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Cross-Asset Signals, Dollar Strength Weigh On IDR Despite FX Interventions

IDR

Spot USD/IDR has added 127 figs to last deal at IDR15,249 after printing fresh cyclical highs just a handful of pips above. The pair is testing the 50% retracement of its 2020 sell-off located at IDR15,249, a clean break here would open up the 61.8% Fibo resistance at IDR15,573. Bears look for a dip through the 100-DMA, which kicks in at IDR14,828.

  • USD/IDR 1-month NDF last +87 figs at IDR 15,297. Bulls look for further gains towards the 50% retracement of the 2020 slide at IDR15,562, while bears keep an eye on the 100-DMA at IDR14,855.
  • Bank Indonesia intervened in spot and domestic NDF markets on Monday and Tuesday, leaning against depreciation pressures.
  • The budget committee approved key proposals for the 2023 state budget, opening the way for its adoption at the next plenary session. The CPI forecast for next year was set at +3.6% Y/Y, with USD/IDR seen at IDR14,800.
  • Offshore investors sold a net $65.51mn in local stocks Tuesday, while the Jakarta Comp slipped, extending losses this morning.
  • Palm oil futures remain weak in early Kuala Lumpur trade. The aggregate Bloomberg Commodity Index is also a tad softer.
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