- USDTHB: moving in the range 37.025-37.085 this morning supportive level at 36.95 resistance level at 37.20
· SET Index: 1,362.0 (+0.15%), 29 Apr 2024
· S&P 500 Index: 5,116.2 (+0.32%), 29 Apr 2024
· Thai 10-year government bond yield (interpolated): 2.77 (-0.70 bps), 29 Apr 2024
· US 10-year treasury yield: 4.63 (-4.00 bps), 29 Apr 2024
- Eurozone economic sentiment unexpectedly fell in April
- China Caixin manufacturing production expanded at most pace in almost a year
- Thailand’s export dropped remarkably in eight months, more than market expected
- Yen rebounds strongly after past 160 level since 1990 on possible intervention
Eurozone economic sentiment unexpectedly fell in April
In April 2024, the Economic Sentiment Indicator (ESI) declined marginally in both the EU to 96.2 and the euro area to 95.6. In the EU, the marginal decline of the ESI reflected slightly lower confidence in industry and services, while retail trade, construction and consumer confidence remained broadly stable. For the largest EU economies, the ESI deteriorated significantly in France and more moderately in Italy, while it improved markedly in Spain, Germany, and Poland. In terms of industry confidence, it was declined as level of overall order books deteriorated strongly, while their production of the stocks of finished products remained broadly stable. On the other hand, services confidence declined slightly, resulting from past and expected demand, which was partly offset by an improved assessment of the past business situation.
China Caixin manufacturing production expanded at most pace in almost a year
China's Caixin Manufacturing Purchasing Managers' Index (PMI) rose to 51.4 in April, compared to the expansion of 51.1 in March. In April, manufacturers’ output and total new orders continued to grow, with the corresponding subindexes reaching new highs since May 2023 and February 2023. New export orders rise at the quickest pace in nearly three-and-half years. Selling prices fell again despite highest cost inflation in six months. The increase in external demand was even more notable, with the gauge for new export orders hitting a high not seen since November 2020. Investment goods outperformed both consumer and intermediate goods in terms of supply as well as demand at home and abroad.
Thailand’s export dropped remarkably in eight months, more than market expected
According to the Ministry of Commerce, Thailand's exports contracted 10.9%yoy due to the high base last year, while exports of real sector (excluding gold, oil-related products, and weaponry) contracted by 5.6%yoy. However, it remained close to the average value of exports over the past 5 years amidst global economic uncertainties and low expansion. Political tensions in several areas, along with prolonged stringent financial policies, affected purchasing power, debt issues, and investment decisions in the business sector. Additionally, volatile weather conditions delayed agricultural product deliveries to the market. Overall, Thailand's exports in the first quarter contracted by 0.2% while exports of real sector (excluding gold, oil-related products, and weaponry) expanded by 1.3%.
Yen rebounds strongly after past 160 level since 1990 on possible intervention
The 10-year government bond yield (interpolated) on the previous trading day was 2.77, -0.70 bps. The benchmark government bond yield (LB346A) was 2.77, +0.00 bps. Meantime, the latest closed US 10-year bond yields was 4.63, -4.00 bps. USDTHB on the previous trading day closed around 36.92 Moving in a range of 37.025-37.085 this morning. USDTHB could be closed between 36.95-37.20 today. The Yen swung punching through 160 per US dollar to touch its weakest in 34 years before erasing all its losses for the day and rebounding strongly, with traders citing Yen-buying intervention by Japanese authorities for the first time in 18 months. The Yen was declined after the Bank of Japan (BoJ) did not offer any concrete signals on monetary policy and weakness in the currency market during a meeting on Friday. Meanwhile, Dollar Index (DXY) was declining on Monday and fell to 105.70 with expected to rally during the week thanks to monetary policy divergence favoring the US Dollar and the anticipation of a hawkish hold from the forthcoming Federal Reserve (Fed) meeting.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
