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Firmer Palm Oil Fails To Provide Much Support To Rupiah

IDR

Spot USD/IDR trades flat at IDR15,303 flirting with cyclical highs, with bulls looking for further gains towards the 61.8% retracement of the 2020 fall at IDR15,574. Bears look for a pullback under the 100-DMA, which intersects at IDR14,857.

  • USD/IDR 1-month NDF last +15 figs at IDR15,317. Topside focus falls on yesterday's peak located at IDR15,394, while bears keep an eye on the 100-DMA at IDR14,878.
  • Palm oil future have extended their upswing as trading re-opened in Kuala Lumpur after a three-day run of gains. The aggregate Bloomberg Commodity Index is slightly firmer.
  • Foreign investors were net buyers of $2.26mn in local stocks on Monday, while the Jakarta Comp finished the day in a weaker footing. It has recovered this morning, on a positive lead from Wall Street, and now trades ~0.9% higher on the day.
  • Indonesia's headline inflation fell virtually in line with expectations in September, but still printed a seven-year high. Still, Bank Indonesia is focusing on core prices, which grew +3.21% Y/Y and missed the +3.50% median estimate.
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