- USDTHB: moving in the range 36.145-36.175 this morning supportive level at 36.10 resistance level at 36.30
- SET Index: 1,301.5 (-1.19%), 23 July 2024
- S&P 500 Index: 5,555.7 (-0.16%), 23 July 2024
- Thai 10-year government bond yield (interpolated): 2.64 (+0.47 bps), 23 July 2024
- US 10-year treasury yield: 4.25 (-1.0 bps), 23 July 2024
- U.S. June home sales fall; median price reaches record
- Japan's PMI: Manufacturing drops in July; services rise
- Singapore's June core inflation was 2.9%, the lowest in over two years
- Dollar steady, yen gains before BOJ meeting
U.S. June home sales fall; median price reaches record
In June, U.S. existing home sales fell more than anticipated, with the median house price hitting another record high. Sales of existing homes dropped by 5.4% to a seasonally adjusted annual rate of 3.89 million units, marking the lowest level since December. Economists had predicted a decrease to a rate of 4.00 million units. The median price for existing homes surged by 4.1% year-over-year to a record high of $426,900, making it the second consecutive month of record prices. Home prices rose in all four regions of the U.S. Nonetheless, the prospect of improved supply and falling mortgage rates raises hopes for a potential rebound in activity in the coming months.
Japan's PMI: Manufacturing drops in July; services rise
In July, Japanese manufacturing unexpectedly shrank, with the au Jibun Bank flash manufacturing PMI falling to 49.2, below expectations and the previous month's 50.0, indicating contraction. This decline was due to weak demand and reduced production by major automakers. However, the services sector rebounded strongly, with the au Jibun Bank flash services PMI rising to 53.9 from 49.4, reflecting increased consumer demand and confidence. This strength in services helped overall business activity improve, with the flash composite output index increasing to 52.6 from 49.7.
Singapore's June core inflation was 2.9%, the lowest in over two years
In June, Singapore's main consumer price index increased by 2.9% compared to the previous year, which was below economists' predictions and marked the lowest level since March 2022. The core inflation rate, which excludes costs for private road transport and accommodation, was slightly below the 3.0% anticipated by a Reuters poll and down from 3.1% in April and May. Additionally, the headline inflation rate for June rose by 2.4% year-over-year, falling short of the 2.7% forecast in the poll. This represented the lowest annual headline inflation rate since August 2021.
Dollar steady, yen gains before BOJ meeting
The 10-year government bond yield (interpolated) on the previous trading day was 2.64, +0.47 bps. The benchmark government bond yield (LB346A) was 2.64, +1.5 bps. Meantime, the latest closed US 10-year bond yields was 4.25, -1.0 bps. USDTHB on the previous trading day closed around 36.25 moving in a range of 36.145 – 36.175 this morning. USDTHB could be closed between 36.10 - 36.30 today. The Dollar held steady as traders paused to assess the turbulent political climate, with minimal economic data available until the upcoming U.S. GDP and PCE releases. The Japanese yen emerged as the top performer among G10 currencies, with USD/JPY falling to a low of 155.59. Support is noted at the July 18 low of 155.36 and the 100DMA at 155.32, though a drop below 155 would be a significant test for the pair. Market participants are now looking forward to the Tokyo CPI on Friday before the BoJ meeting next week.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
