June 16, 2022 02:49 GMT
Spot USD/IDR changes hands -16 figs at IDR14,727, with bears looking for a deeper sell-off towards the 50-DMA/Jun 3 low at PHP14,490/14,423. Bulls need a break above Jun 14 high of IDR14,763 to regain the upper hand.
- USD/IDR 1-month NDF last +34 figs at IDR14,747. Topside focus falls on Jun 13 high of IDR14,836, bears eye Jun 2 low of IDR14,393 for initial firm support.
- BI Gov Warjiyo said that the central bank expects 2022 inflation to reach +4.2% Y/Y, in breach of the target range, due to elevated commodity prices. Core price growth is expected to remain within the target range. His projections were reported by Investor Daily Indonesia.
- Pres Widodo reshuffled his Cabinet on Wednesday in a bid to restart fight against rising food prices. Zulkifli Hasan replaced Muhammad Lutfi as Trade Minister and Hadi Tjahjanto takes over from Sofyan Djalil as Agriculture Minister. Both of the new ministers are known as Jokowi's close allies.
- Looking ahead, Bank Indonesia will announce its monetary policy decision next Thursday.