- USDTHB: moving in the range 36.89-36.945 this morning supportive level at 36.80 resistance level at 37.00
· SET Index: 1,332.7 (+0.33%), 7 June 2024
· S&P 500 Index: 5,347.0 (-0.13%), 7 June 2024
· Thai 10-year government bond yield (interpolated): 2.78 (-1.31 bps), 7 June 2024
· US 10-year treasury yield: 4.43 (+15.00 bps), 7 June 2024
- US job gains surge past expectations, wage growth quickens
- Japan's Q1 GDP fell less than first reported on revised capex
- World food prices rise for third straight month in May, UN says
- US dollar bounces as strong jobs report likely delays Fed easing this year
US job gains surge past expectations, wage growth quickens The US economy created far more jobs than expected in May and annual wage growth reaccelerated, underscoring the resilience of the labor market and reducing the likelihood the Federal Reserve will be able to start rate cuts in September. The Labor Department's closely watched employment report on Friday also showed the unemployment rate ticked up to 4.0% from 3.9% in April, a symbolic threshold below which the jobless rate had previously held for 27 straight months. The unexpectedly strong report made plain that while the labor market has softened around the edges in recent months, its still-solid performance is set to underpin economic growth and keep the Fed on the sidelines and taking its time in deciding when to begin lowering borrowing costs. The hotter-than-expected wage gains also raised the prospect that elevated inflation may prove stickier than hoped although the impact from the rise in the unemployment rate could temper that.
Japan's Q1 GDP fell less than first reported on revised capex Japan's economy contracted less than initially reported in January-March, due to upgrades in capital expenditure, government data showed on Monday. Analysts expect the Japanese economy to have bottomed out in the first quarter, although a stubbornly weak yen and disruptions at major automaker plants continue to weigh on the outlook. Japan's GDP shrank a revised 1.8% annualized in the first quarter from the previous three months, Cabinet Office data showed on Monday, versus economists' median forecast for a 1.9% contraction and a 2.0% decline in the preliminary estimate. The revised figure translates into a quarter-on-quarter contraction of 0.5% in price-adjusted terms, unchanged from the initial reading issued last month.
World food prices rise for third straight month in May, UN says The United Nations world food price index rose for a third consecutive month in May, as higher cereals and dairy product prices outweighed drops in prices for sugar and vegetable oils. The U.N. Food and Agriculture Organization's price index, which tracks the most globally traded food commodities, averaged 120.4 points in May, up 0.9% from its revised April level, the FAO said on Friday. The May reading was nonetheless 3.4% below the level seen a year earlier. The FAO index hit a three-year low in February as food prices continued to ease off from a record peak set in March 2022, following Russia's invasion of fellow crop export major Ukraine. The uptick in May was supported by cereal prices rising 6.3% month-on-month amid growing concerns about unfavorable crop conditions curbing 2024 harvests in key producing areas like northern America, Europe and the Black Sea region.
US dollar bounces as strong jobs report likely delays Fed easing this year The 10-year government bond yield (interpolated) on the previous trading day was 2.78, -1.31 bps. The benchmark government bond yield (LB31DA) was 2.78, +0.00 bps. Meantime, the latest closed US 10-year bond yields was 4.43, +15.00 bps. USDTHB on the previous trading day closed around 36.38. Moving in a range of 36.89-36.945 this morning. USDTHB could be closed between 36.80-37.00 today. The US dollar rebounded on Friday after data showed the world's largest economy created a lot more jobs than expected last month, suggesting that the Federal Reserve could take time in starting its easing cycle this year. The dollar index, which tracks the currency's value against six major peers led by the euro, rose 0.8% to 104.91, its best daily gain since April 10. For the week, the index was on track for a 0.2% gain, with the strong jobs number offsetting a run of weaker macro data that had earlier prompted investors to put two quarter-point Fed rate cuts back on the table in 2024. US nonfarm payrolls expanded by 272,000 jobs last month, data showed, while revisions showed 15,000 fewer jobs created in March and April combined than previously reported.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
