- USDTHB: moving in the range 33.66-33.70 this morning supportive level at 33.50 resistance level at 33.80
- SET Index: 1,460.6 (-0.66%), 24 Oct 2024
- S&P 500 Index: 5,809.9 (+0.21%), 24 Oct 2024
- Thai 10-year government bond yield (interpolated): 2.425 (+0.89 bps), 24 Oct 2024
- US 10-year treasury yield: 4.21 (-3.00 bps), 24 Oct 2024
- US business activity growth boosted by strong service
- U.S. jobless claims decline, signaling labor market strength
- Euro zone business activity sees no growth for the second month in a row
- Japan's PMI contracted in October as business activity declined
- Dollar retreats from three-month highs
US business activity growth boosted by strong service
U.S. business activity grew steadily throughout October, bolstered by strong demand in the services sector, with expectations reaching their highest level in over two years. The S&P Global flash composite PMI rose by 0.3 points to 54.3, despite a third consecutive month of declining factory output. Services PMI increased to 55.3, fueled by a rise in new business, marking the highest level since April 2022 due to stronger domestic demand. Meanwhile, the manufacturing PMI ticked up to 47.8.
U.S. jobless claims decline, signaling labor market strength
New applications for U.S. unemployment aid unexpectedly fell last week, but the number of people receiving benefits in mid-October hit its highest level in nearly three years, indicating greater difficulty for job seekers. Weekly initial jobless claims decreased to 227,000 from 242,000, despite no expected change as states recovered from hurricanes. The Labor Department's report noted a decline in claims related to Hurricane Helene, while those from Hurricane Milton were less severe than anticipated. Additionally, the number of people collecting benefits after the first week rose by 28,000 to 1.897 million, the highest since mid-November 2021.
Euro zone business activity sees no growth for the second month in a row
Business activity in the euro zone stagnated again this month, remaining in contraction as both domestic and international demand fell, despite only minor price increases by companies. The preliminary composite PMI inched up to 49.7 in October from 49.6 in September, but it stayed below the important 50 mark for the second month in a row. Analysts had anticipated a larger rise to 49.8.
Japan's PMI contracted in October as business activity declined
Japanese business activity declined in October, with preliminary purchasing managers index data showing contractions in both manufacturing and services. The flash manufacturing PMI fell to 49.0 from 49.7 in September, marking a third consecutive month of shrinkage, largely due to production disruptions among major automakers facing a safety scandal. The flash services PMI dropped to 49.3 from 53.1, entering contraction for the first time since June, leading to a composite PMI decline to 49.4 from 52.0.
Dollar retreats from three-month highs
The 10-year government bond yield (interpolated) on the previous trading day was 2.425, 0.89 bps. The benchmark government bond yield (LB346A) was 2.41, +0.00 bps. Meantime, the latest closed US 10-year bond yields was 4.21, -3.0 bps. USDTHB on the previous trading day closed around 33.75 moving in a range of 33.66 – 33.70 this morning. USDTHB could be closed between 33.50 – 33.80 today. The dollar lost some of its recent gains as it was pressured by declining Treasury yields in a week lacking major economic releases before significant risk events in early November. The euro benefited from the dollar's weakness, regaining the 1.0800 level, while there was a wave of ECB commentary pushing back against substantial rate cuts. The Japanese yen gradually strengthened throughout the day, outperforming other G10 currencies, with USD/JPY dropping below the 152.00 mark.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
