- USDTHB: moving in the range 31.89-31.91 this morning, supportive level at 31.80 resistance level at 31.95
- SET Index: 1,273.2 (-0.7%), 23 Sep 2025
- S&P 500 Index: 6,656.9 (-0.55%), 23 Sep 2025
- Thai 10-year government bond yield (interpolated): 1.348 (+3.03 bps), 23 Sep 2025
- US 10-year treasury yield: 4.12 (-3.0 bps), 23 Sep 2025
- Powell sees challenges in Fed’s path forward
- US PMI largely meets expectations in September
- Euro zone PMI hits 16-month high but highlights country divergence
- OECD warns resilient global economy to feel tariff impact in 2026
- Thai central bank says better BOP records halved 2024 balancing item
- The dollar edges down slightly
Powell sees challenges in Fed’s path forward
Powell’s recent comments closely mirrored his post-FOMC remarks last week, reiterating that the Fed’s 25bps rate cut was driven by downside risks to employment. Markets initially reacted hawkishly but quickly reversed. Looking ahead to the October 29 meeting, Powell said decisions will hinge on labor market conditions, growth, and inflation. He emphasized balancing the Fed’s dual mandate and signaled flexibility if current policy proves misaligned, noting the need to prepare for varied economic outcomes.
US PMI largely meets expectations in September
Preliminary US manufacturing PMI for September dipped to 52.0 from 53.0, matching forecasts, while the services PMI declined to 53.9 from 54.5, slightly below expectations of 54.0. As a result, the composite PMI fell by one point to 53.6. According to S&P, reports also noted that growth has slowed since July, with hiring weakening in September. Softer demand is reducing firms’ pricing power, and current inventory levels may signal weaker future production.
Euro zone PMI hits 16-month high but highlights country divergence
The composite PMI rose to 51.2 in September from 51.0 in August, slightly above expectations. While euro area services improved modestly, manufacturing slipped back into contraction. The report showed mixed conditions across the bloc, with France facing pressure from political turmoil and stalled budget talks, while Germany’s services sector matched its fastest pace of the year.
OECD warns resilient global economy to feel tariff impact in 2026
The OECD warned that Donald Trump’s trade measures will still significantly impact the global economy, despite recent resilience. It raised the 2025 world growth forecast to 3.2% due to tariff-related front-loading but kept 2026 projections mostly unchanged, expecting growth to slow to 2.9% and US expansion to ease to 1.5% amid higher tariffs and uncertainty.
Thai central bank says better BOP records halved 2024 balancing item
Assistance Governor Chayawadee announced that improved record-keeping halved the 2024 balance of payments’ net errors and omissions to $7.3 billion from $15.2 billion in March. It stood at $2.34 billion in Q1 2025. She said this level wasn’t high and didn’t indicate illicit activity, addressing concerns that it might be driving the baht’s rise. Last week, the BOT also discussed a gold trading tax and plans to meet with gold traders next week to help stabilize the baht.
The dollar edges down slightly
The 10-year government bond yield (interpolated) on the previous trading day was 1.348, +3.03 bps. The benchmark government bond yield (LB353A) was 1.352, +2.69 bps. Meantime, the latest closed US 10-year bond yields was 4.12, -3.0 bps. USDTHB on the previous trading day closed around 31.84, moving in a range of 31.89 – 31.91 this morning. USDTHB could be closed between 31.80 – 31.95 today. The dollar Index slipped slightly, weighed down by strength in the yen, franc, and euro, as markets reacted minimally to largely in-line September PMIs from S&P Global. G10 FX price action was subdued, with the euro inching higher after mixed PMI data from Europe.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
