- USDTHB: moving in the range 33.75-33.78 this morning supportive level at 33.50 resistance level at 33.80
- SET Index: 1,453.0 (-0.71%), 28 Oct 2024
- S&P 500 Index: 5,823.5 (+0.26%), 28 Oct 2024
- Thai 10-year government bond yield (interpolated): 2.419 (+1.56 bps), 28 Oct 2024
- US 10-year treasury yield: 4.28 (+3.00 bps), 28 Oct 2024
- Japan’s job market strengthens, signaling potential wage increases
- Thai exports rose but missed forecasts, with growth expected in Q4
- Apple prohibited from selling iPhone 16 models in Indonesia
- Yen faces pressure following Japan election
Japan’s job market strengthens, signaling potential wage increases
Japan's labor market tightened in September, suggesting ongoing pressure on companies to increase wages ahead of the Bank of Japan's policy meeting this week. The job-to-applicant ratio rose slightly to 1.24 from 1.23 in August, indicating 124 job openings for every 100 applicants. Economists had expected no change. Additionally, the jobless rate fell to 2.4%, the lowest since January. The workforce grew by 270,000 compared to last year, while the number of unemployed decreased by 90,000. This strong job market is likely to positively influence wage negotiations starting this month.
Thai exports rose but missed forecasts, with growth expected in Q4
Exports experienced growth for the third month in a row in September, but the increase was less than anticipated. They rose by 1.1% compared to the previous year, missing the expected 2.85% gain. In contrast, imports jumped by 9.9% year-on-year in September, surpassing the forecasted 6.0% increase. This resulted in a trade surplus of $0.39 billion for the month, which was below the expected surplus of $1.54 billion. The commerce ministry noted that shipments are expected to continue rising in the final quarter of the year. They are targeting a 2% growth in exports this year, with a projected record value of $290 billion.
Apple prohibited from selling iPhone 16 models in Indonesia
Indonesia has prevented Apple Inc. from selling its latest iPhones in the country, citing the company's failure to meet local investment regulations. The iPhone 16, released in September, cannot be marketed in Indonesia because local unit PT Apple Indonesia has not met the 40% domestic content requirement for smartphones and tablets. However, older Apple products can still be sold in Indonesia.
Yen faces pressure following Japan election
The 10-year government bond yield (interpolated) on the previous trading day was 2.419, +1.56 bps. The benchmark government bond yield (LB346A) was 2.41, +1.5 bps. Meantime, the latest closed US 10-year bond yields was 4.28, +3.0 bps. USDTHB on the previous trading day closed around 33.79, moving in a range of 33.75 – 33.78 this morning. USDTHB could be closed between 33.50 – 33.80 today. The USD softened slightly in a relatively quiet news session ahead of key data releases this week, including JOLTS, GDP, Core PCE, and NFP, as well as the US election and the latest Fed meeting next week. The euro made modest gains after briefly reclaiming the 1.0800 level, but lacked significant catalysts for further upward movement. The Japanese yen struggled due to political uncertainty, resulting in choppy price action for USD/JPY around 153.00.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
