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Heads North


Bearish Cycle Still In Play


Death Cross Adding Pressure


Risk Off Prompts Safe Haven Demand


Bank Indonesia conducted intervention in FX spot interbank market & also via brokers to stabilise the rupiah after USD/IDR trimmed its opening losses and the pair last trades +15 pips at IDR14,220. The Bank's Executive Director for Monetary Management Hendarsah cited the risk to IDR stability amid global risk-off as a reason for stepping in.

  • As a reminder, BI intervened into FX spot interbank market Tuesday to defend IDR against the risk-off fallout from the UK coronavirus situation.
  • Indonesian Pres Joko Widodo delivered the expected cabinet re-shuffle, replacing as many as six ministers in a bid to win back public support. Head of Indonesia's economic recovery taskforce Budi Gunadi Sadikin was picked to replace Terawan Agus Putranto as the Health Min, after the latter faced criticism over his handling of the local Covid-19 outbreak. In addition, Jokowi replaced his Trade Min, Tourism and Creative Economy Min and Religious Affairs Min, as well as Social Affairs Min & Fisheries Min, both of whom are subject to an anti-corruption probe.
  • Nothing much left on the Indonesian docket into the year-end.