- USDTHB: moving in the range 34.92-35.07 this morning supportive level at 34.80 resistance level at 35.10
- SET Index: 1,450.1 (-0.09%), 14 Nov 2024
- S&P 500 Index: 5,949.2 (-0.61%), 14 Nov 2024
- Thai 10-year government bond yield (interpolated): 2.441 (-0.24 bps), 14 Nov 2024
- US 10-year treasury yield: 4.43 (-1.0 bps), 14 Nov 2024
- Powell says no need for Fed to rush rate cuts given strong economy
- US producer prices grow by 2.4% annually in October
- US initial jobless claims dip, beating market forecast
- Japan GDP growth slows sharply in Q3 as private spending offers limited support
- Dollar eyes weekly gain on slower Fed easing, inflation outlook
Powell says no need for Fed to rush rate cuts given strong economy
Fed Chair Powell delivered a hawkish message in his recent remarks, emphasizing that the economy is not showing signs that would require the Fed to quickly lower interest rates. He noted that the strength of the economy gives the Fed the flexibility to make decisions more cautiously. On inflation, Powell stated that the personal consumption expenditures (PCE) price index likely rose by 2.3% in October year-over-year, up from 2.1% in September, while core PCE is expected to have climbed 2.8%, compared to 2.7% the previous month.
US producer prices grow by 2.4% annually in October
US Producer Price Index (PPI) data came in slightly stronger than expected, with upward revisions to the prior month's figures. The headline monthly PPI rose by 0.2%, as forecast, while the previous month was revised up to 0.1%. Year-over-year, the headline PPI increased by 2.4%, above the 2.3% forecast, with September revised to 1.9% from 1.8%. Meanwhile, core PPI rose 0.3%, as expected, and climbed 3.1% year-over-year, above the 3.0% forecast. The "super core" measure also increased 0.3% monthly and 3.5% year-over-year, up from 3.3% previously. Analysts noted that some PCE components in the PPI data are higher than expected.
US initial jobless claims dip, beating market forecast
Initial jobless claims for the week ending November 9th fell to 217,000, below the expected 223,000, and down from 221,000. Continued claims came in at 1.873 million, slightly below the forecast of 1.88 million. Unadjusted claims rose by 17,000 to 229,000, less than the anticipated 21,000 increase. California saw the largest rise, with claims up by 6,000, while Michigan had the largest drop, with claims falling by 4,000.
Japan GDP growth slows sharply in Q3 as private spending offers limited support
Japan's economy grew 0.9% year-on-year in Q3, slightly exceeding expectations of 0.7%, but slowing sharply from 2.2% in Q2 (revised from 2.9%). Quarter-on-quarter, GDP rose 0.2%, down from 0.5% in the previous quarter. Private consumption grew 0.9% q-o-q, well above the expected 0.2%, driven by the continued impact of earlier wage hikes.
Dollar eyes weekly gain on slower Fed easing, inflation outlook
The 10-year government bond yield (interpolated) on the previous trading day was 2.441, -0.24 bps. The benchmark government bond yield (LB346A) was 2.45, +0.5 bps. Meantime, the latest closed US 10-year bond yields was 4.43, -1.00 bps. USDTHB on the previous trading day closed around 35.01, moving in a range of 34.92 – 35.07 this morning. USDTHB could be closed between 34.80 – 35.10 today. The dollar extended its five-day winning streak, briefly rising above the 107.00 mark, supported by stronger-than-expected annual core and headline PPI data. While the greenback pared back some of its gains, it received a late boost from hawkish remarks by Fed Chair Powell. The euro struggled against the dollar, briefly falling below 1.0500 despite better-than-expected employment data and in-line Q3 GDP growth. The Japanese yen continued to be pressured against the dollar, keeping USD/JPY around 156.00 before pushing higher following Powell's comments.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
