Bank Indonesia Sticks To Familiar Rhetoric On Policy Outlook

Spot USD/IDR gapped lower at the re-open, with Indonesia back from a holiday. The rate has trimmed some losses and last deals -39 figs at IDR14,344, with bears looking to a fall through Jan 24 low of IDR14,307 towards Jan 11 low of IDR14,285. Bulls need a jump above Jan 31 high of IDR14,420 before taking aim at Dec 6 high of IDR14,447.

• USD/IDR 1-month NDF last seen +13 figs at IDR14,349. Bulls look to a move through Jan 28/31 highs of IDR14,429, while bears keep an eye on Jan 13 low of IDR14,292.
• Bank Indonesia Gov Warjiyo reiterated familiar stance re: keeping interest rates low until inflation picks up. Meanwhile, FinMin Indrawati said Indonesia will start preparing exit strategy, while calibrating policy to ensure economic recovery. Indrawati expressed optimism about reaching the 2022 GDP growth target, adding that Indonesia should see stronger economic recovery in Q1.
• The government lifted a ban on coal exports, after the Energy and Mineral Resources Ministry acknowledged adequate increase in supply for local power plants.
• Markit M'fing PMI improved to 53.7 in January from 53.5 in December, while "business confidence eased in January, but firms remained positive about the 12-month outlook for production."
• Indonesia's January CPI figures will be published at the top of the hour.