- USDTHB: moving in the range 36.75-36.805 this morning supportive level at 36.60 resistance level at 37.00
· SET Index: 1,373.9 (-0.13%), 4 Apr 2024
· S&P 500 Index: 5,147.2 (-1.24%), 4 Apr 2024
· Thai 10-year government bond yield (interpolated): 2.58 (+0.88 bps), 4 Apr 2024
· US 10-year treasury yield: 4.31 (-5.00 bps), 4 Apr 2024
- US labor market still tight; trade seen subtracting from Q1 growth
- US trade deficit widens in February on strong imports
- Euro zone business activity returned to growth in March, PMI shows
- Dollar hits two-week low, moves lower against yen
US labor market still tight; trade seen subtracting from Q1 growth The number of Americans filing new claims for unemployment benefits increased to a two-month high last week, though labor market conditions remain fairly tight. Initial claims for state unemployment benefits rose 9,000 to a seasonally adjusted 221,000 for the week ended March 30, the highest level since late January. Economists polled by Reuters had forecast 214,000 claims in the latest week. Claims had bounced around between 210,000 and 212,000 for much of March. Some economists attributed the larger-than-expected rise in claims to an early Easter this year, which could have thrown off the model that the government uses to strip seasonal fluctuations from the data. Unadjusted claims increased 2,455 to 196,376 last week.
US trade deficit widens in February on strong imports The US trade deficit widened for a second straight month in February as an increase in exports to a record high was offset by surging imports, suggesting trade could be a drag on economic growth in the first quarter. The trade deficit increased 1.9% to $68.9 billion, the Commerce Department's Bureau of Economic Analysis said. Data for January was revised slightly to show the trade gap rising to $67.6 billion instead of $67.4 billion as previously reported. Economists polled by Reuters had forecast the deficit little changed at $67.3 billion in February. When adjusted for inflation, the goods trade deficit increased 1.2% to $87.0 billion in February. Most of the imported goods likely ended up as inventories, which could offset the anticipated hit on gross domestic product from the widening trade gap.
Euro zone business activity returned to growth in March, PMI shows Euro zone business activity expanded last month for the first time since May 2023 but the recovery was uneven with a stronger than expected upturn in the bloc's dominant services industry offsetting a deeper downturn in manufacturing, a survey showed. HCOB's composite Purchasing Managers' Index (PMI) for the currency union, compiled by S&P Global and seen as a good gauge of overall economic health, climbed to 50.3 in March from February's 49.2, improving on a preliminary 49.9 estimate. That bounce moved the index back above the 50 mark separating growth from contraction. The services PMI jumped to 51.5 from 50.2, above the flash estimate of 51.1 and its highest reading since June.
Dollar hits two-week low, moves lower against yen The 10-year government bond yield (interpolated) on the previous trading day was 2.58, +0.88 bps. The benchmark government bond yield (LB31DA) was 2.57, -0.50 bps. Meantime, the latest closed US 10-year bond yields was 4.31, -5.00 bps. USDTHB on the previous trading day closed around 36.68. Moving in a range of 36.75-36.805 this morning. USDTHB could be closed between 36.60-37.00 today. The dollar hit a two-week low on Thursday as economic data supported expectations for quick interest rate cuts in the US and fell against the battered yen. An unexpected slowdown in US services growth, supporting the idea of bringing interest rates down, had pushed the dollar lower. Still, the US currency was able to pare some earlier losses after Minneapolis Federal Reserve President Neel Kashkari said rate cuts might not be required this year if inflation continues to stall. Richmond Fed President Thomas Barkin said on Thursday that inflation data at the start of this year "has been a little less encouraging," and raises the question of "whether we are seeing a real shift in the economic outlook, or merely a bump along the way.“
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
