a percentage point on reduced safe-haven demand. Market sentiment is overall positive as Asian stocks on balance closed higher and Oil prices hover at seven-week lows.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
