THB: USD/THB Higher, But Still Comfortably Below Resistance Levels

USD/THB remains within recent ranges, last at 31.80, up around 0.20% so far today. Earlier highs were at 31.86, but broader USD sentiment has softened as today's session has progressed, US equity futures are higher, while US Tsy yields are down around 2bps. More broadly USD/THB levels are following dollar index level and gold price trends fairly closely. 

• We remain some distance from meaningful resistance levels for the pair. The 20-day EMA is around 32.03, while the 50-day EMA (which we have been above since April) is back at 32.285. Equally, earlier Sep lows at 31.61 remain firmly intact.
• Earlier headlines crossed from new Thailand PM Anutin stated earlier that the government will quickly restore stronger economic growth. Anutin's new cabinet has also been sent to the Thailand Royal Family for approval. Fresh policy decisions, including those potentially around FX, may flow once the new cabinet is in place.
• Elsewhere, local equities sit lower, the SET back under 1300, following a strong run higher in recent weeks. Offshore investor flows remain flat for Sep as whole in the equity space.
• On the data front, tomorrow delivers FX reserves (up to Sep 12), while the release window for Aug customs trade data is tomorrow until Sep 26.