- USDTHB: moving in the range 36.91-36.995 this morning supportive level at 36.80 resistance level at 37.10
· SET Index: 1,376.4 (+0.47%), 7 May 2024
· S&P 500 Index: 5,187.7 (+0.13%), 7 May 2024
· Thai 10-year government bond yield (interpolated): 2.75 (-0.15 bps), 7 May 2024
· US 10-year treasury yield: 4.47 (-2.00 bps), 7 May 2024
- Eurozone retail sales rose slightly in March
- UK PMI fastest expansion of construction output in 2 months
- Australia RBA leaves interest rate on hold despite higher-than-expected inflation
- Dollar steadies reflecting the Fed’s commenting on possible path of interest rates
Eurozone retail sales rose slightly in March
According to first estimates from Eurostat, the retail sales index increased by 0.7%yoy the euro area and by 2.0%yoy in the EU, while Eurozone retail sales volume grew 0.8%momsa in March, above expectation of 0.6%momsa. Volume of retail trade increased for food, drinks, tobacco by 1.2%, for automotive fuel in specialized stores by 2.0%. Volume was stable for non-food products (except automotive fuel). EU retail sales grew 1.2%mom. In annual basis, the volume of retail trade increased for food, drinks, tobacco by 1.1%, increased for non-food products (except automotive fuel) by 0.8%, decreased for automotive fuel in specialized stores by 0.6%. In the EU, the volume of retail trade increased for food, drinks, tobacco by 1.0%, increased for non-food products (except automotive fuel) by 3.0%, decreased for automotive fuel in specialized stores by 0.5%.
UK PMI fastest expansion of construction output in 2 months
The headline S&P Global UK Construction Purchasing Managers’ Index (PMI) registered 53.0 in April, up from 50.2 in March in positive territory for the second month running and signaled the strongest pace of expansion since February 2023. Commercial building increased for the first time since August 2023 and was the fastest-growing area of construction activity in April. Survey respondents commented on rising workloads and a turnaround in customer demand, in part driven by refurbishment projects. Meanwhile, civil engineering activity expanded again in April and at the strongest pace for nine months. New business volumes increased for the third successive month in April, although the rate of expansion eased since March and was only modest.
Australia RBA leaves interest rate on hold despite higher-than-expected inflation
The Reserve Bank of Australia (RBA) kept official cash rate at 4.35%, in line with market expectations. The central bank left the rate unchanged for a fourth consecutive meeting after a surprise hike in November. Recent information indicates that inflation continues to moderate but is declining more slowly than expected. The CPI grew by 3.6% over the year to the March quarter, down from 4.1% over the year to December. Underlying inflation was higher than headline inflation and declined by less. This was due in large part to services inflation, which remains high and is moderating only gradually. The RBA forecasts, based on the assumption that the cash rate follows market expectations, are for inflation to return to the target range of 2–3% in the second half of 2025, and to the midpoint in 2026.
Dollar steadies reflecting the Fed’s commenting on possible path of interest rates
The 10-year government bond yield (interpolated) on the previous trading day was 2.75, -0.15 bps. The benchmark government bond yield (LB346A) was 2.75, +0.00 bps. Meantime, the latest closed US 10-year bond yields was 4.47, -2.00 bps. USDTHB on the previous trading day closed around 36.81 Moving in a range of 36.91-36.995 this morning. USDTHB could be closed between 36.80-37.10 today. The Dollar has steadied Tuesday, recovering slightly from last week’s losses after softer-than-expected nonfarm payrolls data saw traders once again begin pricing in interest rate cuts by the central bank. In Europe, EUR/USD traded lower to 1.0760, after data showed that German exports rebounded in March while GBP/USD traded lower to 1.2534, ahead of Thursday’s meeting of the Bank of England (BOE).
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
