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Spot USD/THB has inched higher amid the release of minutes from the BoT's latest MonPol meeting. The rate changes hands +7 pips at THB31.20 as we type.
- The BoT warned that a rapid THB appreciation could derail Thailand's economic recovery and pledged to closely monitor FX markets while assessing the need for additional policy steps on the currency.
- Elsewhere, Thailand's Covid-19 management subcommittee said it will recommend extending national state of emergency for another month to contain the spread of infections.
- The rate has managed to register gains despite a technical headwind provided by yesterday's "death cross" formation. A move through Aug 7 high of THB31.24 would clear the way to Jul 29 high of THB31.58. Bears need a fall through Aug 5 low of THB30.98 to reinstate downside momentum and bring Jun 24 low of THB30.81 into view.
- Focus turns to Friday's foreign reserves data.