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Budget Comments Due Ahead Of Independence Day

IDR

Spot USD/IDR is rangebound, last trades -2 figs at IDR14,386. The 50-DMA at IDR14,410 provides the initial layer of resistance and a move through that level would open up the 100-DMA at IDR14,420. Meanwhile, losses past Aug 4 low/200-DMA at IDR14,305/14,299 would put bears in the driving seat.

  • USD/IDR 1-month NDF last seen +28 figs at IDR14,436, with the 50-DMA/Aug 11 high at IDR14,489/14,491 drawing bullish attention. Bears set their sights on the 200-DMA/Aug 4 low at IDR14,344/14,323.
  • The government will today present the 2022 budget to lawmakers. The Jakarta Post reported that IDR100tn worth of capital injections for ailing state-owned enterprises. This represents 4% of the total size of the budget.
  • Indonesian markets will be closed tomorrow in observance of the Independence Day. Following that, trade data will hit the wires on Wednesday, Bank Indonesia will deliver their monetary policy decision on Thursday, while the release of Q2 BoP current account balance will conclude the week on Friday.
  • Bank Indonesia's conducted in the second week of August suggested that consumer prices will rise 1.6% Y/Y this month.
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