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DOLLAR-THB : USD/THB slipped upon the release of above-forecast Thailand's Q1
GDP data, with domestic economy shrinking 1.8% Y/Y vs. forecasts of a 3.9%
contraction. Nonetheless, it was the sharpest decline in Thai GDP in eight years
and the first one since 2014.
- Meanwhile, Thailand cut its 2020 GDP estimate to a range of -6.0-5.0% Y/Y from
+1.5-2.5%. The NESDC expects Q2 contraction to be sharper than in Q1, as
lockdown measures will take their toll on the economy.
- USD/THB changes hands at THB32.04, 3 pips shy of neutral levels. The rate is
hovering just above May 13 low of THB32.02 and a firm break below that level
would open up the 38.2% retracement of the Dec 30 - Apr 2 rally at THB31.95.
Bulls look for a rebound above May 14 high of THB32.12, which would clear the
way to the 50-DMA at THB32.36.
- Looking ahead, the BoT delivers its monetary policy decision on Wednesday.
Trade data and foreign reserves hit the wires on Friday.