Thailand’s central bank cut its benchmark rate on Wednesday, a move that surprised almost all economists but was in line with trader’s expectations.
The six-month implied rate from currency forwards has fallen 40 basis points since the end of May, though part of it is due to gains in the baht. In contrast, only two of the 29 economists in a Bloomberg survey correctly predicted the decision by Bank of Thailand to cut its key rate by 25 basis points to 1.5%.