1) KSS expects to see SET Index testing resistance level at 1,540-1,545
Krungsri Securities (KSS) expects Thailand’s SET Index to test the resistance level at 1,540-1,545 points, following the positive sentiment in the regional market in speculation that the U.S. Fed is ending its rate-hike cycle. Meanwhile, progress in Thai political issues also moving in a positive direction. However, the analyst noted that lower crude oil prices and a selloff to lower the risk before CPI data coming out could pressure the SET Index as well.
2) PayPal launches dollar stablecoin for payments and transfers
PayPal has become the first major financial technology firm that opens up for digital currencies to be used as payments and transfers as it launches a U.S. dollar stablecoin. PayPal USD will be pegged to the U.S. dollars, issued by Paxos Trust.
The share price of PayPal (PYPL) closed 2.66% higher on Monday after the announcement.
Stablecoins have yet to take off in the consumer-payment sector as it normally used to trade other cryptocurrencies, like bitcoin and ether.
The world’s largest stablecoin is Tether with a market share of 67.2%, according to DefiLlama. USD Coin came in second place at 20.6%.
3) US market rally as NY Fed President talking about rate cuts
The U.S. market ended higher on Monday as the New York Fed President John Williams talked about potential rate cuts.
The NY Fed President said that he sees the need to keep monetary policy restrictive for some time, while pointing out that there could be rate cuts next year if inflation slows. He noted that the need for more rate hikes is an open question.
