- USDTHB: moving in the range 32.52-32.56 this morning supportive level at 32.30 resistance level at 32.60
- SET Index: 1,178.4 (+0.2%), 26 May 2025
- S&P 500 Index: 5,802.8 (-0.67%), 23 May 2025
- Thai 10-year government bond yield (interpolated): 1.862 (+0.14 bps), 26 May 2025
- US 10-year treasury yield: 4.51 (-3.0 bps), 23 May 2025
- Japan loses top creditor status for first time in 34 years
- Xi considers new ‘Made in China’ plan despite US pressure
- Chinese, EU trade chiefs to meet amid rising Trump tariff tensions
- Thailand’s April exports beat forecasts, but trade ended in deficit
- Dollar held in range on holiday-thinned trade
Japan loses top creditor status for first time in 34 years
Japan has lost its status as the world’s top creditor nation for the first time in 34 years, despite hitting a record high in overseas assets. The Ministry of Finance reported Japan’s net external assets at ¥533.05 trillion ($3.7 trillion) at the end of 2024, up 13% from the previous year. However, Germany surpassed Japan with ¥569.7 trillion in assets, while China remained third at ¥516.3 trillion.
Xi considers new ‘Made in China’ plan despite US pressure
China is planning an updated “Made in China 2025” strategy to boost advanced tech production, focusing on chips and new energy materials. As it drafts its next Five-Year Plan, Beijing aims to maintain manufacturing’s GDP share and may set a consumption target, signaling continued focus on core tech despite Western criticism.
Chinese, EU trade chiefs to meet amid rising Trump tariff tensions
Senior trade officials from the EU and China are set to meet in early June during a WTO ministerial gathering in Paris. This meeting follows President Trump’s decision to push back the 50% tariff deadline on EU goods to July 9. It will mark their third known engagement this year, after an in-person meeting in Beijing in late March and a video conference on April 8.
Thailand’s April exports beat forecasts, but trade ended in deficit
Thailand’s export growth in April slightly exceeded forecasts, rising 10.2% year-on-year but slowing from March’s 17.8% increase. Industrial products, especially computers, jewelry, and electronics, led growth. Exports to the US grew 23.8%, while shipments to China rose 3.2%. Imports surged 16.1%, much higher than expected, leading to a $3.3 billion trade deficit. The growing trade deficit indicates that exports had little effect on the local economy and were probably fueled by transshipments to the US. Meanwhile, the commerce ministry cautioned about potential challenges from US tariffs in the latter half of the year.
Dollar held in range on holiday-thinned trade
The 10-year government bond yield (interpolated) on the previous trading day was 1.862, +0.14 bps. The benchmark government bond yield (LB353A) was 1.859, +0.15 bps. Meantime, the latest closed US 10-year bond yields was 4.51, -3.0 bps. USDTHB on the previous trading day closed around 32.49, moving in a range of 32.52– 32.56 this morning. USDTHB could be closed between 32.30 – 32.60 today. The US dollar remained mostly unchanged, with the dollar index staying within a tight range, as market activity was subdued due to public holidays in both the UK and US. However, the index briefly dipped below the 99 level, touching the 98 range for the first time since April 29th. This movement followed President Trump’s announcement to postpone the 50% tariff deadline on EU imports to July 9th. Looking ahead, key US economic events this week include the FOMC meeting minutes, the second estimate of Q1 GDP, and the latest PCE data. The euro edged slightly higher after Trump delayed the EU tariff deadline to July 9th but gave up most gains in early European trading and moved sideways in light conditions. Later, EU Commissioner Sefcovic reported a positive call with US Secretary Lutnick, reaffirming commitment to a swift EU-US trade deal. The Japanese yen traded in a narrow range, with USD/JPY capped near the 143.00 resistance, as markets awaited Japan’s Services PPI data.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
