- USDTHB: moving in the range 36.52-36.63 this morning supportive level at 36.45 resistance level at 36.70
· SET Index: 1,316.7 (+0.04%), 12 June 2024
· S&P 500 Index: 5,421.0 (+1.12%), 12 June 2024
· Thai 10-year government bond yield (interpolated): 2.78 (-0.32 bps), 12 June 2024
· US 10-year treasury yield: 4.31 (-8.00 bps), 12 June 2024
- US inflation eases in May as key Fed decision looms
- Japan May wholesale inflation jumps, complicates BOJ rate hike path
- China CPI inflation disappoints in May, PPI shrinks at slower pace
- Dollar slips on cooler US inflation; yen fragile ahead of BOJ
US inflation eases in May as key Fed decision looms US consumer prices increased by less than expected on an annualized basis in May, suggesting a possible easing in price pressures that could influence how Federal Reserve policymakers see the future path of interest rates. The Labor Department's consumer price index (CPI) rose by 3.3% last month, decelerating slightly from 3.4% in April. Economists had predicted that the figure would match April's rate. Month-on-month, the reading slowed to 0.0% from 0.3%, cooler than expectations for an uptick of 0.1%, following a decline in gasoline prices. Stripping out more volatile items like food and fuel, the "core" number climbed by 3.4% in the twelve months to May, below projections of 3.5% and April's level of 3.6%. On a monthly basis, underlying price growth also inched down to 0.2%, slower than predictions that it would be in line with April's mark of 0.3%, due in part to a dip in airline fares and costs for apparel and new vehicles.
Japan May wholesale inflation jumps, complicates BOJ rate hike path Japan's wholesale inflation jumped in May at the fastest annual pace in nine months, data showed on Wednesday, a sign the weak yen was adding upward pressure on prices by pushing up the cost of raw material imports. The data complicates the Bank of Japan's decision on how soon to raise interest rates, as price rises driven by cost pressures could cool consumption and dampen the chances of achieving the kind of demand-driven inflation it wants to see before further phasing out stimulus, analysts say. The corporate goods price index (CGPI), which measures the price companies charge each other for their goods and services, rose 2.4% in May from a year earlier, BOJ data showed, exceeded a median market forecast for a 2.0% gain. It followed a 1.1% gain in April, accelerating for a fourth straight month, with the increase driven by higher prices for utilities, petroleum and chemical goods as well as nonferrous metals.
China CPI inflation disappoints in May, PPI shrinks at slower pace Chinese consumer price index inflation grew less than expected in May as consumption remained largely languid in the face of an uncertain economic recovery. But producer price index inflation shrank at a slower-than-expected pace- marking its smallest contraction since February 2023 amid signs of a sustained recovery in the industrial sector. CPI rose 0.3% year-on-year in May, data from the National Bureau of Statistics showed on Wednesday. The reading was weaker than expectations for a rise of 0.4% and remained unchanged from the prior month. Month-on-month CPI inflation shrank 0.1%, compared to expectations that it would remain unchanged from May.
Dollar slips on cooler US inflation; yen fragile ahead of BOJ The 10-year government bond yield (interpolated) on the previous trading day was 2.78, -0.32 bps. The benchmark government bond yield (LB346A) was 2.77, +0.00 bps. Meantime, the latest closed US 10-year bond yields was 4.31, -8.00 bps. USDTHB on the previous trading day closed around 36.73. Moving in a range of 36.52-36.63 this morning. USDTHB could be closed between 36.45-36.70 today. Asian currencies were firm on Thursday against a dollar knocked by softer-than-expected US inflation, save for the yen which remained squeezed ahead of a Bank of Japan meeting and as US policymakers signaled rates would be kept high for a while yet. Overnight the euro went up 0.6% and punched above its 200-day moving average, last buying $1.0811. The Aussie dollar rose 0.9% to $0.6662 and the New Zealand dollar leapt to a five-month high above $0.62 before settling at $0.6183. The yen climbed, but only by about 0.2%. Gains had been larger in the immediate aftermath of the US inflation report, which showed consumer prices flat month-to-month in May against market expectations of a 0.1% rise.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
