50-DMA Under Pressure, Indonesia's Consumer Confidence Posts Strong Rebound

Spot USD/IDR has descended onto its 50-DMA and currently tests this moving average, as it trades -30 figs at IDR14,228. A clean break below the 50-DMA would open up Oct 29 low of IDR14,150. Bulls look to a bounce above Nov 5 high of IDR14,390.

• USD/IDR 1-month NDF last seen -20 figs at IDR14,275, testing the 50-DMA intersecting at IDR14,272. A break here would expose Oct 26 low of IDR14,148, while bulls look for recovery past Nov 3 high of IDR14,462.
• Indonesia's consumer confidence posted a strong rebound in October, according to Bank Indonesia's official gauge. Headline index jumped to a 19-month high of 113.4 from 95.5 recorded in the previous month, punching through the 100 breakeven level.
• Indonesia's Investment Min Luhut said that the gov't is confident that full economic recovery will start in Q4 and sees 2021 GDP growth falling within the +3.7%-4.0% Y/Y range.
• Luhut also flagged the possibility of tightening Covid-19 countermeasures ahead of year-end holiday period. Officials are looking into extending mandatory quarantine for inbound travellers and ramping up monitoring of public places.