- USDTHB: moving in the range 35.02-35.10 this morning supportive level at 35.00 resistance level at 35.30
- SET Index: 1,289.8 (-0.22%), 15 Aug 2024
- S&P 500 Index: 5,543.2 (+1.60%), 15 Aug 2024
- Thai 10-year government bond yield (interpolated): 2.558 (-1.25 bps), 15 Aug 2024
- US 10-year treasury yield: 3.92 (+9.0 bps), 15 Aug 2024
- US retail sales rise more than expected in July
- US jobless claims fall for a second week to lowest since July
- UK economy sustains growth with boost from services
- China's home-price slump deepens to new 9-year low despite stimulus
- Dollar strengthens as US data alleviates recession concerns
US retail sales rise more than expected in July
US retail sales in July rose 1.0%, easing financial market concerns about a severe economic slowdown. This followed a revised 0.2% decline in June. Out of 13 categories, 10 saw increases, with notable rebounds in car sales and growth in electronics and appliances. E-commerce sales grew modestly, likely due to discounts. Control-group sales, used for GDP calculations, rose 0.3% in July, marking a third straight gain but falling short of June’s increase.
US jobless claims fall for a second week to lowest since July
New U.S. unemployment benefit applications fell to a one-month low last week, signaling a steady labor market slowdown and reducing hopes for a 50-basis-point rate cut by the Federal Reserve next month. Claims dropped by 7,000 to a seasonally adjusted 227,000 for the week ending August 10, below the 235,000 forecast. This marked the second consecutive decline, reversing the late July increase that reached an 11-month high, which was largely due to temporary motor vehicle plant shutdowns and Hurricane Beryl disruptions in Texas.
UK economy sustains growth with boost from services
In Q2 2024, Britain’s economy grew by 0.6%, matching forecasts and following a 0.7% rise in Q1 after a mild 2023 recession. The service sector drove growth with a 0.8% increase, while production and construction fell by 0.1%, largely due to declines in manufacturing. GDP was steady in June and up 0.7% year-over-year.
China's home-price slump deepens to new 9-year low despite stimulus
In July, China's new home prices dropped at their fastest rate in nine years, falling 4.9% from a year earlier. This decline, the steepest since June 2015, came despite Beijing's efforts to stabilize the market through policies like reducing mortgage rates and lowering home buying costs. The property sector's ongoing struggles are impacting the broader economy and consumer confidence, leading analysts to question whether Beijing's 5% GDP growth target for 2024 is too ambitious, despite other economic indicators showing improvement.
Dollar strengthens as US data alleviates recession concerns
The 10-year government bond yield (interpolated) on the previous trading day was 2.558, -1.25 bps. The benchmark government bond yield (LB346A) was 2.56, +3.00 bps. Meantime, the latest closed US 10-year bond yields was 3.92, +9.0 bps. USDTHB on the previous trading day closed around 35.09 moving in a range of 35.02 – 35.10 this morning. USDTHB could be closed between 35.00 - 35.30 today. The Dollar Index climbed from a low of 102.53 to a high of 103.23 after retail sales exceeded expectations, but then pared some gains in the US afternoon, falling below 103 ahead of Friday's UoM Prelim data. Meanwhile, the Euro struggled, with EUR/USD falling to 1.0950 before recovering slightly. The Japanese yen weakened against the dollar more than other G10 currencies, as risk-on sentiment and rising US yields pushed USD/JPY up to 149.32, despite better-than-expected GDP data from Japan.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics,
Investing, CEIC
