- USDTHB: moving in the range 36.77-36.81 this morning supportive level at 36.65 resistance level at 36.85
· SET Index: 1,371.9 (+0.19%), 10 May 2024
· S&P 500 Index: 5,222.7 (+0.16%), 10 May 2024
· Thai 10-year government bond yield (interpolated): 2.77 (-0.59 bps), 10 May 2024
· US 10-year treasury yield: 4.50 (+5.00 bps), 10 May 2024
- US consumer sentiment at six-month low; inflation expectations rise
- Japan economy expected to shrink in Q1 due to weak consumption
- China CPI inflation picks up in April, PPI lags
- Dollar up slightly after consumer sentiment data, CPI eyed
US consumer sentiment at six-month low; inflation expectations rise U.S. consumer sentiment sagged to a six-month low in May as households worried about the higher cost of living and unemployment, but economists cautioned against drawing conclusions on the implications for the economic outlook. The University of Michigan's preliminary reading on the overall index of consumer sentiment came in at 67.4 this month, the lowest level since last November, compared to a final reading of 77.2 in April. Economists polled by Reuters had forecast a preliminary reading of 76.0. They estimated that the University of Michigan's ongoing transition to web-based interviews from telephone surveys had knocked about 2 points off the headline index. Economic growth slowed in the first quarter and employers hired the fewest number of workers in six months in April, recent data showed.
Japan economy expected to shrink in Q1 due to weak consumption Japan's economy likely contracted an annualized 1.5% in the January-March quarter as all key drivers of growth slumped due to an uncertain outlook, a Reuters poll showed, which will probably set back Bank of Japan efforts to raise interest rates. Cabinet Office data due on May 16 is expected to show the economy's contraction would be equivalent to quarterly decline of 0.4%, according to the poll of 17 economists. The decline followed growth of 0.4% annualized in the last three months of 2023, with the main pillars of GDP collapsing and leaving no growth engine for the January-March quarter. Private consumption, which makes up more than 50% of the economy, likely fell 0.2% in the quarter as consumers tightened belts to guard against the rising costs living.
China CPI inflation picks up in April, PPI lags Chinese consumer price index inflation grew for a third straight month in April, as continued policy support from Beijing appeared to be boosting consumer demand, although producer price index inflation continued to decline. CPI inflation grew 0.3% year-on-year, more than expectations of 0.1%, data from the National Bureau of Statistics showed over the weekend. The reading also improved from the 0.1% rise seen in March. The month-on-month CPI inflation rate also improved to 0.1% in April from a decline of 1% in the prior month. The reading comes just days after substantially stronger-than-expected Chinese imports data, which indicated that local demand was picking up amid continued policy support and stimulus measures.
Dollar up slightly after consumer sentiment data, CPI eyed The 10-year government bond yield (interpolated) on the previous trading day was 2.77, -0.59 bps. The benchmark government bond yield (LB31DA) was 2.76, +1.00 bps. Meantime, the latest closed US 10-year bond yields was 4.50, +5.00 bps. USDTHB on the previous trading day closed around 36.72. Moving in a range of 36.77-36.81 this morning. USDTHB could be closed between 36.65-36.85 today. The dollar inched higher on Friday following a reading on U.S. consumer sentiment as investors sorted through a batch of comments from Federal Reserve officials, with the focus beginning to turn toward key inflation readings next week. The greenback pared declines and turned modestly higher after the University of Michigan's preliminary reading on consumer sentiment came in at 67.4 for May, a six-month low and below the 76.0 estimate of economists polled by Reuters. In addition, the one-year inflation expectation climbed to 3.5% from 3.2%. The dollar had weakened on Thursday after a higher than expected reading on initial jobless claims fueled expectations the labor market was loosening, adding to other recent data that indicated the overall economy was slowing.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
