Another Week Of Gains For USD/IDR

Spot USD/IDR holds a tight range this morning, last changes hands at IDR14,613. A break above Apr 13 high of IDR14,635 is needed to reinstate bullish momentum and turn focus to Oct 23 high of IDR14,708. Bearish focus falls on Apr 7 low of IDR14,470 and a break here would draw attention to Mar 29 low/200-DMA at IDR14,410/14,394.

• USD/IDR seems poised to extend its winning streak to nine weeks in a row. Worth noting that the rupiah has been the second worst performer in Asia this month.
• The Jakarta Post reported that Indonesian Pres Joko Widodo proposed creating a German industrial zone in central Java. The proposal was made to German Cll'r Merkel during a virtual meeting on Tuesday.
• Bank Indonesia will publish Feb offshore borrowings data and Mar survey of bank financing demand and offer today. Elsewhere, the Finance Ministry holds a discussion on state assets.
• Bank Indonesia's latest monetary policy decision headlines the local docket next week. Analysts expect policymakers to leave interest rates unchanged.