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Bank Indonesia Flags Preparations For Policy Normalisation After Fed's Hawkish Turn

IDR

Spot USD/IDR gapped higher this morning, as the impact of the Fed's hawkish rhetoric kicked in. The rate currently operates +24 figs at IDR14,377, with bulls looking to a breach of Jan 6/Dec 21 highs of IDR14,399/14,400. Above there would open up Dec 6 high of IDR14,447. Bears need a fall through Jan 24 low of IDR14,307 to get some reprieve.

  • USD/IDR 1-month NDF last +28 figs at IDR14,405. Bulls see Jan 6 high of IDR14,470 as their initial target, with bears keeping an eye on Jan 13 low of IDR14,292.
  • Bank Indonesia Gov Warjiyo appeared at Annual Investment Forum today, noting that the central bank is preparing policy normalisation with the government. He reiterated that the benchmark interest rate will remain low until there are signs of inflation picking up.
  • Note that Warjiyo's comments come after a pre-Fed briefing with Dep Gov Warjiyo, who said yesterday that Bank Indonesia will take "pre-emptive, ahead-of-the-curve, front-loading policy" steps.
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