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Bank Indonesia To Announce Monetary Policy Decision

IDR

Spot USD/IDR has moved higher as broader risk aversion, linked to the global coronavirus situation, has lent support to USD/Asia. The rate sits +63 pips at IDR14,133, with bulls looking to take out Nov 13 high/23.6% retracement of the Sep 11 - Nov 10 slide at IDR14,222/14,227 before taking aim at the 38.2% Fibo retracement level at IDR14,365. Bears need a fall under Nov 10 low/round figure of IDR14,004/14,000 to regain control and open up Jun 8 low of IDR13,873.

  • Little of real note from Pres Joko Widodo, who spoke at the APEC summit. Jokowi advertised his flagship omnibus law, noting that it will have major impact on investment.
  • Bank Indonesia delivers its MonPol decision later today and a narrow majority of analysts sees interest rates unchanged. In a BBG survey, 14 out of 26 economists said they expect the central bank to stand pat, while 11 predicted a 25bp rate cut.
  • On Friday, focus moves to Indonesia's BoP current account balance.
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