USD/THB Looking To Consolidate Above 35.00

USD/THB sits off earlier session highs (~35.11), the pair last ~35.05. This is still 0.30% weaker versus closing levels yesterday. The pair is comfortably above all simple and key EMAs. USD/THB bulls could target a move towards earlier July highs close to 35.30. On the downside, the simple 50 and 200-MAs are around the 34.75/80 region.

• The local data calendar is empty until tomorrow's July consumer confidence print.
• Offshore investors bought $80mn of local shares yesterday (SET up +0.65%), but week to date outflows remain negative (-$26.9mn) and for the month to date (-$258.6mn). Bond outflows were evident yesterday at -$57mn, maintaining the recent outflow trend.
• Local politics remains a focus point. There didn't appear to much in the way of meaningful progress from talks yesterday between Pheu Thai and MFP. Phue Thai is seeking support for its PM candidate Srettha Thavisin. The party stated it expects to add more coalition partners in coming days, but at this stage it remains uncertain if it has enough votes to secure the PM position for Srettha.