IDR Lagging Broader Asian FX, Onshore Equities Weaker, Q1 GDP Details Solid

USD/IDR hasn't seen much downside post earlier losses. The pair got to 14653, but we now sit higher 14675, little change from closing levels yesterday (14680). Yesterday's lows were under 14600, which marked fresh YTD lows in the pair. On the topside recent highs have been just above 14700.

• Earlier Q1 GDP came out close to expectations, y/y at 5.03% (4.97% expected), while q/q was -0.92% (-1.00% forecast). The detailed looked reasonably firm, with private sector consumption up 4.54% y/y. The data calendar is quiet until the start of next week (FX reserves for Apr print).
• In the cross asset space, local equities are weaker, down 1.50%, underperforming the rest of the region since the start of the month. Resource related names are a source of weakness. Offshore equity flows have been moderately weaker this past week (-$26.9mn).
• Some offset is coming from higher US futures today, which is likely helping cap USD/IDR upside.
• 5 yr Indonesia CDS is a touch lower versus yesterday's closing levels (100.6, versus 101.0).