- USDTHB: moving in the range 33.79-33.82 this morning supportive level at 33.60 resistance level at 33.90
- SET Index: 1,345.8 (+0.36%), 28 Jan 2025
- S&P 500 Index: 6,067.7 (+0.92%), 28 Jan 2025
- Thai 10-year government bond yield (interpolated): 2.278 (-0.99 bps), 28 Jan 2025
- US 10-year treasury yield: 4.55 (+2.0 bps), 28 Jan 2025
- Trump renews threat of universal tariffs to protect the country
- US consumer confidence hits four-month low due to job market concerns
- US core business equipment orders rise more than expected
- Thailand's car sales hit 15-year low
- Dollar rises on revived tariff discussions
Trump renews threat of universal tariffs to protect the country
President Donald Trump announced his intention to implement broad tariffs exceeding 2.5%, the latest in a series of moves aimed at overhauling US supply chains. Furthermore, he reiterated his plan for tariffs on sectors like semiconductors, pharmaceuticals, steel, copper, and aluminum. He also hinted at the possibility of imposing tariffs on automobiles from Canada and Mexico, countries he has already threatened with 25% across-the-board tariffs, set to take effect as early as February 1.
US consumer confidence hits four-month low due to job market concerns
US consumer confidence unexpectedly fell in January to a four-month low, dropping 5.4 points to 104.1, below the expected 105.7. Reduced optimism about the labor market and economic outlook drove the decline. While inflation is easing and the labor market remains strong, job seekers are facing longer wait times. Consumer sentiment is also affected by concerns over Donald Trump's policies.
US core business equipment orders rise more than expected
US orders and shipments for business equipment exceeded forecasts in December, signaling stronger investment. Core capital goods orders rose 0.5%, above expectations, following a revised 0.9% gain in November. Durable goods overall dropped 2.2%, missing the expected 0.6% increase, mainly due to volatile aircraft orders. Analysts see this as a sign of modest growth in core business equipment investment for the upcoming GDP report.
Thailand's car sales hit 15-year low
Thailand’s domestic auto sales hit a 15-year low, falling 26% to 572,675 units in 2024, due to stricter bank loan approvals and high household debt. December sales dropped 21% to 54,016 units, with finance companies rejecting about 70% of car loan applications. Domestic electric vehicle sales also fell 11% to 67,473 units, below the target of 80,000. For exports, auto shipments decreased by 8.8% to 1.02 million units, missing the target of 1.05 million, while total production dropped by 20% to 1.47 million vehicles. Production in 2025 is expected to rise slightly to 1.5 million units, with most going for export.
Dollar rises on revived tariff discussions
The 10-year government bond yield (interpolated) on the previous trading day was 2.278, -0.99 bps. The benchmark government bond yield (LB346A) was 2.28, +0.0 bps. Meantime, the latest closed US 10-year bond yields was 4.55, +2.0 bps. USDTHB on the previous trading day closed around 33.89, moving in a range of 33.79 – 33.82 this morning. USDTHB could be closed between 33.60 – 33.90 today. The dollar strengthened, recovering some of Monday's losses, supported by tariff rhetoric from President Trump, who is pushing for universal tariffs larger than 2.5% but hasn't set a specific level yet. Data releases had a limited impact, with attention now turning to Wednesday's FOMC meeting. The euro weakened, trading mostly sideways around the 1.0400 mark, lacking strong catalysts. The Japanese yen lost some of its previous haven-related gains, with USD/JPY staying above 155.00 as the dollar rebounded and risk sentiment improved.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
