BOT View On Fed Rate Action Assessed, Prayuth To Discuss Covid With Business Reps

Spot USD/THB changes hands at THB32.810 at typing, little changed on the day. Bulls eye Jul 19 cycle high of THB32.903 for initial resistance and a breach of that level would bring Apr 2, 2020 high of THB33.177 into view. Bears look for a dip through Jul 12/13 lows of THB32.540 before taking aim at Jul 6 low of THB32.067.

• The BoT released a research paper, which found that the Fed's rate decisions have little impact on foreign fund flows into Thailand. The paper suggested that Thai policymakers do not need to track interest-rate actions taken by their Fed colleagues and should refocus their decisions to the domestic economy.
• The Tourism Authority of Thailand said that the plan to reopen provinces located along the Andaman coastline ("Andaman Sandbox) will be submitted to central authorities today.
• PM Prayuth will meet today with the Thai Chamber of Commerce and 40 CEOs to discuss measures to address the current Covid-19 outbreak. Separately, the Bangkok Post reported that "the Federation of Thai Industries and the Thai Listed Companies Association will on Thursday propose four debt and health-related measures to Prime Minister Prayut Chan-o-cha to help small and medium-sized enterprises (SMEs) survive the Covid-19 crisis."
• Thailand's customs trade data come out on Friday, with trade surplus expected to have widened to $1.127bn in June. The BoT will release their usual update on foreign reserves on the same day.