DOLLAR-THB : USD/THB has continued to consolidate....>

DOLLAR-THB : USD/THB has continued to consolidate in a familiar range, last

trades -3 pips at THB31.19. The rate has generally traded sideways so far, save

for a modest knee-jerk higher as the PBoC set its central USD/CNY mid-point

higher than estimated & above the CNY7.0 level for the first time since Dec '19.

- The baht was indifferent to the BoT's Feb meeting minutes. The MPC was

"concerned that THB might not be consistent with econ fundamentals" and judged

that the baht "will likely remain volatile." The MPC also noted that Covid-19,

delayed budget & drought may cause domestic econ to perform below potential. Gov

Veerathai declined to comment on whether the Feb rate cut was enough.

- Thailand confirmed that all 27 former passengers of the Westerdam cruiser who

arrived in in the country tested negative for the novel coronavirus.

- Bulls eye THB31.29/30, the 61.8% retracement of the Apr 25 - Dec 20 slide/Feb

7 high as a break here would give them fresh momentum. For bears, a fall below

THB31.12, which has limited losses recently, would be a step towards challenging

the Feb 6 low & 23.6% retracement of the Dec 30 - Feb 7 rally at THB30.98.

- As usual, Thailand's weekly update on foreign reserves is due on Friday.