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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
INDONESIA
March consumer confidence rose 0.6% m/m to 123.8, less than a point below the 12 month average. It has been fairly stable for the last 18 months and continues to point to solid private consumption growth, which was at 4.5% y/y in Q4. Bank Indonesia (BI) said at its March meeting that household expenditure is one of the drivers of “solid” national growth.
- USDIDR has weakened significantly to above 16100 prompting BI to intervene again in the FX market today. However, the JP Morgan NEER is 1% higher this year, which should keep downward pressure on import prices and support consumption. While import prices are not as low as they were in mid-2023 (July -11.4% y/y), they still fell 1.7% y/y in February.
- Q1 national accounts are released on May 6, which should give a more complete picture of domestic demand. The next BI meeting is on April 24 though and its assessment of consumption is unlikely to change before the Q1 data prints.
Indonesia consumption y/y% vs consumer confidence
Source: MNI - Market News/Refinitiv
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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