- USDTHB: moving in the range 32.48-32.53 this morning supportive level at 32.30 resistance level at 32.60
- SET Index: 1,464.7 (+1.09%), 1 Oct 2024
- S&P 500 Index: 5,708.8 (-0.9%), 1 Oct 2024
- Thai 10-year government bond yield (interpolated): 2.498 (+1.48 bps), 1 Oct 2024
- US 10-year treasury yield: 3.74 (-7.00 bps), 1 Oct 2024
- Job openings unexpectedly rose slightly in August
- ISM Manufacturing PMI holds steady, falling short of the anticipated increase
- Euro zone inflation dips below 2%, strengthening rate cut case
- Iran's missile strike on Israel prompts quick vows of retaliation
- Safe havens rise as Iran launches missiles at Israel
Job openings unexpectedly rose slightly in August
US job openings rose unexpectedly in August, signaling potential resilience in cooling labor demand. The JOLTS report showed openings at 8.04 million, above the forecast of 7.66 million and the previous 7.711 million. Hiring remained steady at 5.3 million, while total separations were unchanged at 5.0 million. Quits fell to 3.1 million, and the quits rate decreased from 2.0% to 1.9%. Meanwhile, layoffs held steady at 1.6 million, and the vacancy rate increased from 4.6% to 4.8%. Analysts noted the decline in quits suggests workers see the labor market as less favorable, which aligns with slowing wage growth consistent with the Fed's 2% inflation target.
ISM Manufacturing PMI holds steady, falling short of the anticipated increase
U.S. manufacturing held steady at weaker levels in September, but new orders improved and prices paid for inputs declined to a nine-month low, which together with falling interest rates bode well for a rebound in activity in the coming months. The ISM Manufacturing PMI held at 47.2, below the expected 47.5. Prices paid dropped to 48.3 from 54.0, new orders rose to 46.1 from 44.6, and production increased to 49.8 from 44.8, while employment declined to 43.9 from 46.0. Inventories fell sharply to 43.9 from 50.3, likely reflecting an earlier rush to stock up ahead of the expected port strike in August.
Euro zone inflation dips below 2%, strengthening rate cut case
In September, Eurozone inflation fell below 2% for the first time since mid-2021, strengthening the case for a European Central Bank rate cut this month as efforts to control surging prices approach completion. Inflation decreased to 1.8% in September from 2.2% in August, matching expectations, driven by declining energy costs and stable goods prices. Additionally, core inflation dropped to 2.7% from 2.8%, falling short of the anticipated 2.8% due to slower growth in service prices.
Iran's missile strike on Israel prompts quick vows of retaliation
Iran fired about 200 ballistic missiles at Israel on Tuesday, marking a brief escalation in tensions as Prime Minister Benjamin Netanyahu vowed to retaliate. The Israel Defense Forces reported that many missiles were intercepted, with one fatality confirmed in the West Bank. This strike followed Israeli attacks on Lebanon that killed Hezbollah leader Hassan Nasrallah and included ground incursions.
Safe havens rise as Iran launches missiles at Israel
The 10-year government bond yield (interpolated) on the previous trading day was 2.498, 1.48 bps. The benchmark government bond yield (LB346A) was 2.485, +0.00 bps. Meantime, the latest closed US 10-year bond yields was 3.74, -7.00 bps. USDTHB on the previous trading day closed around 32.46 moving in a range of 32.48 – 32.53 this morning. USDTHB could be closed between 32.30 – 32.60 today. The dollar continued to build on the previous day's gains driven by Powell's comments, as investors sought safety following Iran's attack on Israel. The euro declined for the third day in a row against the dollar, dropping below 1.1100 despite stronger-than-expected PMIs, while the Flash CPI met expectations. Meanwhile, the Japanese yen gained against most major currencies as demand for safe-haven assets increased.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
