- USDTHB: moving in the range 36.235-36.31 this morning supportive level at 36.20 resistance level at 36.40
· SET Index: 1,377.7 (+0.53%), 16 May 2024
· S&P 500 Index: 5,308.2 (+1.16%), 16 May 2024
· Thai 10-year government bond yield (interpolated): 2.73 (-2.60 bps), 16 May 2024
· US 10-year treasury yield: 4.38 (+2.00 bps), 16 May 2024
- Initial jobless claims dip to 222,000 last week, but still above estimates
- Australia jobs rise more than expected in April, but unemployment increases
- China industrial production grows in April, retail sales disappoint
- Dollar stabilizes after sharp CPI-induced fall; euro hands back some gains
Initial jobless claims dip to 222,000 last week, but still above estimates The number of Americans filing for first-time unemployment benefits was higher than anticipated last week, although the figure declined compared to the prior period. Initial jobless claims in the U.S. fell to 222,000 in week ended on May 11, down from an upwardly revised total of 232,000 in the previous week. Economists had called for a reading of 219,000. The four-week moving average, which attempts to account for volatility in the weekly gauge, was 217,750, an increase of 2,500. The numbers come as officials at the Federal Reserve attempt to assess the health of the U.S. jobs market. Signs of softening in labor demand could relieve some upward pressure on wages and, by extension, inflation, potentially bolstering the case for the Fed to cut interest rates down from more than two-decade highs.
Australia jobs rise more than expected in April, but unemployment increases Australia’s job market grew more than expected in April as tight labor conditions persisted for most part, although the unemployment rate also increased as a higher number of people without jobs began looking for work. The total number of employed people in the country rose by 38,500 in April, data from the Australian Bureau of Statistics showed on Thursday. The increase was much higher than expectations of 22,400 people. Australia’s participation rate, which represents the percentage of the working-age population that is in the workforce- rose to 66.7% in April from 66.6% in the prior month, beating expectations that it would remain static.
China industrial production grows in April, retail sales disappoint Chinese industrial production grew more than expected in April, indicating that a recovery in the country’s massive manufacturing sector remained on track amid increased government support. But signs of weak consumption in the country persisted, as growth in retail sales largely missed expectations in April. Industrial production grew 6.7% year-on-year in April, data from the National Bureau of Statistics showed on Friday. The reading was much higher than expectations of 5.5 and accelerated from the 4.5% rise seen in March. The stronger production reading came amid persistent support for the manufacturing sector from Beijing, as the government kept up its pace of monetary stimulus and also loosened more restrictions on key sectors such as housing.
Dollar stabilizes after sharp CPI-induced fall; euro hands back some gains The 10-year government bond yield (interpolated) on the previous trading day was 2.73, -2.60 bps. The benchmark government bond yield (LB31DA) was 2.76, -1.00 bps. Meantime, the latest closed US 10-year bond yields was 4.38, +2.00 bps. USDTHB on the previous trading day closed around 36.17. Moving in a range of 36.235-36.31 this morning. USDTHB could be closed between 36.20-36.40 today. The dollar remains on the back foot after the latest U.S. inflation data raised expectations the Federal Reserve will deliver two interest rate cuts this year, probably starting in September. US consumer price index rose by 0.3% in April, below an expected 0.4% gain, which came as a relief to markets after sticky consumer prices in the first quarter had led to a sharp paring of rate cut bets and even stoked some worries of an additional hike. The data also resulted in U.S. Treasury yields sinking to six-week troughs, as traders reassessed the likely path of the Fed’s monetary policy. There are a number of Fed speakers due to opine later in the session, but it’s likely investors will need concrete evidence if rate cut expectations are to be changed drastically from now.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
