- USDTHB: moving in the range 33.955-33.97 this morning supportive level at 33.80 resistance level at 34.20
- SET Index: 1,270.5 (-0.91%), 10 Feb 2025
- S&P 500 Index: 6,066.4 (+0.67%), 10 Feb 2025
- Thai 10-year government bond yield (interpolated): 2.268 (-0.26 bps), 10 Feb 2025
- US 10-year treasury yield: 4.51 (+2.0 bps), 10 Feb 2025
- Trump imposes 25% tariffs on steel and aluminum as trade tensions rise
- NY Fed Survey shows inflation expectations rise ahead of tariffs
- Japan records highest current account surplus in 2024 from foreign investment returns
- Australia's consumer sentiment rebound slows
- The dollar gained strength ahead of Trump's tariff plans
Trump imposes 25% tariffs on steel and aluminum as trade tensions rise
President Donald Trump imposed a 25% tariff on steel and aluminum imports, including from key allies Canada and Mexico, to protect US industries. The tariffs also target finished metal products and aim to prevent countries like Russia and China from bypassing existing duties. Trump argued the move would boost domestic production and create jobs, warning the rates could rise. The tariffs will take effect on March 4.
NY Fed Survey shows inflation expectations rise ahead of tariffs
The January NY Fed Survey of Consumer Expectations kept 1- and 3-year inflation forecasts at 3.0%, while the 5-year forecast rose to 3.0% from 2.7%. Commodity price expectations increased across gas, food, medical care, education, and rent. Labor market expectations were mixed, with job loss and job finding expectations rising, but unemployment falling to its lowest since July 2021. Household spending growth expectations dropped to a 4-year low. These trends align with the February UoM survey, which saw 5-year inflation expectations rise to 3.3%, while 1-year expectations jumped to 4.3%.
Japan records highest current account surplus in 2024 from foreign investment returns
Japan's current account surplus hit a record 29.3 trillion yen ($192.67 billion) in 2024, up 29.5% from the previous year. The surplus was mainly driven by a record 40.2 trillion yen in primary income from overseas investments. The trade deficit shrank by 40% to 3.9 trillion yen, helped by strong exports and lower energy import costs. The surplus from travel rose to 5.9 trillion yen, thanks to booming inbound tourism. In December, the current account surplus dropped to 1.08 trillion yen from 3.35 trillion yen the previous month.
Australia's consumer sentiment rebound slows
Australia's consumer confidence barely changed in February, rising 0.1% to 92.2 points, as recovery signs stalled amid cost of living pressures and global uncertainty. The mood remains negative, with 100 points marking the divide between optimism and pessimism. Caution is mainly driven by strained household finances, which have worsened since the start of the year.
The dollar gained strength ahead of Trump's tariff plans
The 10-year government bond yield (interpolated) on the previous trading day was 2.268, -0.26 bps. The benchmark government bond yield (LB346A) was 2.28, +1.0 bps. Meantime, the latest closed US 10-year bond yields was 4.51, +2.0 bps. USDTHB on the previous trading day closed around 33.88, moving in a range of 33.955 – 33.97 this morning. USDTHB could be closed between 33.80 – 34.20 today. The dollar strengthened following President Trump's tariff remarks over the weekend, where he announced 25% tariffs on steel and aluminum imports to the US, along with reciprocal tariffs later in the week. However, dollar gains were limited due to a lack of significant catalysts and a quiet data calendar, with focus shifting to Fed Chair Powell's upcoming testimony in Congress. The euro slightly weakened against the dollar, holding just above the 1.0300 level in rangebound trading. The Japanese yen also weakened against the dollar, although USD/JPY saw choppy movement, with Japanese markets closed on Tuesday for National Foundation Day.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
