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BI MonPol Decision In Focus


Spot USD/IDR trades flat at IDR14,035 ahead of Bank Indonesia's announcement. The rate has faded its modest opening losses, with bulls looking for further gains past the 50-DMA, intersecting at IDR14,093. A clean break here would shift focus to the 38.2% recovery of the Oct 14 - Jan 4 slide/Jan 12 high at IDR14,204/14,205. Bears need a dip through the IDR14,000 mark before targeting Jan 4 low of IDR13,865.

  • Bank Indonesia offered 1-month local USD/IDR NDF at IDR14,052 in an auction, per BBG.
  • Indonesia's Agriculture Ministry said that the country will import 502,000 heads of cattle this year to increase supply and meet domestic demand for meat.
  • Indonesian parliament backed the appointment of Cyril Noerhadi, Yozua Makes and Haryanto Sahari to supervise the country's wealth fund.
  • Worth noting that Indonesia's statistics bureau will announce the results of the 2020 population census at 13:30 local time.
  • All eyes are on Bank Indonesia today, with policymakers due to announce their latest monetary policy decision. Almost all analysts surveyed by BBG look for no change to the main policy rate, with the lone dissenter calling for a 25bp cut. Our own preview of the decision can be accessed via this link.

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