- USDTHB: moving in the range 36.80-36.84 this morning supportive level at 36.65 resistance level at 36.95
· SET Index: 1,296.6 (-0.77%), 17 June 2024
· S&P 500 Index: 5,473.2 (+0.72%), 17 June 2024
· Thai 10-year government bond yield (interpolated): 2.77 (+0.05 bps), 17 June 2024
· US 10-year treasury yield: 4.28 (+8.00 bps), 17 June 2024
- New York Manufacturing Shrinks Less Than Forecast as Prices Cool
- Fed’s Harker Says One Rate Cut in 2024 Is Appropriate Based on Outlook
- China's factory output disappoints, property sector stuck in sluggishness
- Dollar wobbles as markets await more Fed clues
New York Manufacturing Shrinks Less Than Forecast as Prices Cool
New York state factory activity contracted in June by less than forecast while
a measure of prices received by producers fell to an almost one-year low. The
Federal Reserve Bank of New York’s general business conditions index increased
9.6 points to minus 6. A reading below zero indicates contraction, and the
median forecast in a Bloomberg survey of economists called for a minus 10.The
gauge of prices received by state manufacturers dropped 7 points to 7.1, while
an index of prices paid for materials decreased to the lowest level since the
start of the year. Meanwhile, the six-month outlook for overall activity jumped
15.6 points to 30.1, the highest level since March 2022 and a sign the state’s
producers are more upbeat about the economy’s prospects. The outlook for both
orders and shipments strengthened.
Fed’s Harker Says One Rate Cut in 2024 Is Appropriate Based on
Outlook
Federal Reserve Bank of Philadelphia President Patrick Harker said he views one
interest-rate cut as appropriate for this year based on his current forecast,
adding he’d like to see “several” more months of improving inflation. Harker
said a recent report showing consumer prices cooled in May was “very welcome,”
but policymakers need more evidence to be confident inflation is headed to the
central bank’s 2% goal. He said he is open-minded to other paths for policy
depending on what those reports show as uncertainty remains high.
China's factory output disappoints, property sector stuck in sluggishness
China's May industrial output lagged expectations and a slowdown in the
property sector showed no signs of easing despite policy support, adding
pressure on Beijing to shore up growth. Apart from retail sales that beat
forecasts due to a holiday boost, the flurry of data was largely downbeat,
underscoring a bumpy recovery for the world's second-largest economy. May
industrial output grew 5.6% from a year earlier, slowing from the 6.7% pace in
April and below expectations for a 6.0% increase in a Reuters poll. In
contrast, retail sales, a gauge of consumption, in May rose 3.7% on year,
accelerating from a 2.3% rise in April and marking the quickest growth since
February. Analysts had expected a 3.0% expansion due to a five-day public
holiday earlier in the month. Fixed asset investment rose 4.0% in the first
five months of 2024 from the same period a year earlier, versus expectations
for a 4.2% rise. It grew 4.2% in the January to April period.
Dollar wobbles as markets await more Fed clues
The 10-year government bond yield (interpolated) on the previous trading day
was 2.77, +0.05 bps. The benchmark government bond yield (LB346A) was 2.765,
+0.5 bps. Meantime, the latest closed US 10-year bond yields was 4.28, +8.00
bps. USDTHB on the previous trading day closed around 36.76 Moving in a range
of 36.80-36.84 this morning. USDTHB could be closed between 36.65-36.95 today.
The dollar drifted lower on Tuesday, extending the previous day's losses
against the euro and sterling, as market jitters over the risks of a far-right
French government receded. The U.S. currency failed to get a lift from a rise
in Treasury yields overnight, with investors awaiting a key retail sales report
and comments from Federal Reserve officials to better gauge the timing and pace
of interest rate cuts. The U.S. dollar index, which measures the currency
against the euro, sterling and four other major peers, edged slightly lower to
105.26 in early Asian trading hours, continuing its retreat from Friday's
1-month high of 105.80.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
