1. Economy Update
y p
August 19, 2011

2. US Economic Update
Consumer Sentiment and Retail Sales Housing Starts and Existing Home Sales
Empire Index and ISM Manufacturing
• Demand Side
– Michigan Consumer Confidence in Aug
Michigan Consumer Confidence in Aug
drop to 54.9 (Jul = 63.7)
• Supply Side
– E i M
Empire Manu Index was weaken at ‐
I d k
7.72 (Jul = ‐3.76)
• Housing Data
– Housing Start in Jul dropped to 604K
from 613K
– Building Permit in Jul also decreased to
g
597K from 617K.

3. Bullish of Safe Haven
Dow Jones Index slid Swiss Franc
11,410
0.79
0.72
JPY
JPY Gold
Gold
1,810
76.58

4. USD Interest Rate Sharp fall

5. Euro Zone Economic Update
EU and Germany GDP EUR
1.437
PIIGS 10 Yrs Bond Yields • Yield decreased because ECB bought EUR 22 Bil.
bond in 2nd market.
• On Tuesday, Franco – German summit caused
investors disappointment
– Didn’t mention about increasing the size of the
euro‐zone fund to bail out.
– It was too early to introduce euro‐zone bonds.
• EU and Germany GDP Q2/2011 were weaker than
expect at 0.2% and 0.1% qoq respectively. (Q1
expect at 0.2% and 0.1% qoq respectively. (Q1 =
0.8%, 1.5%)

6. Thai Economic Update
Business Sentiment and Consumer Confidence
• Both Consumer and Business
sentiment index increased,
ti ti d i d
resulting from the peaceful
transfer of power since the
p
July 3 elections.
– Consumer confidence
rose to 74.4, highest in 4
years.
– Auto Sales rose up after
Auto Sales rose up after Consumer Confidence and Car Sales
Consumer Confidence and Car Sales
Japan supply disruption

7. Thai Interest Rate follow Market Trend

8. USD/THB Movement
SET
Net Foreign Purchase
USD/THB
• Thai baht trading has been
relatively stable, especially in
y , p y
comparison with the big
swings seen last week.
Overnight there has been a
O i ht th h b
slight strengthening bias in
line with broad dollar
weakness.