Kaohoon Morning Brief – 8 March 2024

Krungsri Securities (Thailand) expected Thailand’s SET Index to move within the range of 1,365-1,380 points. Even with a positive sentiment from lower bond yield, depreciating dollars from Fed’s rate cut projection by June, a slowdown in foreign flows and a pressure from technical signals could pressure the market today.


The European Central Bank kept interest rates unchanged as expected, holding its deposit rate at 4%, while the refinancing rate was kept at 4.50%,

It is a wildly expected move by the market, seeing the ECB, like the US Federal Reserve, not in a big hurry to shift its policy rates though the economy in the Eurozone is more struggling than the U.S.

The market is now expecting a first rate cut from the ECB to be in June or July. About 97bps is expected to be seen this year.


Bank of America is sticking with the June rate cut forecast after the second day for the Fed’s Chair Jerome Powell testimony. The Bank does not think Powell’s remarks is dovish.The Fed’s Chair could have been more hawkish and emphasized concerns about a re-acceleration in the economy and inflation, which would have reduced the likelihood of a June start to the easing cycle.

Meanwhile, Powell said that the Fed is not far from the point of cutting interest rates.