IDR Rangebound, Board of Investment Holds Briefing On Job Creation Omnibus Law

Spot USD/IDR re-opened lower before trimming losses. It last changes hands at IDR14,087, showing little deviation from neutral levels.

• Indonesian gov't bond yields trade lower across the curve after FinMin Indrawati said that the gov't considers paring back its financing plans amid rising borrowing costs.
• Fitch said that Indonesia may see a "slightly wider" current account deficit of 0.7% of GDP in 2021 vs. the 0.4% deficit declared in 2020.
• A BBG survey of analysts suggested that palm oil production in Indonesia may fall to a three-year low this month, owing to adverse weather conditions.
• The Straits Times reported that "Indonesia will soon approve a regulation to stem money laundering and terrorism financing by requiring fintech players to report suspicious transactions."
• Continued gains past Feb 22 high of IDR14,130 would allow bulls to take aim at Jan 12 high of IDR14,205. Conversely, a fall through the 50-DMA at IDR14,048 would give bears a green light for targeting Feb 16/Jan 4 lows of IDR13,873/13,865.
• Indonesia Coordinating Board of Investment holds a briefing re: implementing rules of job creation omnibus law at the top of the hour.
• Elsewhere, the Indonesian docket is virtually empty during the remainder of this week.