Market Roundup
- Thai government bonds weakened alongside the sell-off in the global bonds markets. The net sell trend continuing at the start of this week with yields further up around 5bps, pressured as US Treasury yields shot up last Friday on the back of strong May non-farm payrolls number. Although mid last week saw steady local support, it does not look a whole lot of support will come this week with Bank of Thailand not expecting to cut policy rate at the MPC meeting this Wednesday.
- IRS rates rose alongside the movement along the government bond segment. A decline in UST yields to begin this week may provide impetus for some receiving interest, but we think there is limited downside seeing the prevailing weak sentiment along both the bond and fx side (USD/THB around 33.895).
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