* After strong falls overnight, Gold has steadied in the Asia trading day modestly lower. * Gold o...
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May Thai inflation was stronger than expected with headline down 0.6% y/y but still a deterioration from April’s -0.2% y/y, while core rose 1.1% y/y up from 1.0% due to prepared food and housing. JP Morgan expects deflation to continue in Thailand through Q3 2025 resulting in only 0.2% inflation in 2025 below the Bank of Thailand’s 1-3% target corridor. Thus it continues to “pencil in three more 25bp rate cuts” in June, August and October bringing the terminal rate to 1.0%.
Asian equity markets are mostly trading with a positive footing in the first part of Monday trade. The Nikkei 225 is up around 1%, likewise for the Hang Seng in Hong Kong. The Kospi continues to be an outperformer, up over 1.6%.
The first part of Monday US Tsy trade has seen outperformance, led by the front end. For the 2-5yr tenor yields are off around 3bps. The 10yr Tsy yield is back under 4.49%.