- USDTHB: moving in the range 33.653-33.736 this morning supportive level at 33.65 resistance level at 33.85
- SET Index: 1,159.6 (-0.04%), 13 Mar 2025
- S&P 500 Index: 5,521.5 (-1.40%), 13 Mar 2025
- Thai 10-year government bond yield (interpolated): 2.139 (-0.24 bps), 13 Mar 2025
- US 10-year treasury yield: 4.27 (-5.0 bps), 13 Mar 2025
- US PPI flatline, but data points to stronger Fed inflation measure
- US jobless claims edge down, remaining near pre-covid levels
- Trump vows 200% tariff on EU wine, escalating trade tensions
- Euro zone industrial output grows quicker than expected in January
- The dollar strengthened amid a risk-off sentiment
US PPI flatline, but data points to stronger Fed inflation measure
US wholesale inflation held steady in February, aided by a sharp drop in trade margins, though goods prices rose and data remained less favorable for the Federal Reserve's preferred inflation measure. The Producer Price Index (PPI) was unchanged after a 0.6% rise in January. Excluding food and energy, the PPI dropped for the first time since July, mainly due to a 1% fall in trade services. Categories impacting the Fed's PCE measure saw increases, such as hospital care (+1%) and portfolio management (+0.5%). The report also showed price hikes in iron and steel scrap, machinery, and household items.
US jobless claims edge down, remaining near pre-covid levels
US unemployment benefit applications remained mostly unchanged last week, staying close to pre-pandemic levels. Initial claims dropped by 2,000 to 220,000 for the week ending March 8, compared to the expected 225,000. Continuing claims fell to 1.87 million for the week ending March 1, also below expectations. Additionally, initial jobless claims suggest that cost-cutting measures by the Department of Government Efficiency (DOGE) are having minimal effect on the national job market so far.
Trump vows 200% tariff on EU wine, escalating trade tensions
President Donald Trump threatened to impose a 200% tariff on wine, champagne, and other alcoholic drinks from France and the European Union, marking the latest escalation in the growing transatlantic trade conflict. In a social media post on Thursday, Trump stated that he would impose the tariffs if Brussels proceeds with a tax on American whiskey exports, a response to Trump’s steel and aluminum tariffs that took effect on Wednesday.
Euro zone industrial output grows quicker than expected in January
Industrial production in the Euro zone grew more than expected in January, driven by a strong rebound in Germany, which helped offset some earlier declines. Output rose by 0.8% month-on-month, surpassing the forecasted 0.6%, as Germany's 2.3% growth countered negative results in Italy and Spain. Year-on-year, production in January was flat, a slight improvement from the -1.5% decline in December. However, it remains 3% below its 2021 level.
The dollar strengthened amid a risk-off sentiment
The 10-year government bond yield (interpolated) on the previous trading day was 2.139, -0.24 bps. The benchmark government bond yield (LB353A) was 2.14, +0.0 bps. Meantime, the latest closed US 10-year bond yields was 4.27, -5.0 bps. USDTHB on the previous trading day closed around 33.78, moving in a range of 33.653 – 33.736 this morning. USDTHB could be closed between 33.65 – 33.85 today. The dollar strengthened against its peers as a risk-averse sentiment dominated the markets, driven by the increasing threat of US tariffs. In terms of economic data, the US PPI came in lower than expected for both the headline and core measures, though previous figures were revised upward. Meanwhile, the indicators feeding into PCE mostly showed an acceleration from the previous month. The euro dropped further below 1.0900 as US President Trump threatened 200% tariffs on alcohol from France and EU countries, while conflicting views on Germany’s CDU-Greens financial talks added pressure. The Japanese yen gained strength as the USD/JPY dropped below the 148.00 level, driven by lower US yields and a risk-off sentiment.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
