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IDR

Spot USD/IDR extends its bullish run as hawkish Fed repricing rendered U.S. Tsy yields skybound early this week. The pair last deals +66 figs at IDR14,747, after printing new cycle highs at IDR14,763. Bulls eye further gains towards IDR14,919/14,950, which limited upswings on two occasions in Sep 2020. Bears don't see any firm support until Jun 3 low of IDR14,423.

  • However, weakening in USD/IDR 1-month NDF signals stabilisation in the wake of overnight U.S. Tsys sell-off. The NDF are last seen -11 figs at IDR14,784, with bears looking for a deeper correction and bulls keeping an eye on yesterday's peak at IDR14,836.
  • Indonesia trimmed the maximum export levy on crude palm oil to $200/ton from $375/ton, effective from June 14.
  • President Joko Widodo's approval rating rose in June amid a perception that the economic recovery is gaining traction, Charta Politika survey showed.

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