- USDTHB: moving in the range 33.82-33.88 this morning supportive level at 33.70 resistance level at 34.00
- SET Index: 1,464.2 (-0.13%), 1 Nov 2024
- S&P 500 Index: 5,728.8 (+0.41%), 1 Nov 2024
- Thai 10-year government bond yield (interpolated): 2.441 (-0.22 bps), 1 Nov 2024
- US 10-year treasury yield: 4.37 (+9.00 bps), 1 Nov 2024
- US job growth fell short of expectations in October due to hurricanes and strikes
- US manufacturing drops to 15-month low in October
- Canadian manufacturing PMI hits a 20-month high in October
- China new home prices grow slightly faster in October
- Dollar rebounds after weak jobs data; traders watch the US election
US job growth fell short of expectations in October due to hurricanes and strikes
In October, US hiring grew at its slowest rate since 2020, impacted by severe hurricanes and a significant strike at Boeing Co. Nonfarm payrolls increased by just 12,000, a sharp decline from the downwardly revised figure of 223,000 in September, with economists predicting an increase of 106,000. The report indicated a significant drop in manufacturing jobs, primarily due to strike-related disruptions in October. The unemployment rate stayed at 4.1%, and hourly earnings rose by 0.4% month-over-month, surpassing the 0.3% forecast and previous increases, while year-over-year growth held steady at 4.0%. The Bureau of Labor Statistics noted that the two hurricanes that struck the Southeast likely disrupted hiring in certain sectors, though they could not quantify the overall impact on employment, hours, or earnings for the month.
US manufacturing drops to 15-month low in October
U.S. manufacturing activity fell to a 15-month low in October, with factories experiencing higher input costs. The headline manufacturing PMI dropped to 46.5 from 47.2 in September, the lowest since July 2023, possibly due to a strike by Boeing factory workers. The prices paid index saw a significant rise, increasing to 54.8 from 48.3, indicating a return to expansion and surpassing analyst expectations. Meanwhile, output continued to contract, likely impacted by the Boeing strike, with the production index falling to 46.2 from 49.8. Factory employment showed slight improvement but remained low, with the manufacturing employment measure increasing to 44.4 from 43.9 in September.
Canadian manufacturing PMI hits a 20-month high in October
Canadian manufacturing activity grew faster in October, with production and employment rising in anticipation of higher orders. The manufacturing PMI increased to 51.1 from 50.4, its highest since February 2023. The output index rose to 52.2, ending a 14-month contraction, and the employment index reached 52.1, the highest since April 2023.
China new home prices grow slightly faster in October
In October, new home prices in China rose more quickly, reflecting the peak home buying season and suggesting that recent support measures may be having an impact. The average price across 100 cities increased by 0.29%, up from 0.14% the previous month, while year-over-year, it climbed 2.08%, compared to 1.85% in September.
Dollar rebounds after weak jobs data; traders watch the US election
The 10-year government bond yield (interpolated) on the previous trading day was 2.441, -0.22 bps. The benchmark government bond yield (LB346A) was 2.42, -0.5 bps. Meantime, the latest closed US 10-year bond yields was 4.37, +9.00 bps. USDTHB on the previous trading day closed around 33.87, moving in a range of 33.82 – 33.88 this morning. USDTHB could be closed between 33.70 – 34.00 today. The Dollar strengthened to close the week, rebounding from a low of 103.67 after the US jobs report to reach a high of 104.310, likely influenced by "Trump Trade" sentiment ahead of the US election and Thursday's FOMC meeting. The Euro fell against the Dollar due to its strength, while the Japanese yen weakened after a brief rally following a hawkish press conference from BoJ Governor Ueda. USD/JPY hit a low of 151.79 after the jobs report but later climbed to 153.07 amid strong Dollar demand.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
