- USDTHB: moving in the range 33.97-34.00 this morning supportive level at 33.90 resistance level at 34.15
- SET Index: 1,190.1 (+0.3%), 24 Mar 2025
- S&P 500 Index: 5,767.6 (+1.7%), 24 Mar 2025
- Thai 10-year government bond yield (interpolated): 2.057 (+1.25 bps), 24 Mar 2025
- US 10-year treasury yield: 4.34 (+9.0 bps), 24 Mar 2025
- Trump plans his tariff ‘Liberation Day’ with more targeted push
- Several US tariff-related updates emerged overnight
- US PMI declines as tariff-driven material costs increase
- Eurozone PMI gains momentum as Germany drives the recovery
- The dollar index saw a slight increase on Monday
Trump plans his tariff ‘Liberation Day’ with more targeted push
President Donald Trump's upcoming wave of tariffs is expected to be more targeted than the broad actions he has previously threatened, offering potential relief to markets concerned about an all-out tariff war. Trump is set to announce a “Liberation Day” tariff plan on April 2, revealing reciprocal tariffs he views as retaliation for tariffs and other trade barriers imposed by other countries, including key US allies.
Several US tariff-related updates emerged overnight
President Donald Trump on Monday issued an order allowing a 25% tariff to be imposed on any nation purchasing oil and gas from Venezuela, ratcheting up his dispute with the Latin American country over immigration with a move that risks roiling the global energy trade. In addition, Trump is set to announce additional tariffs on autos, lumber, and chips, although some countries may be exempt from these tariffs.
US PMI declines as tariff-driven material costs increase
The US manufacturing PMI fell to 49.8, down from its highest level since mid-2022. In contrast, the services PMI rose to 52.4, a three-month high, driven by increased new business and better weather. While service providers saw improved output, sentiment about future prospects dropped to its second-lowest point since 2022. The report also indicated that prices received by manufacturers rose at the fastest pace since February 2023, with the composite index of prices paid increasing at its quickest rate in nearly two years, including the sharpest rise for manufacturers since August 2022. Firms cited higher labor costs as contributing to these cost pressures.
Eurozone PMI gains momentum as Germany drives the recovery
Euro area business activity hit a seven-month high, driven by better-than-expected manufacturing performance, while the services sector fell short. The composite PMI rose to 50.4, above the 50 mark, though slightly below the predicted 50.7. The improvement was fueled by Germany's multi-billion-euro spending package, set to revive its economy after five years of stagnation. France also showed progress, surpassing expectations despite a sub-50 reading as factories regained momentum.
The dollar index saw a slight increase on Monday
The 10-year government bond yield (interpolated) on the previous trading day was 2.057, +1.25 bps. The benchmark government bond yield (LB353A) was 2.06, +2.0 bps. Meantime, the latest closed US 10-year bond yields was 4.34, +2.0 bps. USDTHB on the previous trading day closed around 33.94, moving in a range of 33.97 – 34.00 this morning. USDTHB could be closed between 33.90 – 34.15 today. The dollar strengthened as a surprising rise in the services PMI for March more than compensated for the contraction in manufacturing. There were also multiple tariff-related developments. The euro was unable to maintain early gains and briefly dropped below the 1.0800 mark due to dollar strength and the looming tariff threat, while Eurozone PMI data showed mixed results. The Japanese yen weakened, causing USD/JPY to rise above the 150.00 level, driven by the dollar’s strength, higher US yields, and increased risk appetite.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
