- USDTHB: moving in the range 35.85-35.87 this morning supportive level at 35.75 resistance level at 36.00
- SET Index: 1,308.1 (+0.07%), 30 July 2024
- S&P 500 Index: 5,436.4 (-0.50%), 30 July 2024
- Thai 10-year government bond yield (interpolated): 2.59 (-2.07 bps), 30 July 2024
- US 10-year treasury yield: 4.15 (-2.0 bps), 30 July 2024
- US Job Openings remain stable, contradicting recent trends
- US Consumer Confidence rises on better economic outlook
- Eurozone economy shows growth, but the future looks uncertain
- Germany’s inflation rises unexpectedly, challenging the ECB
- The Dollar steady ahead of Fed meeting; traders cautious
US Job Openings remain stable, contradicting recent trends
US job openings exceeded forecasts last month, following an upward revision of May's data, challenging the recent trend of gradual labor market softening. The JOLTS figure fell to 8.18 million from 8.23 million, with the previous figure revised up from 8.14 million. The report shows sustained demand for workers despite a slowdown in hiring and wage growth. Additionally, the unemployment rate rose for the third consecutive month in June, coinciding with an increase in Americans filing for unemployment benefits.
US Consumer Confidence rises on better economic outlook
US consumer confidence increased in July as improved expectations for the economy and job market offset more pessimistic views on current conditions. The Conference Board’s index rose to 100.3 from a revised 97.8 in June, surpassing the Bloomberg survey forecast of 99.7. Expectations for the next six months reached 78.2, the highest since January, with the largest proportion of consumers anticipating better business conditions. However, the gauge of current conditions dropped to its lowest level in over three years.
Eurozone economy shows growth, but the future looks uncertain
The euro zone's economy expanded slightly more than anticipated in the three months leading up to June. However, a mixed underlying performance and a series of pessimistic surveys complicate the outlook for the remainder of the year. The data suggest that while the bloc is struggling to regain its position in global trade, it is benefiting from a domestic recovery driven by increased real incomes and public spending. Eurozone GDP grew by 0.3% in the second quarter compared to the previous month, maintaining the same pace as the previous quarter and surpassing economists' forecasts of 0.2%. Among the major economies, France and Spain performed better than expected, Italy remained steady, but Germany experienced an unexpected contraction, raising concerns about a prolonged crisis in a country that was once Europe's economic powerhouse.
Germany’s inflation rises unexpectedly, challenging the ECB
In July, German inflation picked up, potentially increasing the European Central Bank's caution regarding additional interest-rate cuts. Consumer prices rose by 2.6% year-over-year in July, up from 2.5% in June, contrary to analysts' expectations of stability. Energy costs moderated less than in June, food prices climbed, and services remained unchanged.
The Dollar steady ahead of Fed meeting; traders cautious
The 10-year government bond yield (interpolated) on the previous trading day was 2.59, -2.07 bps. The benchmark government bond yield (LB346A) was 2.58, -4.00 bps. Meantime, the latest closed US 10-year bond yields was 4.15, -2.0 bps. USDTHB on the previous trading day closed around 35.98 moving in a range of 35.85 – 35.87 this morning. USDTHB could be closed between 35.75 - 36.00 today. The dollar ultimately returned to flat territory with price action kept within a relatively tight range on the eve of the FOMC and despite better-than-expected US Consumer Confidence and JOLTS job openings data. The euro saw marginal losses against the dollar but with downside stemmed as support held around the 1.0800 level. The Japanese yen stayed close to a 2.5-month high as traders awaited an important policy decision from the Bank of Japan (BOJ).
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
