Outperforming As The Election Comes Into Focus

USD/THB continues to track lower. The pair is in the 33.75/80 region, up slightly from session lows near 33.72. We are still down a further 0.10% so far today, with upticks being sold by the market. This comes after yesterday's break down through 34.00. The pair is now at back to mid Feb lows. A break sub 33.50 would leave the market targeting early Feb lows sub 33.00. On the topside the 20-day EMA comes in around 34.17.

• Note Thai shares were up 1.9% yesterday, the SET index finding support ahead of the 1500 level, after hitting multi-month lows in early May. Offshore investors added +121.4mn to local shares, the most since Feb. Bond inflows also remained strong at +$176mn.
• Optimism around the election outlook, with the opposition Pheu Thai party potentially able to hold a majority in the lower house based off the latest opinion polls (note the election is held on May 14), is buoying sentiment. Greater economic support under this party's pledges is seen as aiding the economic outlook.
• Elsewhere, the Thai tourism ministry expects 2mln tourist arrivals in May, in line with trends from recent months.
• The data local calendar is quiet until Thursday when Apr consumer confidence is due.