USD/THB Close To YTD Highs, Portfolio Outflows Continue

USD/THB sits off session highs, the pair last near 35.63. We got to 35.675 in the first part of trade today. This is just below YTD highs from the end of June around 35.71. The 20-day EMA continues to trend higher, last near 35.30.

• Like other parts of the region, the recent USD correction hasn't benefited the THB to any great extent.
• Focus locally remains on the new government's policy agenda. Headlines crossed this morning that the authorities are considering a 5-month visa waiver for China tourists. The proposal was reportedly discussed by new PM Srettha and tourism executives yesterday.
• This follows yesterday's announcement around a possible 22% rise in the minimum wage (see this link). A cabinet meeting, chaired by the new PM, is expected to get underway shortly, which will focus on the government's policy initiatives.
• The data calendar remains quiet. Tomorrow, we get August consumer confidence.
• Local equities, continue to struggle to gain traction above the 1550 level. Offshore outflows persist from local equities, now -$285.7mn in September to date.