- USDTHB: moving in the range 33.92-33.93 this morning supportive level at 33.80 resistance level at 34.10
- SET Index: 1,364.3 (-0.04%), 27 Aug 2024
- S&P 500 Index: 5,625.8 (+0.16%), 27 Aug 2024
- Thai 10-year government bond yield (interpolated): 2.544 (-0.27 bps), 27 Aug 2024
- US 10-year treasury yield: 3.83 (+1.0 bps), 27 Aug 2024
- US consumer confidence up on optimistic economic outlook
- German economy shrank by 0.1% in Q2
- Thailand's exports surge 15.2% in July
- Dollar fell, reversing Monday's gains
US consumer confidence up on optimistic economic outlook
In August, US consumer confidence reached its highest point in six months, driven by more positive views on the economy and inflation, despite decreasing optimism about the job market. The Conference Board's sentiment index climbed to 103.3 from a revised 101.9 the previous month, surpassing the median forecast of 100.7. Expectations for the next six months also improved, hitting a one-year peak of 82.5, while current conditions saw a slight increase. Anticipated interest rate cuts by the Federal Reserve, likely starting next month, could further enhance sentiment and support consumer spending. However, confidence still falls short of pre-pandemic levels due to higher living costs and recent slower job growth.
German economy shrank by 0.1% in Q2
Investment and consumer spending hindered Germany’s economy in the second quarter, dampening hopes that the country might overcome years of stagnation. Germany's economy contracted by 0.1% in the second quarter of 2024 compared to the previous quarter. The statistics office noted that the economy cooled after a slight increase in the previous quarter. In the first quarter of 2024, GDP grew by 0.2% from the previous quarter. The year-on-year change for the second quarter, adjusted for price and calendar variations, was revised to 0.0% from an earlier reported -0.1%.
Thailand's exports surge 15.2% in July
Thailand's exports rose by 15.2% in July compared to the same month last year, far exceeding the forecasted 6.0% increase and rebounding from a 0.3% drop in June. Key sectors like rubber, rice, and electronics contributed to this growth, though exports of fruits and cars declined. Imports also saw a significant boost, climbing 13.1% year-on-year, surpassing the predicted 2.8% increase. This led to a trade deficit of $1.37 billion for July, larger than the expected $0.52 billion. The commerce ministry projects a modest export growth of 1% to 2% for 2024.
Dollar fell, reversing Monday's gains
The 10-year government bond yield (interpolated) on the previous trading day was 2.544, -0.27 bps. The benchmark government bond yield (LB346A) was 2.545, +0.5 bps. Meantime, the latest closed US 10-year bond yields was 3.83, +1.0 bps. USDTHB on the previous trading day closed around 34.06 moving in a range of 33.92 – 33.93 this morning. USDTHB could be closed between 33.80 - 34.10 today. On Tuesday, the Dollar declined, giving back some of Monday's gains in a week characterized by typical summer trading patterns ahead of next week's Labor Day holiday. The euro fluctuated between 1.1151 and 1.1190, with disappointing German GDP and consumer sentiment data adding to the region's economic woes. The Japanese yen initially weakened, pushing USD/JPY to a peak of 145.17, but later fell back to 143.93 due to the Dollar's overall weakness.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics,
Investing, CEIC
