As a trader for JP Morgan you see the following bid-ask quotes:
6-month euro deposit rate 0.50% - 0.70%
6-month Thai baht euro deposit rate 4.00% - 4.50% p.a.
Spot exchange rate THB/EUR 38.20 - 39.60
6-month forward exchange rate THB/EUR 39.20 - 40.00
Is there any opportunity for covered interest arbitrage? Use the euro as domestic currency and discuss your answer.