- USDTHB: moving in the range 36.68-36.75 this morning supportive level at 36.55 resistance level at 36.80
· SET Index: 1,369.3 (-0.29%), 9 May 2024
· S&P 500 Index: 5,214.1 (+0.51%), 9 May 2024
· Thai 10-year government bond yield (interpolated): 2.78 (+0.25 bps), 9 May 2024
· US 10-year treasury yield: 4.45 (-3.00 bps), 9 May 2024
- US weekly jobless claims highest in more than eight months as labor market eases
- Europe's rush for rate cuts shifts global market power away from US
- China's exports and imports return to growth, signalling demand recovery
- Dollar softens after claims data, pound recovers from BoE-led low
US weekly jobless claims highest in more than eight months as labor market eases The number of Americans filing new claims for unemployment benefits rose last week to the highest level in more than eight months, offering more evidence that the labor market was steadily cooling. The weekly jobless claims report from the Labor Department on Thursday, the timeliest data on the economy's health, followed news last week that the economy added the fewest jobs in six months in April, while job openings dropped to a three-year low in March. Initial claims for state unemployment benefits increased 22,000 to a seasonally adjusted 231,000 for the week ended May 4, the highest level since the end of last August. The increase was the largest in nearly four months. Economists polled by Reuters had forecast 215,000 claims in the latest week. Claims broke above the 194,000-225,000 range, which had prevailed since the start of the year.
Europe's rush for rate cuts shifts global market power away from US The Bank of England has sent a new signal that borrowing costs will fall earlier and further across Europe than in the United States, setting markets up for major shifts as investors play a monetary policy divide opening up across the Atlantic. Investors see European stocks and debt leading global markets this year as rate cuts boost spending, softer inflation burnishes bonds and weaker currencies lift exports. Traders stepped up bets for UK easing after the BoE on Thursday held rates at 16-year highs of 5.25% but trimmed inflation forecasts, pushing sterling down and stocks higher. That came after Sweden cut rates for the first time since 2016, while Switzerland cut rates in March and the European Central Bank has flagged a June cut. In contrast, the US Federal Reserve is set to keep rates high for longer.
China's exports and imports return to growth, signalling demand recovery China's exports and imports returned to growth in April after contracting in the previous month, signalling an encouraging improvement in demand at home and overseas as Beijing navigates numerous challenges in an effort to shore up a shaky economy. The data suggests a flurry of policy support measures over the past several months may be helping to stabilise fragile investor and consumer confidence, though analysts say the jury is still out on whether the trade bounce is sustainable. Shipments from China grew 1.5% year-on-year last month by value, customs data showed on Thursday, in line with the increase forecast in a Reuters poll of economists. They fell 7.5% in March, which marked the first contraction since November. Imports for April increased 8.4%, beating an expected 4.8% rise and reversing a 1.9% fall in March.
Dollar softens after claims data, pound recovers from BoE-led low The 10-year government bond yield (interpolated) on the previous trading day was 2.78, +0.25 bps. The benchmark government bond yield (LB31DA) was 2.76, +1.00 bps. Meantime, the latest closed US 10-year bond yields was 4.45, -3.00 bps. USDTHB on the previous trading day closed around 36.92. Moving in a range of 36.68-36.75 this morning. USDTHB could be closed between 36.55-36.80 today. The dollar weakened against most currencies on Thursday after economic data showed more signs of softening in the US labor market, while the pound rebounded from earlier lows after the Bank of England opened the door for an interest rate cut. Weekly initial claims for state unemployment benefits increased 22,000 to a seasonally adjusted 231,000, the highest level since the end of last August and above the 215,000 expected by economists in a Reuters poll. The data followed last week's weaker-than-anticipated US payrolls report and other data that showed job openings fell to a three-year low in March. Market participants have looked towards a softening labor market as a sign that consumers will begin to slow spending and in turn help cool inflation.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
