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FED

VIEW: BNP Paribas: Faster Tapering

US EURODLR FUTURES

Some Light Selling Seen

CHINA RATES

China Repo Rates Fall on Wednesday

CNH

USD/CNH Bears Eye Key Support

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Spot USD/IDR stabilises ahead of Bank Indonesia's policy announcement, last changes hands -30 figs at IDR14,080. Bears keep an eye on the psychological IDR14,000 level and a break here would expose Feb 16/Jan 4 lows of IDR13,873/13,865. Conversely, a break above Oct 13 high of IDR14,224 would give bulls some reprieve.

  • USD/IDR 1-month NDF last -48 figs at IDR14,109. Bears look for a dip through Oct 15 low of IDR14,058, while bulls would be pleased by a break above the 50-DMA at IDR14,319.
  • Indonesian gov't said Monday that they expect the nation to shift into the endemic phase of Covid-19 in January, if there is no spike in new infections in the year-end holiday period. Officials are already preparing health protocols for that period.
  • Meanwhile, Indonesia and Malaysia confirmed that they are in talks to create a joint travel bubble in an attempt to boost trade. The two Southeast Asian countries also expressed a sense of concern with the establishment of the AUKUS pact and a potential arms race in the region.
  • Bank Indonesia will deliver their monetary policy in a few hours' time (see our comprehensive preview for more colour). Policymakers are widely expected to leave the 7-Day Reverse Repo Rate unchanged at a record low of 3.50%.